any WCOM traders?
- Thread starter Ken_DTU
- Start date
eg nice moves in this one, and likely for the next week or so... let's learn from it, re risk mgmt, trailing stops etc..
wcom is likely very heavily scalped by guys who do the 10-15K block share types of trades for small incremental moves (.1 to .4), also for intraday traders looking for .3-.5+, as well as swingtraders looking for a fibonacci retrace into the 10d range of 1.7 to 4 ..
TA: looking for support over the 2.15+ , resistances at even numbers, eg 3 , 4 , 5 .. so it seems an effective daytrading style (as I posted realtime earlier, eg the buy 2.25 sell 2.48+), may be for example, buy the 2.15+, sell before it hits the 2.5 midpoint (half position), 3 max.... then back in over the 3.15, sell by 3.5 / 4 etc.. with max stops for daytrades at .15 or so... swing trade stops likely at the .7's under the whole number... careful scalping it on the way up
main thing in my trading style is, a stock (and the market) gets interesting to me once it's traded outside of the previous day's range (prev day high/low triggers) ..
so, there's something to be learned from this stock for all styles of traders... it would be interesting to hear what everyone learns from it, in the next couple weeks ahead.. let's hear it.. use it as a case study... nice learning example stock for all of us active trader types
let's hear it from all of you ... ? I'd be interested in seeing everyone's perspectives....
fwiw, my main personal challenge is *still* I need to get the cajones to trade size, eg over 5K/10K type blocks like the market wiz types do, I'm still a sub-1K share size trader... good idea from brandon et al earlier, eg think of it as "units" and not fixate on the qty of shares.. thx... others?
I'd really like to hear from any of you folks who have made the transition to regularly trade over 2K-5K shares, eg how you got there, felt comfortable with that risk ... I will personally not be happy with my own trading til I can get comfortable taking on larger positions.. mucho appreciado traders ... thx all..
ken
wcom is likely very heavily scalped by guys who do the 10-15K block share types of trades for small incremental moves (.1 to .4), also for intraday traders looking for .3-.5+, as well as swingtraders looking for a fibonacci retrace into the 10d range of 1.7 to 4 ..
TA: looking for support over the 2.15+ , resistances at even numbers, eg 3 , 4 , 5 .. so it seems an effective daytrading style (as I posted realtime earlier, eg the buy 2.25 sell 2.48+), may be for example, buy the 2.15+, sell before it hits the 2.5 midpoint (half position), 3 max.... then back in over the 3.15, sell by 3.5 / 4 etc.. with max stops for daytrades at .15 or so... swing trade stops likely at the .7's under the whole number... careful scalping it on the way up
main thing in my trading style is, a stock (and the market) gets interesting to me once it's traded outside of the previous day's range (prev day high/low triggers) ..
so, there's something to be learned from this stock for all styles of traders... it would be interesting to hear what everyone learns from it, in the next couple weeks ahead.. let's hear it.. use it as a case study... nice learning example stock for all of us active trader types
let's hear it from all of you ... ? I'd be interested in seeing everyone's perspectives....
fwiw, my main personal challenge is *still* I need to get the cajones to trade size, eg over 5K/10K type blocks like the market wiz types do, I'm still a sub-1K share size trader... good idea from brandon et al earlier, eg think of it as "units" and not fixate on the qty of shares.. thx... others?
I'd really like to hear from any of you folks who have made the transition to regularly trade over 2K-5K shares, eg how you got there, felt comfortable with that risk ... I will personally not be happy with my own trading til I can get comfortable taking on larger positions.. mucho appreciado traders ... thx all..
ken
Originally posted by version77
Yes, Pristine says buy at >$2 and have your stop at $1.48.
That seems to be about 25% of your position. I would like
to know how in the world they came up with their stop
at $1.48? This sounds like a humongous stop to me...
no slight to the guys at Pristine, but, they are legends in their own minds, and simply put, if you go with the trade at $2 plus, you add support to the market, whilest the market is flying in just about every other stock;
if you don't and sell/short into strength above $2.40 or so, which is where its been trading (give or take a fortune, read $.20), then you put in a temporary cap/top which becomes resistance, which needs then to be broken, etc. As the normal pattern of chart watchers' conversations usually goes.
if you ignore the call, or the report on the call, that provided abnormal market support, yesterday, then you miss the penney stock becoming a lion. Yesterday, we watched the stock being bid up through the levels, almost with just 10,000 shares on each penny, instead of the 400,000+ previously on each level, when it was going down. Strange action indeed, and not action that inspired confidence to risk one's money behind, not knowing that a large hawkster put the stock in play...
simply said, caution is the watch word...