Spydertrader's Jack Hershey Equities Trading Journal III

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Quote from thenewguy:

MIKR - This one is tough for me. I have drawn two sets of channels - one where it is now, and one where I expect the final channel to occur. I'm guessing here, this is not something I feel certain about at all. However, I could see a few days of CCC to form a "natural"? point 3 before doing anything else. A signal tomorrow could also create a point 3.
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On the flip side, I played MIKR for a loss today. There were multiple screw ups on this, including putting on way too much size which forced me to be extra precautious and bail close to the bottom. The most frusterating part is that it really behaved exactly how I thought it might last night and I disregarded my own advice and bought it. Oh well, live and learn.

Thanks,

TNG
 
Quote from thenewguy:

As for your additions spyder, one of them seems fairly clear to me, but the other two not as much.

TXRH - This is the one that looks good to me. If it has decent volume tomorrow and the price improves it will form a P3 on the big channel and an FTT in the traverse. Both seem to indicate upward movement.
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I played TXRH for a wash today, but I think pretty much any other trader in the world could have made money on it. It did exactly what spyder thought it would, but I was very tentative before it crossed the RTL. I waited until it hit it, crossed, and then some before buying in. I think there's some more to go on it, but I exited it at the close as well, because I don't have much experience when it's on it's way to forming the P2. Probably should have just put on a trailing stop or something.

Thanks,

TNG
 

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Quote from thenewguy:

On the flip side, I played MIKR for a loss today. There were multiple screw ups on this, including putting on way too much size which forced me to be extra precautious and bail close to the bottom. The most frusterating part is that it really behaved exactly how I thought it might last night and I disregarded my own advice and bought it. Oh well, live and learn.

Thanks,

TNG
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Dang forgetfulness....
 

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While HWCC didn't show actual volume exceeding calculated FRV levels by EOD, we did see both Price and Volume improvement. In addition to following SWFT, let's watch how HWCC unfolds over the next few days.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1321612>
 

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09 Jan 2007

Bought NVEC 30.76 (ouch)

10 Jan 2007

Bought SWFT 27.30
Bought HWCC 20.50
Bought CTRN 39.40
Bought GIGM 9.42

I'm willing to hold all my 10 Jan 2007 stocks, but NVEC is puzzling. Personally on a cycle basis, I would be buying right now if I didn't have any, but per the Hershey method it looks like it died and I should exit. Any comments?

BTW, above is real money, 100 to 200 shares each. I'm dedicating a portion of my trading account to Hershey's method.
 
Quote from johnpinochet:

09 Jan 2007

Bought NVEC 30.76 (ouch)

NVEC is puzzling.
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What prompted you to buy this? Perhaps, a better question would be, what portion of the Hershey Methodology are you following? Beginner? Intermediate? Advanced?

- Spydertrader
 
Quote from Spydertrader:

What prompted you to buy this? Perhaps, a better question would be, what portion of the Hershey Methodology are you following? Beginner? Intermediate? Advanced?

- Spydertrader
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I should have prefaced the purchase statement with the fact that NVEC was outside of the Hershey method.

It was on the watchlist and discussed on Monday, when I should have gotten in. I bought it on a pullback on Tuesday, which turned out to not be a good idea.

Regarding which portion of the method I'm following, I think I would be hard to classify and I realize this might be a bad thing. I look at everything summarized at the end of Hershey Journal I. I also look at TC 2007 and give the daily chart a glance to see if it looks weak. I look at WealthLab's chart generated off of the chartscript discussed here. I look at the MACD on the wealth lab chart looking for the beginnings of the green bars or even later into the green bars of the MACD histogram. I look for a daily channel to gauge where we are in a price move.

Finally, I open up ensignsoftware and look at the 30 minute with the indicators summarized at the end of Hershey Journal I. I look for cycling. I look for an increase in volume and an increase in price from the day before. However, if I see activity on the 5 minute that leads me to believe that the 30 minute will soon give the required signals as detailed in Hershey Journal I, I'll get in early.

In retrospect, looking at what I've written above, the NVEC purchase only had a pullback going for it, which should have been exited anyway on violation of support.

Nice form of self-talk therapy, isn't it?
 
Quote from bdolnik:

Here's a free one that I use which works great... http://www.mirekw.com/winfreeware/mwsnap.html

I wish I would have gotten out of NVEC when you did virgintrader :)
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Thanks to all that responded! OK..here is my first attempt in posting a picture.

RE: I wish...
Again, while I'm just a newbie to Hershey, it was very HUMBLING to find out how much I was missing. Here are the few things that I picked up AND have to follow thru (thanks Spyder!)
- Throw away EVERYTHING you thought you knew about trading (unless you are consistently making a mint!).
- Don't let a winning position go against you!
- Everyone wants to get rich overnight; it is in the journey of self discovery that will lead you to this (hence there are some that gets frustrated with the learning involved here).
- If the stars (signals/requirement) are not aligned; do NOT take the trade.

Btw raising 2 young kids and 2 jobs; im trying to fit this in...I owe it to them. Maybe I'm just high with my first $1000 from doing it!

No trades for me today as none hit DU's before I had to go to my first job! :D
 

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