On my FTEK position: It improved considerably with short covering, possible accumulation at these levels. It still closed.06 away from the previous close but well within the 2% loss risk parameters, despite the poor timed entry. Reached peak volume levels. Holding full position over to Monday.
Spydertrader's Jack Hershey Equities Journal II
- Thread starter Spydertrader
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Yup, I am SO glad that I can afford the small losses with buying/selling 100 and 200 shares, as that old greed/fear ruleset kicks in (I was watching, and sat there and did not take the 11.78 bid, I was in fact offering 100 at 11.79, and before I could think of going down one more cent, the whole thing regulated back to 11.68) By raised stop loss bought in at 11.68, so I lost two dollars, but I'm excited for the weekend to go over any new stocks to add to the FInal Universe.
Spyder: For MY info- when would I cull stocks from my Final Universe? Only after they have "popped" either succesfully or unsuccesfully?
Thank you so much for posting such a great journal for a beginner like me to adapt a whole system.
Hey there Spydertrader and everyone, I'm a little confused about Rockets.
In the "Bruno R" post, Jack refers to Rockets, how he initially finds them and what characteristics they display when they're ready to trade. Recently I downloaded all the documents in the MSN group and found a doc file called "Beginner Rockets.doc" This document doesn't seem related to the Rockets we've been discussing lately. In fact, it seems to be an approach to trading the ES futures contract.
Is there any connection between these documents at all?
In the "Bruno R" post, Jack refers to Rockets, how he initially finds them and what characteristics they display when they're ready to trade. Recently I downloaded all the documents in the MSN group and found a doc file called "Beginner Rockets.doc" This document doesn't seem related to the Rockets we've been discussing lately. In fact, it seems to be an approach to trading the ES futures contract.
Is there any connection between these documents at all?
I'm not entirely clear by what you mean by "cull from the Final Universe." If you mean to say 'remove' a stock from the Final Universe, I do that at the end of each month for all stocks which have lost their ranking. If you mean, 'put into a watchlist for monitoring intra-day,' I set alerts for all Dry Up Stocks using the LBDU Volume Levels calculated by The Hershey Chartscripts. I also monitor any stocks which 'set up' via Jack's 'Bruno R' method.
I hope you continue to find the information located here useful to your trading. However, the real credit belongs to everyone (including yourself) who participates on a daily basis. The collaborate iterative refinement process whereby everyone benefits from the contributions provides the real value of this discussion.
Enjoy the weekend.
- Spydertrader
I've unsuccessfully dabbled in index futures so this begs the question: does Jack's info about futures trading have legs? There hasn't been much discussion about this topic, only stock trading. His "Beginner Rockets" document is interesting and seems well thought-out.
The Futures Discussion with respect to Jack Hershey takes place across numerous threads archived on the ET web site. Nwbprop's Thread, Futures Toolbox, and The Stochastic Indicator to name but a few. The most recent discussion can be found here. I caution anyone attempting to embark on learning Jack's Futures Methodology. If you think equities provided challenges to your understanding, you ain't seen nothing yet. Three years ago, I attempted to learn both equities and futures methods simultaneously. After confusing myself, I decided to stick with what I knew worked - equities trading. While the added leverage afforded futures traders can provide significant profit, the flip side remains true as well - that added leverage can increase significantly your losses as well.
- Spydertrader
Thanks for your question.
Once a position is put on and risk parameters set then let the trade develop to a final conclusion. I have to admit conditions could have been better for this one but I'm ready for the outcome either way. If I was to worry about every macro event, I wouldn't put positions on until January 2009.
Eventhough the trade breached over 2% at times, I gave it more wiggle room based on long term channel location.
Welcome yours and all inputs.
Great weekend!
I agree with your assessment here. I experienced difficulty transitioning from a daytrader (ending each day 100% with cash) to holding positions overnight when I first started trading Hershey Equities. Once I realized holding over a longer time frame added profits to my account, I no longer concerned myself with the possible negative implications. Worrying about the next Black Swan Event materializing takes energy and resources away from that which we can control. Focus on the parameters you can control, and watch your trading improve.
- Spydertrader
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