Spydertrader's Jack Hershey Equities Journal II
- Thread starter Spydertrader
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1) Register QuoteTracker and that increases max # of days on charts to 10 market days:
http://www.quotetracker.com/register
2) What datafeed are you using? hopefully one with multi-day backfill
3) We just released a new beta version of QT that has historical charts that work same way as intraday - fully interactive:
http://www.quotetracker.com/beta
If you have further questions, please feel free to email our support, or post on ET, though in the QT thread. Don't want to do many OT posts here
Jerry Medved
http://www.quotetracker.com
Do you have a 2% trailing stop even after the entry signal is confirmed? Isn't that a little too tight? We are looking for 10%'s constantly and 2% drawdown is bound to happen very frequently...
We already have 2% stop, a 10% profit target, and a 4-day maximum exit. I think a 2% trailing stop is an overkill.
We already have 2% stop, a 10% profit target, and a 4-day maximum exit. I think a 2% trailing stop is an overkill.
For trailing stops, I have found that it is better to start with a loose stop and tighten it as the days progress.
The goal is to let the stock make its' natural trend forming pullback and resumption before tightening the stop.
here is a better description of what I do.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=57912&perpage=6&pagenumber=1
Hopefully, this is helpful.
The goal is to let the stock make its' natural trend forming pullback and resumption before tightening the stop.
here is a better description of what I do.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=57912&perpage=6&pagenumber=1
Hopefully, this is helpful.
When first learning The Hershey Methodology the temptation exists to try and capture every breakout in price occurring amongst the Final Universe Stocks. While traders with a higher experience level may capture a significantly greater percentage of profitable moves than a beginner, you should avoid the temptation to allow "potential" profits to distract from the task at hand - focusing on the process of internalizing the methods. Jack Hershey often breaks down his teachings into three distinct skill levels: beginner, intermediate & advanced. In addition, he recommends developing an expert level proficiency in the elementary skill sets before attempting to move to a higher skill set class. In other words, one should master beginner methods before attempting to master intermediate or advanced trading. The old axiom, "Learn to crawl before you attempt to walk, run or fly" certainly applies here. This isn't a commentary on anyone's trading skills or money making prowess. It is, however, an attempt to motivate anyone learning these methods to set ego aside and honestly perform accurate self evaluation.
The process of 'iterative refinement' does not only apply to the evolution of methods used in order to extract money from the markets. In addition, the same iterative refinement process allows the trader to transition from beginner to expert without significant hits to his / her account. While reading the many pages of this Journal (and more importantly, the Original Journal and background material) provide a strong foundation for profiting from trading as a career, there simply is no substitute for experience.
Attached, please find a copy of a JMDT chart as of 2:00 PM Eastern Time today. Compare this chart to other charts in order to determine what difference with JMDT might have alerted you to today's breakout prior to this morning. Look for other charts which also mirror the price and volume activity of JMDT in an effort to observe the commonalities. Jack writes extensively on this subject in his many posts. I recommend a thorough review.
To answer your question about taking a signal from a stock in Dry Up on a previous day, only you can determine if the time is right to move to the next level. I strongly encourage anyone considering such a move to make absolutely sure they have honestly and accurately performed a self evaluation on their current skill set before moving to the next level.
I hope that helped.
- Spydertrader
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=905833>
Thanks Spydie. This is very helpful. I don't even know how to exit this damn thing. Right now I am just trying to slowly work myself out of old habits (protective mechanism) until I gain confidence with the rules.... Actually I already have conviction with the method (I see why it works) but not the various rules. To tell you the truth, I feel some of the rules are more theoretical in nature.
Good trading.
Good trading.
Sold my RATE today, with a very nice profit. Could have been a lot nicer, but for some reason, at 11:03am when I decided to sell, Ameritrade would NOT let me cancel my trailing stop order (it was listed as PENDING CANCEL for 5-6 minutes). I needed to cancel the trailing stop so I could enter a sell order to get rid of my shares at the current price.
Of course, wouldn't you know, as my Trailing Stop was frozen at PENDING, RATE started to DROP like a rock, from near 35 to 34 in a matter of MINUTES.....
By the time I got Ameritrade Customer Service on the phone (and miraculously, the trailing stop order unfroze itself and was listed as CANCELLED the second I explained my dilemma to the Ameritrade rep), and the order was unfrozen, I was able to sell my freakin shares at 34.05....still a handsome profit, and above my 10% target, but at the time I ORIGINALLY tried to cancel my trailing stop, the stock was sitting at 34.90!!!!!!!
I'm going to write Ameritrade a nice long letter and let them tell me why this happened, and how they are going to make me whole again.....lol
Of course, wouldn't you know, as my Trailing Stop was frozen at PENDING, RATE started to DROP like a rock, from near 35 to 34 in a matter of MINUTES.....
By the time I got Ameritrade Customer Service on the phone (and miraculously, the trailing stop order unfroze itself and was listed as CANCELLED the second I explained my dilemma to the Ameritrade rep), and the order was unfrozen, I was able to sell my freakin shares at 34.05....still a handsome profit, and above my 10% target, but at the time I ORIGINALLY tried to cancel my trailing stop, the stock was sitting at 34.90!!!!!!!
I'm going to write Ameritrade a nice long letter and let them tell me why this happened, and how they are going to make me whole again.....lol
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