Wednesday, January 12, 2011

New Trade - GLW


Matthew 7:11 "If you, then, though you are evil, know how to give good gifts to your children, how much more will your Father in heaven give good gifts to those who ask him!"

I'm asking you, Father in heaven, for my good gift of a profitable trade.

Here's the new trade, GLW:

I've had 2 days close above resistance, so we're off and running up to the next level of resistance. I like how the sellers pushed the buyers back down hard at the end of July/beginning of August, and the buyers have just methodically been working their way back up to that resistance level.

You'll also notice how there was a time in October where price just went sideways for awhile. This was kinda the last stand for the sellers before the buyers started really stepping up the pressure. I'm looking for this to go up to the next level of resistance fairly quickly, probably a couple of weeks.

A longer dated chart here shows the next level of resistance and our target of approx $20.90


I bought the May 18 Call Options for $2.56. That's quite a bit of time, but it was the smartest choice closest to 90 days out. Tons of time for this to work, but again, I don't think we'll need all that time - only time will tell.

Thank you for this profitable trade God!

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