Spydertrader's Jack Hershey Equities Trading Journal III

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Quote from thenewguy:

I like to watch the 5 min(sorry, previously stated 30 min, which I also use) chart for exits. Lately, I've been focusing most of my time on identifying FTT's. Although I was away from my computer at the time, it seems like there was a very clear FTT on REDF almost at the high of the day (the second time it tested that area). If you look at the attached chart, there is a huge spike of volume at that time, pushing the price up. The price, however, fails to reach the LTL from the up channel. The price also hovered around that area for 10 - 15 mins which would have given me ample time to get out, or even 2 or 3 bars later with a much better profit than I ended up with. I'm focusing my attention on looking for FTTs on daily charts to give me the overall strategy, then 30 and 5 min charts to fine tune my entries and exits.

This FTT, as with all of the one's I'm trying to point out, was located only using price and volume. The volume signal was crystal clear on it this time.
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An FTT with a spike of volume - volume capitulation?
 
Quote from Spydertrader:

I added PRXI to the Final Universe because the stock currently cycles a minimum of five times in six months for a minimum of 20% gains over a period of six to eight days. (See Final Universe criteria: Journal I). While clearly PRXI has formed a Point Three (Red) Down Channel, Friday's EOD buy in may mean a little more than simple short covering. With Volume showing increasing Red Gaussian (after forming a \/-R2R) anyone short this equity would want to see increasing Red Volume with decreasing Price tomorrow.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1489017>
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Monkman


Registered: Oct 2006
Posts: 66


02-07-07 06:58 PM

Attached is a chart of RMKR. It looks like a bull flag. Right now its holding the RTL on decreased vol. What we would like to see is an increase in vol to tell us which way this stock will run. Will it be a FTT, FBO, or BO? I will be buying on point 3 on heavy vol. If it traverses through the RTL instead of going up, then i'll look for a short instead. BTW the last vol bar is off. Having minor issues with IQFeed/Amibroker not sure which is causing the problem.

- Monkman



Attachment: feb7rmkr.png
This has been downloaded 76 time(s).
http://www.elitetrader.com/vb/attachment.php?s=&postid=1354112

It seems like a lot of traders in here use point 3 of conventional charting instead of logical charting.

Are we not suppose to use logical charting (traderuniverse video)instead of conventional charting?
 
It seems like a lot of traders in here use point 3 of conventional charting instead of logical charting.

Are we not suppose to use logical charting (traderuniverse video)instead of conventional charting? [/B]
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Jack's methods involve using channels using points 1, 2 & 3. The logical charting was done by someone in the Tucson IBD group.
 
Thanks for the clarification bi9foot.

We were scratching our heads earlier when we were reading the book by John T. Hershey and wondering why the points were different from the video.

At least soon, we would be able to talk the same language.:)

Ares
 
Is anyone able to view Camtasia videos when using a Vista operating system? I dual boot my computers and can get the video to work with XP SP2, but not with Vista. I have even had my tech support guys from my office look at it to no avail. Anyone have any luck?

Oh, JSDA makes a tasty product, but this stock has proven to be my nemesis.

JAC
 
Did anyone take PSMT today? i had 970 shares of the 1670 shares traded in the morning.... pushed the stock up and got out with 670 bucks.... got out at 21.31.... but then the stock went up all the way to 23 :(
 
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