Spydertrader's Jack Hershey Equities Trading Journal III
- Thread starter Spydertrader
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So I've been reading up but just started actually running some of the scans, getting Quotetracker working and indicators in place.
Can anyone confirm or deny that the Dryup scan of the final universe right now yields these three: BITS MIKR SIM ?
I need to get practicing drawing my channels. Should I just use charts of any in my final universe or try starting with these three? I'm not ready to trade, so it prob doesn't matter what stocks I use I guess.
I suppose my question is this: Do you guys have channels drawn on charts of each symbol in your final universe or do you just draw them as needed when one comes up on a scan?
Can anyone confirm or deny that the Dryup scan of the final universe right now yields these three: BITS MIKR SIM ?
I need to get practicing drawing my channels. Should I just use charts of any in my final universe or try starting with these three? I'm not ready to trade, so it prob doesn't matter what stocks I use I guess.
I suppose my question is this: Do you guys have channels drawn on charts of each symbol in your final universe or do you just draw them as needed when one comes up on a scan?
I also have REDF.
On a side note:
I'm keeping an eye on ACOR and NSTR based on the daily chart as well as being on a personal watchlist.
Since we are into Journal 3 and Spyder had mentioned that we would talk about short trading maybe we could start a discussion on the topic (entry, setups, etc.)
For me, it is pretty straight forward and basic. I look or a stock in a downtrend bouncing of the LTL and starting a new dominant travese. I look for stochastics (5,2,3) to have just crossed the 50 line and having a sharp slope down, and MACD is negative or very close the the zero line heading towards negative territory.
I then look at the 30min chart for the normal entry criteria of LBDU by 10:30am for DU stocks or .22 unusual volume for others. As well as Stochastics (14,1,3) below 20 and MACD negative. I also want to see volume continue to be strong thoughout the day or I will get out.
What is everyone else's thought on shorts? How long do you hold (I know Spyder only holds one day), favorable setups, exit criteria, how tight are yours stops, other ideas, etc.
Lets open it up for discussion!!!
P.S. I shorted CTRN and SIRF this morning
For me, it is pretty straight forward and basic. I look or a stock in a downtrend bouncing of the LTL and starting a new dominant travese. I look for stochastics (5,2,3) to have just crossed the 50 line and having a sharp slope down, and MACD is negative or very close the the zero line heading towards negative territory.
I then look at the 30min chart for the normal entry criteria of LBDU by 10:30am for DU stocks or .22 unusual volume for others. As well as Stochastics (14,1,3) below 20 and MACD negative. I also want to see volume continue to be strong thoughout the day or I will get out.
What is everyone else's thought on shorts? How long do you hold (I know Spyder only holds one day), favorable setups, exit criteria, how tight are yours stops, other ideas, etc.
Lets open it up for discussion!!!
P.S. I shorted CTRN and SIRF this morning
Quote from TimDog:
Since we are into Journal 3 and Spyder had mentioned that we would talk about short trading maybe we could start a discussion on the topic (entry, setups, etc.)
For me, it is pretty straight forward and basic. I look or a stock in a downtrend bouncing of the LTL and starting a new dominant travese. I look for stochastics (5,2,3) to have just crossed the 50 line and having a sharp slope down, and MACD is negative or very close the the zero line heading towards negative territory.
I then look at the 30min chart for the normal entry criteria of LBDU by 10:30am for DU stocks or .22 unusual volume for others. As well as Stochastics (14,1,3) below 20 and MACD negative. I also want to see volume continue to be strong thoughout the day or I will get out.
What is everyone else's thought on shorts? How long do you hold (I know Spyder only holds one day), favorable setups, exit criteria, how tight are yours stops, other ideas, etc.
Lets open it up for discussion!!!
P.S. I shorted CTRN and SIRF this morning
If you want to trade the intermediate method, all shorting is really is flipping your indicators and doing basically what you said (the exact opposite as if you were trading long). And there's certainly nothing wrong with getting out at the end of the day so as to not get caught.
What I imagine Spyder would tell you here in the "advanced" journal III though is to trade shorts (as well as longs) using the FTT method, and not bother with the "hold for one day," "lbdu," "macd," "stops," or similar rules.
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