Spydertrader's Jack Hershey Equities Journal II

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Quote from qed:

[I like using this to replicate the IBD most active lists on their website.

Today for instance I bought LRCX at $51.28 as the stock moved to the top of my unusual volume list. My thinking is that stocks that are active and near a pivot point will be drawn towards the pivot point.

Somehow I was caught off guard today by LQDT. Either my alert was not set properly or it just jumped to quickly. I missed it. Both stocks were 100% CANSLIM break outs.]
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QED: LQDT started off up on very low volume (which has been typical of it's character recently), and my UV scan didn't pick it up until it was to the point I didn't want to chase it. I like how Gooch caught the intraday breakout - great trade.

Good catch on LRCX. Do you maintain a CANSLIM universe of stocks near 52 week highs that you scan for UV? Sounds like a great application if you can find them before they hit the web site.

Rick
 
I have about 200 stocks on my watchlist for CANSLIM breakouts. I try to follow the rules such as buying withing 15% of new highs and waiting for proper chart patterns to form. There is always something breaking out. I use IBD custom screen Wizard to build my watchlist.
 
Here is a possible take on DTLK. If you draw point three at yesterday's high, you get a pretty good match for the left hand side matching past points. (On my chart the new possible channel is in blue).

I have sometimes found that if your point two side of the channel lines up rather nicely with past price points that can sometimes give you an early hint about where the correct point one and three side will be.
 

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Spyder and OpenTrader-
Thank you for taking the time to post those charts. They're very helpful.

SpyderTrader-
I think I missunderstood his notations. I thought the FTT in blue was referring to the new point yellow point 3, not the yellow point 2.

On your chart, I don't quite understand what the purple line on the bottom, annotated as increased slope, is.

I'm sorry if I'm being dense. Would you take a moment to post an expanded chart so I can see how you're drawing that channel line?

Thank you very much.
 
This is the same chart I posted earlier with some observations that I would appreciate if spyder can comment on.

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1264895">

1) I have circled in red the FTT and pt 3 of the yellow channel. This is an incorrect FTT becauese the failure happens during the travesal of falling price while the dominant channel (dark blue) direction is one of increasing price. Spyder mentions here that the FTT happens when price fails to traverse when moving in the same direction as the domninat trend.

This is what I believe ebulldog was refering to when commenting on my initial posting of this chart.

2) Spyder, in the DTLK chart you posted, you showed the expansion of the channel on both the top and bottom using the new peak and new low. Would that be the orange lines I have drawn in the chart I have attached?
The reason I ask is because I have no problem expanding the channel when the expansion is after a full traversal of the channel, but in this case it wasn't a full traversal of the blue channel since it turned around in the area circled in red and went beyond the left side of the blue channel up to the orange line on top.

Thanks for your time and help.
 

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Quote from bi9foot:

1) I have circled in red the FTT and pt 3 of the yellow channel. This is an incorrect FTT because the failure happens during the traversal of falling price while the dominant channel (dark blue) direction is one of increasing price. Spyder mentions here that the FTT happens when price fails to traverse when moving in the same direction as the domninat trend.
More...

Thank you for clarifying the FTT to which the blue FTT referred. You correctly point out the blue FTT (when referring to the failure of price to reach the right side) is not an FTT as defined previously. However, as I pointed out in a previous post, a blue channel FTT does exist nearby as I pointed out in the chart snippet.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1264657>

Quote from bi9foot:

2) Spyder, in the DTLK chart you posted, you showed the expansion of the channel on both the top and bottom using the new peak and new low. Would that be the orange lines I have drawn in the chart I have attached?
More...

See my expanded DTLK Daily chart attached above. The light blue lines result from a very long term uptrending channel. In addition, Jack states only drawing in expanded volatility lines to the left side of the channel - not on the right.

I hope the above provides the clarification you need. If not, please let me know.

- Spydertrader
 
Honestly J40 - you need to do one of two things:

1. Get with the program, and start trading the system Spydertrader has laid out.

2. Move on with your life.

You have been popping in and out of the "Hershey Threads" for several years now, posting these kind of doubting Thomas questions. Continually revisiting the question of "how well this works" doesn't benefit you in the least. Make a decision - either it works or doesn't - and get on with your life and profitable trading.

Of course, in the spirit of the venerable Spydertrader, YMMV.
 
Anyone get on the SIRF train today...

I entered at 28.80, exited at 29.79, thought about holding but I won't be able to monitor tomorrow, hope some of you guys got to take advantage :)
 
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