Spydertrader's Jack Hershey Equities Journal II

Status
Not open for further replies.
Quote from jakeyTrader:

I took a similar BRUNO_R purchase today with GMXR and got stopped out with a "wash" sale before it's big decline today (along with all the other Oil stocks it seems).
More...

I had my eye on this as well, but never jumped in. Nice trade exiting for a wash.

- Spydertrader
 
Thanks. I'll have to re-read Bruno R.

I looked at SIMO's chart after I read your previous post and I came to the conclusion that it is in a shallow retracement in the downtrend red channel. So, I would trade only its downtrend green channels.
Quote from Spydertrader:

I opened the position this morning. I identified it as a 'set up' on Friday Night. Actually, the chart pattern for SIMO appeared very close to the ideal set up as described in the 'Bruno R' Post. My idea was to accumulate stock while price drifted slightly lower, and have a fully built position when strong volume moved in later. Unfortunately, price declined much more than I anticipated. As a result, I ate the loss.

The attached chart shows the uptrend (blue lines), downtrend (red lines) and stop offset (purple line) which I never used. I exited as price left the uptrend channel

- Spydertrader

http://www.elitetrader.com/vb/attachment.php?s=&postid=1001198
More...
 

Attachments

Quote from cnms2:

Thanks. I'll have to re-read Bruno R.

I looked at SIMO's chart after I read your previous post and I came to the conclusion that it is in a shallow retracement in the downtrend red channel. So, I would trade only its downtrend green channels.
More...

The set up was 'close' to Jack's Bruno R set up, and so I took a calculated risk. Clearly, it did not pay off this time. In hindsight, I should have waited until I had MACD rising toward the zero level or in the neutral area. I used the same set up when identifying GMXR and GROW 3 (trading) days ago. Unfortunately, 'close enough' isn't always good enough when trying to anticipate a change in trend. I probably should have waited another day or two before jumping into the pool.

Thanks for the chart.

- Spydertrader
 
I entered ENG today @ 10.70. It reached FRV by closing so I'll hold it as usual with a 5% trailing stop and 10% target.
 
Quote from spon:

I entered ENG today @ 10.70. It reached FRV by closing so I'll hold it as usual with a 5% trailing stop and 10% target.
More...

Nice trade so far spon. Keep up the great work. Watch for some resistance around the $11.33 price point. You might also consider using a tighter stop if price continues higher to insure locking in some profit.

Good Trading to you.

- Spydertrader
 
Thanks Spyder. I just set up the normal 10% target and 5% trailing stop for 1/2 my position and the other 1/2 for a tigher 2% trailing stop to protect profits, as you suggested. I need to get some back after the bath I took on VPHM last week. lol.
 
For those of you that do trade AMEX stocks, MEK finally appeared on my list today. I did not add it to my Final Universe, but thought some of you might have.

- Spydertrader
 
Status
Not open for further replies.
Back
Top