Spydertrader's Jack Hershey Equities Journal II

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Still holding RNOW and ASCA into tomorrow. Price exceeded the weekly pivot, but bounced off the 20 SMA today closing above yesterday's high. Expecting another run at the the 20 SMA on RNOW within the next day or two. Price needs to close above the 20 SMA soon. The Stochastics (5,2,3) sits above the 80 mark, and I'd like to see The Stochastic Indicator (14,1,3) follow it up as well, in order to continue my hold.

ASCA looks even better with price closing just underneath the 20 SMA. Both Stochastic Indicators continue to look good, and the MACD Histogram turned green today as well.

- Spydertrader

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GROW announces 2 for 1 stock split and dividend. Getting some action in after hours. The daily chart is not in DU but I suppose DU values are somwhat distorted by the huge volume up day on the eps report.

IAAC seems to have similar action where dry up levels are not reached yet the stock keeps busting out of short consolidations. Volume in IAAC is the lowest in two weeks. These two might be worth watching tomorrow morning. I own both.
 
Keep an eye on ININ as well. Price finds itself glued to the 20 SMA. Once volume begins to move in, we should see a bounce (one way or the other) from there.

A couple more "Outside The Box"

HEES SHOO

Good Trading to you all.

- Spydertrader
 
Hi Spyder,
Here is a trade I did today on the 5min fractal. How would you characterize this trade? Thank you in advance for the feedback.

gooch87

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1259422"></img>
 

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Quote from gooch87:

How would you characterize this trade?
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Nice trade goochman!

Everything you have outlined in your chart above looks pretty good. Anticipating the additional upside move, and as a result, holding through the flat top pennant formation shows a great deal of wisdom and discipline on your part. Monitoring volume (or in this case the lack of volume) after noticing Peak Volume develop allowed you to exit without giving back a significant portion of your profits. Very well done indeed.

Your entry, on the other hand, appears a little late. I recommend using your ability to correctly anticipate trend and applying that same experience onto volume. In other words, if you have very high Unusual Volume levels within the first few minutes of the open, couldn't you anticipate continued volume influx? Doing so may permit you to enter trades like this a bit earlier in the price move. Of course, you may also run into those times where volume starts out great, but then evaporates. In other words, your mileage may vary.

In addition, I recommend adding the MACD lines as an overlay to your MACD Histogram. You might find the slope of the MACD lines quite telling.

Once again, nice trading goochman. You certainly have turned the corner, and continue to pull profits from the market on a regular basis. Keep up the great work.

I hope you find the above information useful.

- Spydertrader
 
Exited OMNI shortly before 10:15 EST @ $9.26. It's gone back into dry-up, is riding below the 20 SMA, and forming a symmetrical pennant. It should have moved more to the upside by now (or perhaps I should have taken profits when it was at 10.00)

$.13 profit per share - enough to get a pizza :)
 
I would appreciate input from those with more experience in this method.

This morning I took a position in BTUI at 8:59 central time. Price and the indicators were all go, and volume was running in such a way that LBDU would easily have been met by 9:30 central time.

After entering, price just sat there, and volume slowed down a fair bit. After another 15 minutes of price not moving and volume looing like LDBU wouldn't hit by 9:30, I bailed on the trade.

My question is: am I micro-managing? was this a poor entry? or did I do the right thing?

Thanks for your input.
 
Quote from bundlemaker:

I would appreciate input from those with more experience in this method.

This morning I took a position in BTUI at 8:59 central time. Price and the indicators were all go, and volume was running in such a way that LBDU would easily have been met by 9:30 central time.

After entering, price just sat there, and volume slowed down a fair bit. After another 15 minutes of price not moving and volume looing like LDBU wouldn't hit by 9:30, I bailed on the trade.

My question is: am I micro-managing? was this a poor entry? or did I do the right thing?

Thanks for your input.
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bundlemaker,

I'm a paper trading beginner but here's my comment on BTUI. I saw it hit LBDU @ 10:33 EST but there was no price improvement from the previous close. I also wrote down (from my "sweep") that the slow STO was below 80. Of course, I could be wrong.

spooz
 
I am new to this method also. When I first started months ago I remember investing in DXPE and watching the trade fail. That put me off for a while. But the stock was in a down trend and badly broken. I would steer clear of stocks that have huge downside gaps such as BTUI. The stock is not in an uptrend either and revenues declined from last quarter. EPS is spotty. Forward estimates for 2007 show declining eps. There are many reasons to sell and few reasons to buy IMO.
 
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