Spydertrader's Jack Hershey Equities Trading Journal III

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Quote from thenewguy:

HWCC - I don't see too much here except an upwards channel with the price being right at the RTL with some decent volume. Looking back it seems to get a decent bounce off these conditions, so a signal would be promising. However, when I draw in the smaller traverse channel I notice that it has fully traversed to the RTL and therefore is NOT and FTT as I understand it. I'm not really sure what to expect after the bounce.
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HWCC respected the RTL perfectly and bounced very nicely off of it.
 
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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There's not much to see still on MIKR, it looks like it's still trying to form the channel...
 

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Quote from thenewguy:

XING - This just simply does not look good to me. Maybe I'm overlooking something, but I just don't see much there other than the downward channel and the price near the RTL.
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Well, not everything goes according to plan. XING was a rocket this week, but I didn't see it in time. I have drawn in a new channel that shows a potential FTT to explain what happened, but I really don't see the volume to support that as an FTT. Maybe there are some tools that I'm not using that would have helped me here...
 

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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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And of course Spyder's suggestions did very well. This one was to the day exactly. He has mentioned that he uses many more tools than I do currently, and has a whole lot more experience. Something to strive for, however...
 

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Quote from thenewguy:

ASCA - I really don't have a handle on this one. It looks to me like it's not quite at it's RTL yet, and in a volatility expansion of the traversing channel. Volume is good, however, maybe my channels are incorrect?
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ASCA was to the day, as well. (not my analysis, but Spyder's mention of it).
 

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Quote from thenewguy:

CRZO - Looks alot like TXRH, except I don't have an FTT forming in the traversing channel, because it's in a volatility expansion. Volume, however looks outstanding and it looks like it might be testing a recent P3. Is that what brought this to your attention? I feel much better about CRZO than ASCA, however.

Sorry for the number of this posts. Maybe someone can tell me how to post multiple charts with a post? I appreciate any and all comments on this as it will help me learn!

Thanks,

TNG
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CRZO was a bit early, but nevertheless it did show up.
 

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The end result of learning to use channels over the last year or so is that I am very convinced of their usefulness (and especially FTT's). The problems I had this week were with execution and lack of conviction. Looking back at these charts it's hard to believe I didn't have a very profitable week. At least I know what I need to work on!

All comments are welcome!

Thanks,

TNG
 
Quote from TimDog:

Got stopped out of my PCCC trade from yesterday. I still had my 2% stop in, but with the huge decline at the open the price went right through it and I was filled for a 3.38% loss, it must have been from the news last night about the company getting a new president. At least it was only a paper trade:)

Bought REDF (19.38) and STEC (12.56) this morning. We'll see how they work out. Volume is humming along and the charts look good. Any thoughts?
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I bought REDF this morning, and had STEC from a previous day. I still own STEC, but sold out of REDF when it came back to b/e for me. Looking at the 30 min chart (which is what I use for exits) there seems to be a glaring FTT that I missed.
 

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Quote from bdolnik:

Ok here is a question about exit strategy if I may.

I purchased GIGM yesterday morning when it signalled at 10:26AM. Purchase price $10.07. I then watched it slide all the way down to $9.72, wich was still above my 5% stop. It hit FRV before the end of the day so I stayed in.

It climbed back up to a high of $10.44 as of this writing but now is just hovering around $10.34. Volume is once again high, hitting FRV for today again already.

Is this a hold for 2 more days, or with MACD dropping a bit would it be something to get out of now for a small profit?

Thanks much for any insight!
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I honestly couldn't make much sense of the 30 min chart for GIGM. It seemed to run up and then go into CCC for the rest of the day.

On the daily, however, it may have been prudent to trim the position or exit it entirely when it hit the RTL of the big down channel. I missed that one too, however, and sold for a wash today on it.

Thanks,

TNG
 

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