Spydertrader's Jack Hershey Equities Trading Journal III

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Quote from MrBlue999:



BTJ was up as much as 12% for me but after the retreat, I took profit at 10.8%. I'll take that kind of gain over 2 days any time.
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I'm still working on a good exit strategy for when a stock is doing this well. I'll be up, whatever the case, but are there some good indicators I should be looking at on my daily charts that can indicate NOW IS THE TIME. I know there's no sure thing, but I am still a beginner at Hershey trading and would love any advice I can get!

Jamey
 
Thanks for the info. I took another look at the percent gain and decided that I would follow my Chinese stock rule on this non-Chinese stock, i.e. 20% gain in 4 hours is more than enough. I should say a 20% move. I don't have a 20% gain, just 5 - 7% depending on my fill. I have a limit order in for 18.60. It should hit sometime today.

I'm also in JASO and NGA.
 
Quote from Jesus_Freak:

I'm still working on a good exit strategy for when a stock is doing this well. I'll be up, whatever the case, but are there some good indicators I should be looking at on my daily charts that can indicate NOW IS THE TIME. I know there's no sure thing, but I am still a beginner at Hershey trading and would love any advice I can get!

Jamey
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I'm still working on my exits as well and this is my first month trading this method. :D

For me, I'm looking to bank some profits before taking additional risk. I've seen people sell half and let the rest ride with a trailing stop.
 
Quote from Jesus_Freak:

I'm still working on a good exit strategy for when a stock is doing this well. I'll be up, whatever the case, but are there some good indicators I should be looking at on my daily charts that can indicate NOW IS THE TIME. I know there's no sure thing, but I am still a beginner at Hershey trading and would love any advice I can get!

Jamey
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I like to "ease in" and "ease out." When my indicators say get in a position, I put on half, if it still looks good after a while, I put on the other half. When I'm up and starting to think of taking a profit, I take off half. If the inidicators still look good, I'll hold on for a while. If it crashes, I get out, but I've already locked in some profit. Granted this is a more conservative approach and you will never buy all of your position at the very bottom nor will you sell all your position at the very top, but over the long run you should do just fine.
 
Just got filled! Out at 18.60. Looks like it will run to 19 now. Oh well.

My buy fills were between 17.39, 17.44 and 17.50, so I'm looking at a 6 - 7% gain in my account for today.
 
FYI, I trade off of an hourly chart, but looking at the 5 min on TRCR, at 0854 CST we had a retrace to roughly 16.80. I got in not too far away from that time.

Non-journal reasons to buy:

Classic retrace buy.
Extremely positive news.
Solid looking daily, weekly, and monthly chart.
Key S/R numbers were broken to the upside.

etc, etc, etc.

Also, if you study volume and price, you'll see some very interesting things going on at key price levels today, all indicating that a solid floor was in place between 16.80 and 17.40.
 
Quote from johnpinochet:



Also, if you study volume and price, you'll see some very interesting things going on at key price levels today, all indicating that a solid floor was in place between 16.80 and 17.40.
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could you elaborate on this? I can see that the gap makes an area of support between yesterday's close and today's open - a range of 15.40-17.15 or so. I would expect that the stock could retrace to a point anywhere within this range, but I don't see how you would have predicted 16.80 to be the floor.

TIA

angie
 
Quote from angelina:

could you elaborate on this? I can see that the gap makes an area of support between yesterday's close and today's open - a range of 15.40-17.15 or so. I would expect that the stock could retrace to a point anywhere within this range, but I don't see how you would have predicted 16.80 to be the floor.

TIA

angie
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I can't really say too much without giving away a clear cut advantage that I have developed over the course of this year. Not trying to be funny, and I know that I have benefited from this journal, however I believe I have paid it forward a few times this year, in particular with DRYS et al, as well as GSOL.

If you examine the chart between 0820 and 0920 CST, very important work was performed.

If you would like further clarification, read my posts on my "Working Group" discovery towards the tail end of my 2007 journal. Note that the "Working Group" theory, technically only applies to major indexes or futures contracts, however the principal is the same.
 
TRCR up about a point for me. I've put a stop in to make sure I end up about half a point. Guess I am feeling nervous about a stock already up 25%....

Jamey
 
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