Spydertrader's Jack Hershey Equities Journal II

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Quote from cnms2:

Spydertrader, how did you decide on this $0.5 stop?
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I had daily support (S10) pivot showing 19.04 on my chart. In case somebody decided to gun for stops at that level, I wanted to be just outside that range. Since price for TRLG showed $19.52 USD at the time (it might have fell to $19.50 by time I actually typed in the order), I set the trailing stop to 50 cents placing the initial stop below the daily support level. The trailing stop actually moved up slightly to 19.04 while I was away, but price only fell to $19.13 before reversing.

I have attached the order log created by the trailing stop order at MBT.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1052689>
 

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Thank you. How do you calculate the daily support (S10) pivot?

TRLG just reached a new high nicely, on higher volume :)
Quote from Spydertrader:

I had daily support (S10) pivot showing 19.04 on my chart. In case somebody decided to gun for stops at that level, I wanted to be just outside that range.
...
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Quote from cnms2:

Thank you. How do you calculate the daily support (S10) pivot?

TRLG just reached a new high nicely, on higher volume :)
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Qcharts automatically places them onto the chart after the open. I have both daily (grey arrow) and weekly pivots (unseen on chart) placed on my charts. I think Quotetracker also has daily pivots. Check your charting software to see if they come with the standard package. There are several methods used to determine the Pivot Points, I have included the three different formulas below.

Traditional
Pivot Point = (H + L + C)/3
First Support Line = (2 * Pivot Point) - H
First Resistance Line = (2 * Pivot Point) - L
Second Support Line = Pivot Point - (H - L)
Second Resistance Line = Pivot + (H - L)

Variation One
This method Changes the formula used to derive the Pivot Point. The changes include adding the trading day's open and calculating the average of the four values. In doing this Variation one takes into account both opening gaps and overnight trading. The formula is:
Pivot Point = (H* + L* + C* + O**)/4
*=Yesterday
**=Today

Variation Two
This method changes the formula used to derive the Pivot Point as well. In this method you substitute yesterday's close with today's open. In doing this Variation 2 also takes into account opening gaps and overnight trading. The formula is:
Pivot Point = (H* + L* + O**)/3
*=Yesterday
**=Today

I hope the above helps.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1052753>
 

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Thank you. I don't use pivots; maybe I should take another look at them.
Quote from Spydertrader:

Qcharts automatically places them onto the chart after the open. I have both daily (grey arrow) and weekly pivots (unseen on chart) placed on my charts. I think Quotetracker also has daily pivots. Check your charting software to see if they come with the standard package. There are several methods used to determine the Pivot Points, I have included the three different formulas below.
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I hope the above helps.

- Spydertrader
http://www.elitetrader.com/vb/attachment.php?s=&postid=1052753
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Quote from cnms2:

Thank you. I don't use pivots; maybe I should take another look at them.
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Actually, you do use pivots, but probably never thought about it in such a way. Channel lines are nothing more than dynamic pivots.

- Spydertrader
 
Quote from dougcs:

In my experience that is a good fill for AMEX.
I still trade some AMEX stocks but only take a 1/3 normal position.

Doug
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I heard the carrier pigeon went to the wrong order desk and that created the delay. :D
 
The $20.10 price point marks a 20% upward movement in Price from the most recent low (orange line). Although today's reduction in volume (compared to yesterday) creates some cause for concern, the stochastic levels appear to say this stock has a long way to go yet.

Tomorrow should prove interesting.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1053391>
 

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Quote from cnms2:

What do those two descending green lines represent?
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As a double check to my channel drawing skills (or lack there of as the case may be), I drew in another set of channel lines (imagine a third green line, parallel to the two, across the bottom of the chart), and when price broke through that channel, I removed the lowest trendline, and added another from the next most recent high. I simply forgot to remove them all from my chart (now that price has continued to move higher) before capturing the screen shot.

Thank you for providing me an opportunity to clarify.

- Spydertrader
 
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