Spydertrader's Jack Hershey Equities Trading Journal III

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Quote from Huskydog:

I have the following in DU for tonight:

BITS COGO DXPE GIGM NVEC XING

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Hmmm. In addition to the list you all have for stocks currently in DU, I've found that the WL Script (Hershey Equities Chartscript Version 4.2) additionally identifies SIM, SIRF, and CTRN.

Have you excluded these for a specific reason? It looks like CTRN's average volume is below 200k at around 173k and should be excluded, but I cannot determine a reason for SIM and SIRF.

-Buffalow
 
Three other stocks I am watching tomorrow are HWCC, DTLK and CTRN.

HWCC - I'm waiting for a pullback before I look for a set up on this stock. I'll probably put a volume alert at 1/4 the 65 day average, and if it hits that in the morning I'll take another look at it.

CTRN - If it makes a run at the RTL I would be interested in this again. I want to say there's a good chance that this hits CCC for a bit and bounces between the two trend lines before anything else happens. Again, I will set a volume alarm and ignore it until that is hit.

DTLK - I would expect it to continue down tomorrow and I will only be paying attention at the $7.73 area where it looks like good support from the RTL. I am going to put a price alert at $7.80 and watch how it behaves around there.

All comments welcome!

Thanks,

TNG
 

Attachments

Quote from thenewguy:

The chart for NVEC is attached. The only thing that concerns me is that the new 1,2,3 points are very small, and located within the channel still. In my mind this means either that 1) this traverse is small and will only go to the RTL of the down channel, or 2) the real point 2 isn't formed yet, and a break out of the RTL of the down channel would confirm that. If NVEC signals tomorrow I will take the trade, however, I will be watching it very close around the $33 area.

Thanks,

TNG
More...

Here is my copy of the NVEC chart today. According to my chart, the RTL is around 34.74 for today's candle. As always, comments are appreciated.
 

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Quote from buffalow:

SIM, SIRF, and CTRN. Have you excluded these for a specific reason?
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SIM is an AMEX stock, While I have it in The Final Universe for those that follow the Journals, I don't trade AMEX stocks - so I eliminate them from my Watch Lists. As to CTRN and SIRF, check their rank.

- Spydertrader
 
And finally, TXRH. I will be watching this for a signal (something like 1/4 65 day av volume, plus price improvement, plus stoch/macd) before buying it. It looks "cleared for take off" to me, but what I'm most concerned about is it forming a point 2 and retracing to form a p3 right after I buy it. I think the correct thing to do was to hold it from yesterday and wait for an FTT to form telling you to get out. However, I exited early and will now base my re-entry on some solid signals. If it shows a p2 tomorrow I will wait for the p3 to form before touching it again.

Thanks,

TNG
 

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Quote from buffalow:

[BHmmm. In addition to the list you all have for stocks currently in DU, I've found that the WL Script (Hershey Equities Chartscript Version 4.2) additionally identifies SIM, SIRF, and CTRN.

Have you excluded these for a specific reason? It looks like CTRN's average volume is below 200k at around 173k and should be excluded, but I cannot determine a reason for SIM and SIRF.

-Buffalow [/B]
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I do not trade AMEX stocks, so SIM was not available for my consideration. I apologize for the confusion.

CTRN and SIRF are both in my Final Universe. Neither security was returned when I ran Spydertrader's Hershey Equities Dry Up Volume Scan v. 1.0.0. Perhaps you ran this scan and obtained different results?

I reran this scan and obtained the same DU stock list.

- Huskydog
 
Quote from thenewguy:

CTRN - If it makes a run at the RTL I would be interested in this again. I want to say there's a good chance that this hits CCC for a bit and bounces between the two trend lines before anything else happens. Again, I will set a volume alarm and ignore it until that is hit.
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I like this one best. Stochastics (5,2,3) have already crossed the 50 line and MACD looks even better. However, we must remain mindful of an FBO resulting from the intersection of the RTL and the 20 SMA. Combined, these two areas of resistance can often stop a price run dead in its tracks.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1322070>
 

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Quote from Spydertrader:

SIM is an AMEX stock, While I have it in The Final Universe for those that follow the Journals, I don't trade AMEX stocks - so I eliminate them from my Watch Lists. As to CTRN and SIRF, check their rank.

- Spydertrader
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I missed that both CTRN and SIRF no longer have a rank. Thank you for pointing that out.

Do you refrain from trading Final Universe stocks (not tenured) immediately when they fail rank? I thought they would still be considered as daily price fluctations may bring them in and out of the five 20% cycles in 6 months criteria. Then a monthly evaluation would be made to clean out those without rank. Perhaps I've overlooked a revised strategy.

Thanks again for pointing out my oversight.

-Buffalow
 
Quote from Spydertrader:

Many traders use both scans.

- Spydertrader
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Thanks. I have not come up to it yet in Journal II. I have added it to My ChartScripts.

- Huskydog
 
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