I would have preferred to see Price come up off the lows before the end of the day.
- Spydertrader
Spydertrader's Jack Hershey Equities Trading Journal III
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I would have preferred to see Price come up off the lows before the end of the day.
- Spydertrader
I have provided such an explanation for short candidates on numerous occasions throughout Journals I, II and III. Based on this (and other posts), I encourage you to review the previous Journals beginning with Page One of Journal One. You appear to have missed a number of key points with respect to this methodology.
- Spydertrader
Quote from Spydertrader:
Two and Four Summers ago we spent a few days in Napa during trips to the Bay Area. I might have bumped into you out there and didn't even know it.
- Spydertrader
LOL-
I'm too reclusive for that....
Unless your whole profile is a sham and you're really a drunk 35ish divorcee doing some wine tasting with her girlfriends...
Then maybe I would have come out of my hole..
Spyder, I gotta hand it to you. You're an incredibly dedicated, hard-working, and altruistic person who obviously doesn't need more than 4 hours of sleep. How do you keep up the ET chat room, 2 journals AND trade?
Quote from Haroki:
Unless your whole profile is a sham and you're really a drunk 35ish divorcee doing some wine tasting with her girlfriends...
Then maybe I would have come out of my hole..
LOL. I did go on the tours, but Wine isn't really my thing.However, I did suck down more than a few Margaritas at Taqueria El Potrillo.
- Spydertrader
Thanks for the kind words. I do manage to sleep around 5 - 6 hours a night. More than enough, for me. Besides, I plan to sleep plenty when I am dead.
I have to admit; I did not quite anticipate the level of interest the two Journals would generate. To that end, I have had to scale back my involvement in the ET chatroom. The rise in market volatility has brought significant profits to most traders, but the other side of that coin, means one has to monitor things more closely. As a result, I haven't had the time to contribute to the chatroom nearly as much as before. I still try to keep half an eye monitoring the conversation in the chatroom in case someone has a question.
Still, it is nice to see so many profiting from the various methods on a regular basis.
- Spydertrader
I'm not surprised that I missed a number of key points. There is a lot of material covering a very long time frame. In addition, to the Journals I-III, I also read the documents available at traderuniverse.info and found these to be very helpful for tying everything together.
One of the fundamental ideas behind the methodology for long trades as I understand it, is that trading should be applied to a universe of quality stocks. Quality was defined by Jack Hershey based on earnings and relative strength. A stock in a several month downtrend is showing poor relative strength and therefore it is questionable to me whether such a stock still meets the requirements for quality. Consequently, going long on such a stock subjects the trader to higher risk.
With respect to short trades, maybe I missed it, but why short a stock from the quality universe? Wouldn't it make sense to create a universe of poor quality stocks, and only short stocks from the poor quality universe?
I don't want to sound condescending or disrespectful, but seriously, I've pointed you in the right direction to locate the information you seek. Rather than spending time rewording the same question in an effort to motivate me to repeat my answer for easily the forth time, why not avail yourself of the information already provided?
Start at Page One of Journal One, and read on until you catch up to the present. Don't take my word for it, ask anyone who has already read through the Journals (and many have done so multiple times), doing so will benefit you.
I'm not trying to be a pain in the ass here. Doing the work required has benefits not available to those who seek short cuts.
Good Journey to you.
- Spydertrader
Start at Page One of Journal One, and read on until you catch up to the present. Don't take my word for it, ask anyone who has already read through the Journals (and many have done so multiple times), doing so will benefit you.
I'm not trying to be a pain in the ass here. Doing the work required has benefits not available to those who seek short cuts.
Good Journey to you.
- Spydertrader
LOL, when I first started looking at this method there was only one journal to review. Now there are two plus the current long one. Plus the FTT/Futures one.
The body of information is growing exponentially!
The body of information is growing exponentially!
I've already been through the material, ALL of it, including outdated links and inactive websites. I did NOT reword the same question to motivate you to repeat the answer. I have your answer, thank you. There is no desire on my part for you to reply to this post.
The questions in my previous post were rhetorical for discussion purposes. You are not the only person that trades using this methodology. Others do too, and they have their insights, experiences, suggestions, and tweaks for improvements.
A stock in a steep decline for the past two or three months is of course exhibiting poor relative strength. You go long a stock like that using this methodology and you are asking for something like MED to happen.
As for shorting stocks from a quality universe, of course it's crazy. Select stocks for shorting from a universe of poor quality stocks.
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