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Spydertrader's Jack Hershey Equities Trading Journal III
- Thread starter Spydertrader
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Buffalow..
While I'm a newbie, I don't think you are missing anything. As Spyder always says "your mileage may vary".
In this case, these were my thoughts:
- IF I took a position and it was going my way, I'm determined to walk away with something rather than taking a loss. I'm not going to second guess myself.
- I will monitor how things are till about 7pst (as I got to go work) and place my stop order then (subjective).
- The price (Im still trying to figure out how to post a picture for free!)
of $31.20 just happens to be the centerline of the channel drawn as per my previous post. The upper part of this channel is at the $34 range (make or break it?)It ain't JH'ish but I'm trying to adapt the strategy to my circumstance. Im still trying to figure out how much "luck" was involved in my decision today.
Until it meets the sell conditions as per Spydies' notes, hit "my" stop price or day before earnings (whichever comes first), hopefully, i'll continue to ride this.
Hope this made sense....did I miss anything?
Spyder, im hoping you can give me a little help with the "rocket" trades. I understand the setup that is needed on the daily chart, but i am having trouble with the entry. I know in your camtasia video you mentioned that when u have a rocket setup you go down to the 5min chart and wait for DU to be hit and enter when the MACD turns positive. Is this the only entry criteria that is needed for these trades? Is there any criteria for the 30min chart? Could you explain your process for a rocket trade from analyzing a daily chart down to the entry. TIA
Another trader who follows these threads has this process down cold. Do a search of gooch87's posts and follow his charts and analysis. Notice how he uses 'price formations' in addition to volume levels for entry. You are looking for a MACD crossover (Histogram turns green) to signal along with an increase in volume (and price). Keep in mind these are short term trades for the most part. Take a look at NVEC from yesterday on the five minute fractal to see how it looked at the open through the first 30 minutes.
Lastly, I encourage you to use price channels and Gaussian Volume formations to identify trend direction (irrespective of whatever fractal you choose). One need look no further than SWFT (one stock we have followed lately) to see how the effects of an FTT can provide profit on a regular basis.
- Spydertrader
Updated SWFT Chart
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Dry Up Stocks
BITS CTRN DTLK GIGM HWCC MIKR XING
You might also keep an eye on
TXRH ASCA CRZO
- Spydertrader
BITS CTRN DTLK GIGM HWCC MIKR XING
You might also keep an eye on
TXRH ASCA CRZO
- Spydertrader
You are welcome.
Got stopped out at $31; $1250 for a one day trade. Weirdly enough, while I'm happy I made money and learned (I think; time will tell if it was dumb luck!), the old me is thinking...what if I miss the next leg up if my stop was too tight? hmmmm...nasty habit!
No trades taken today
Here is my take on each of these stocks with regards to channels and FTT's. I hope someone finds the comments useful, and I certainly would appreciate all comments on this. I still remain an eager beginner to this method.
BITS - seems to me to be in CCC still. Hitting DU with price improvement would probably signal a BO of the channel. I think if I had drawn the channel prior to that I would have found that I started the RTL of this channel in the wrong spot, and we just had a BO/FBO. However, neither matters because it's in a spot where DU/FRV and price improvement would signal that it's on it's way to creating a point 2, to me anyway.
CTRN - The increase in volume looks like it could be creating an FTT. The beautiful thing about this is that following the Hershey Stock criteria, if it were to signal properly tomorrow it would create a perfect FTT as I understand it. If it doesn't signal then we know it's not an FTT because the volume does not support it. I think.
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