YGE Yingli Green Energy Almost Ready for a Breakout

In my opinion YGE is just about ready for a breakout and a new trend development.  I am setting a buy stop at 14.51 and then a stop loss at about 13.74.  So if I am wrong about this trade then there will be losses of about 5.3%.  But if I am right about this trade then I think there is good chance of about 38% profits to be had with a possible target of 20.00

So YGE could be a great example of finding a SPECIFIC setup within an otherwise very overbought market that seems poised for trend change.

What? You said Dubai? To hell with Dubai!  Dubai is just a big distraction and smoke screen designed to distract you from a possible opportunity like YGE.  To be honest with you I have not read one press release about the Dubai situation and have not watched any news during the last week as well (either on CNN or CNBC).  So you could say I am ignorant and uninformed but I have to tell you it feels awfully good.  I would rather just focus my time and energy on the tape action and the setups. 

This is a new phase I seem to be in lately.  What I have found is that the more I pay attention to major media financial news and other market forecasters, the worse my trading performance is.  It is just the nature of financial media and other forecasters to report things in a RABID fashion that makes the news appear much much worse than it actually is.

The 2008 market crash and bear market was a great example of the hype of financial media screwing up clear headed trading decisions.  I have to admit during that time I had become extremely emotional about the market and the news at that time and I was spending about as much time watching and reading financial media as I was looking for trade setups and it was a huge mistake.  It skewed my emotions way out of line and caused me to make emotional trading decisions.  I suspect a lot of other people were doing the same thing at the time, but why? There is no need.  Read a headline or two but then go back to your charts and focus on those the most.

If this Dubai thing was such a big deal the Dow Industrials should have been down 300 points easily and probably much more… but once again no… so there is the tape telling the real story.

So I really think this YGE is a great setup for a December trade.  It may still need some more babysitting, but the parameters I wrote out at the beginning of this post are valid at the time of this writing to me.

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