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Spydertrader's Jack Hershey Equities Journal II
- Thread starter Spydertrader
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Hi Doug,
I noticed that you hold GXMR although it did not reach FRV (I was holding it too but forgot to move my stop). So what's your take about FRV exit rule?
I really think the dry up condition and the lower band entry are excellent and makes a lot of sense but the FRV and the 2% intraday exit are a little skiddish for me and I am a skiddish person.
I would agree that if the market condition is bad then FRV makes a lot of sense since whether there is follow thru will be questionable. This is what I imagine.... The dry up condition makes the first buying interest apparent. Because these are not large cap high priced stocks, there is liquidity problem without a lot of big boys and the buyer need to go in in chunks possibly over a few days to build up a position (eventually other follows). I feel as long as the price doesn't retrace much and hold the gain somewhat at the upper half of the daily bar on the first day, the stock can still go despite FRV not met. Of course if the board market condition is discouraging, that's another story.
Can any of you who have a feel for this stuff give me your takes? Thanks.
I noticed that you hold GXMR although it did not reach FRV (I was holding it too but forgot to move my stop). So what's your take about FRV exit rule?
I really think the dry up condition and the lower band entry are excellent and makes a lot of sense but the FRV and the 2% intraday exit are a little skiddish for me and I am a skiddish person.
I would agree that if the market condition is bad then FRV makes a lot of sense since whether there is follow thru will be questionable. This is what I imagine.... The dry up condition makes the first buying interest apparent. Because these are not large cap high priced stocks, there is liquidity problem without a lot of big boys and the buyer need to go in in chunks possibly over a few days to build up a position (eventually other follows). I feel as long as the price doesn't retrace much and hold the gain somewhat at the upper half of the daily bar on the first day, the stock can still go despite FRV not met. Of course if the board market condition is discouraging, that's another story.
Can any of you who have a feel for this stuff give me your takes? Thanks.
Quote from dougcs:
Thursday entries: TIE CMCO RATE
Closed GMXR for a very nice gain (it reached PV on Weds, so I closed it about 15 minutes after the open.)
Doug
Congrats Doug on your profitable trade and the wash sale too. I got scalped to the tune of 116 on TIE. I wanted to hold it for the rebound, but I have to stick to the rules in order to maintain a business perspective, and not get manipulated by greed or fear.
Good trading tomorrow
G87
Quote from martys:
I really think the dry up condition and the lower band entry are excellent and makes a lot of sense but the FRV and the 2% intraday exit are a little skiddish for me and I am a skiddish person.
Can any of you who have a feel for this stuff give me your takes? Thanks. [/B]
I use a mental 2%. Too many times i come home to find that one candle goes down just enough to get my shares then the trend continues. This is why I was surprised today when my placed 2% trailing stop was not hit. All of the times where i placed a 2% stop I used Ameritrade and every one got hit.
Are trailing stops displayed to the market?
G87
Quote from gooch87:
I use a mental 2%. Too many times i come home to find that one candle goes down just enough to get my shares then the trend continues. This is why I was surprised today when my placed 2% trailing stop was not hit. All of the times where i placed a 2% stop I used Ameritrade and every one got hit.
Are trailing stops diplayed to the market?
G87
Thanks. I think I would agree with a 2% end of day stop but want to give a little more room intraday since some of these stocks such as FORD can pull bids off like nothing I've seen.
Quote from martys:
Hi Doug,
I noticed that you hold GXMR although it did not reach FRV (I was holding it too but forgot to move my stop). So what's your take about FRV exit rule?
I really think the dry up condition and the lower band entry are excellent and makes a lot of sense but the FRV and the 2% intraday exit are a little skiddish for me and I am a skiddish person.
I would agree that if the market condition is bad then FRV makes a lot of sense since whether there is follow thru will be questionable. This is what I imagine.... The dry up condition makes the first buying interest apparent. Because these are not large cap high priced stocks, there is liquidity problem without a lot of big boys and the buyer need to go in in chunks possibly over a few days to build up a position (eventually other follows). I feel as long as the price doesn't retrace much and hold the gain somewhat at the upper half of the daily bar on the first day, the stock can still go despite FRV not met. Of course if the board market condition is discouraging, that's another story.
Can any of you who have a feel for this stuff give me your takes? Thanks.
Marty,
GMXR reached Peak Volume on Weds, so I exited early on Thursday.
Doug
Quote from gooch87:
Congrats Doug on your profitable trade and the wash sale too. I got scalped to the tune of 116 on TIE. I wanted to hold it for the rebound, but I have to stick to the rules in order to maintain a business perspective, and not get manipulated by greed or fear.
Good trading tomorrow
G87
G87,
Thank you.
I don't know why most everyone else got out of TIE with the 2% stop but I didn't. I was using a stop a little higher than 2% as described earlier and maybe that was why.
Doug
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