wallman
299 posts
msg #31698
- Ignore wallman |
4/12/2004 8:46:23 PM
Zub,you'll see in my 3-18 post i got in MRKL at 1.28,now 3.94,i believe at the time you stated TL resistace to be 1.81,once by that it was a rocket,imo with pure momentum plays like this in a hot sector you can throw TL's out the window,if you're willing to take the risk just get in and ride if she's going up,ask no questions ......my friend and I are in MACE from under $4 this morning,the last thing we were concerned about at the time was TL's,i've held it overnight also,thinking its got more run left at the open,we'll see .....2 others i got into today off momo,MSGI,entered at 150% up watched it run to 310% and TBUS which i've been in and out of since 3.20 five days ago,now 14.07....i'm sure that you make TL's work fine for you,just the point here is that momo,especially in hot sectors overides TL almost everytime ...as always,good luck with your trades
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EWZuber
1,373 posts
msg #31700
- Ignore EWZuber |
4/13/2004 2:34:07 AM
I just don't have the resourceas to get involved. I would have had to close a position just to enter. And then by rule 2520 I would have had only one trade left allotted to me for the next 4 days. If I would have had to exit for any reason, I would be pushed out of the market for the rest of the week.
I am in calculated positions now. I could not justify dropping them to jump on a screamer.
The justification was not just about the technicals.
I'm glad that you guys were able to enjoy the ride, but I do not have the access to the markets that you do. I am very highly restricted so i must be very conservative and disciplined in my approach.
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EWZuber
1,373 posts
msg #31701
- Ignore EWZuber |
4/13/2004 2:41:12 AM
wallman
Even if I were going to risk entering a screamer, i would use Trendlines. The best way I have found to do this is on the 1 minute chart. When a stock is really hot often times this is the only time frame where any pullback occurs. The TL is then drawn on these small dips and bought on the breaks. A supporting TL is then established and a discipline can be applied to the trade. Its a daytrading technique that seems to apply perfectly to this sort of scenario.
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EWZuber
1,373 posts
msg #31708
- Ignore EWZuber |
4/13/2004 1:10:40 PM
CLNG took off today from 4/3 post. Up about +27%.
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EWZuber
1,373 posts
msg #31709
- Ignore EWZuber |
4/13/2004 1:12:02 PM
Correction, CNLG.
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txtrapper
548 posts
msg #31713
- Ignore txtrapper |
4/13/2004 7:45:30 PM
Took off today from 4/3 post?
Zuber, CNLG dropped from a HIGH of $3.78 on 4/3/2004(the date of your post) to a LOW of $3.05 on 4/12/2004, then Monday CNLG bounced off the EMA(13).
Monday was the earliest I would have entered the stock.
TxTrapper
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TheRumpledOne
6,407 posts
msg #31716
- Ignore TheRumpledOne |
4/13/2004 8:17:00 PM
Hey EWZuber:
By this time, you should have enough profit to daytrade. You got about 44 pages on this thread. Let's assume that's 44 trading days. So you could do about 20 roundtrips without triggering the rule. And with your trendlines, you should make about 10% per trade:
Account start value: 5,000.00
Daily % increase 10.00%
TRADE Month 1 Month 2
1 $5,500 $37,001
2 $6,050 $40,701
3 $6,655 $44,772
4 $7,321 $49,249
5 $8,053 $54,174
6 $8,858 $59,591
7 $9,744 $65,550
8 $10,718 $72,105
9 $11,790 $79,315
10 $12,969 $87,247
11 $14,266 $95,972
12 $15,692 $105,569
13 $17,261 $116,126
14 $18,987 $127,738
15 $20,886 $140,512
16 $22,975 $154,563
17 $25,272 $170,020
18 $27,800 $187,022
19 $30,580 $205,724
20 $33,637 $226,296
YOU SHOULD BE RICH BY NOW!
MAY ALL YOUR FILLS BE COMPLETE.
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txtrapper
548 posts
msg #31723
- Ignore txtrapper |
4/13/2004 9:44:13 PM
TheRumpledOne
CNLG...On 4/12 RSI(2)bottomed out on my 3m/d chart at 6.88 on red volume @ 83,669 just before the $0.72 cent jump today. Do you watch stocks when RSI(2) is above 6? I find RSI(2) most useful when (both) RSI(2)is below 2 and Slow Stochastic(5) Fast %K is below 20 at the same time.
TxTrapper
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EWZuber
1,373 posts
msg #31724
- Ignore EWZuber |
4/13/2004 10:12:04 PM
Txtrapper
looking back on the post I made on 4/3
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"4/3/2004 11:56:50 PM
CNLG looks very interesting. An excellent trading chart, IMO."
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This is not claiming that there is an entry on 4/3. Its just a heads up on the stock.
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EWZuber
1,373 posts
msg #31725
- Ignore EWZuber |
4/13/2004 10:15:45 PM
TheRumpledOne
I'm not going to address your post because it strikes me as disingenuous.
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