Originally Posted by Hog's Gone Fishin:
My dumbass bought 20 more at 45.70 about an hour ago and just sold at 50.75 . I feel so much better. That's a whole $100
Went for a wallet-padder on the downtrend break. Only 100 shares because I don't want to give back too many tendies. In $52.96. Out 50 shares at 54.55, 25 at $59.12. Just gonna yolo the last 25 with risk on $49.99.
*Best not to use hard stop losses since the market makers can see them and like to wick people out. Use mental stop losses if you trust yourself. If you don't trust your discipline then make sure not to put your stops on whole numbers, they tend to bounce/stuff there. [Reply]
Originally Posted by JohnnyHammersticks:
Went for a wallet-padder on the downtrend break. Only 100 shares because I don't want to give back too many tendies. In $52.96. Out 50 shares at 54.55, 25 at $59.12. Just gonna yolo the last 25 with risk on $49.99.
*Best not to use hard stop losses since the market makers can see them and like to wick people out. Use mental stop losses if you trust yourself. If you don't trust your discipline then make sure not to put your stops on whole numbers, they tend to bounce/stuff there.
Totally agree, I just never use a stop loss because I've learned my lesson. [Reply]
Originally Posted by JohnnyHammersticks:
Went for a wallet-padder on the downtrend break. Only 100 shares because I don't want to give back too many tendies. In $52.96. Out 50 shares at 54.55, 25 at $59.12. Just gonna yolo the last 25 with risk on $49.99.
*Best not to use hard stop losses since the market makers can see them and like to wick people out. Use mental stop losses if you trust yourself. If you don't trust your discipline then make sure not to put your stops on whole numbers, they tend to bounce/stuff there.
If this holds without tanking before power hour it may rip through Monday PM at least. [Reply]
Originally Posted by Hog's Gone Fishin:
If this holds without tanking before power hour it may rip through Monday PM at least.
This is one of the many days where I wish I would've passed out right after my initial buy on GCT and just now woken up. Would be up over $30k. They don't call me the Prince of Piking for nothing.
Can't beat yourself up over stuff like that though, but I still do. [Reply]
My man here's been posting about using VCP and trading strategies that I use from Mark Minervini. Figured I'd post some here as examples.
Here's a rough example, although with the few days of large sell offs this week, I would hesitate to force any trades right now as the number 1 rule is capital preservation.
Hopefully you can open this up enough to see it.
SAVE. Consolidating nicely for about a month. The outlier of this is 7/28 where the price jumped to 25.67 so excluding that for this example. Over 200k volume allows this to be a liquid trade and I do not trade anything with lower than 200k volume.
Using this strategy, you want to catch a stock moving up, not guessing it's reached a bottom. So I would set a buy point for the high point of this consolidation so I catch the "breakout" of this stock moving up. The price of this buy point is 25.01 as this stock reached a high of 25 on 8/15 and 8/16. The technical stop of this would be the lowest price of this stock at the end of this consolidation, which would be 23.92 on 8/19. Instead of setting this stop right at that point I take 23.92 x .999 so we are right below that = 23.89 is my stop.
Buy at 25.01 and stop at 23.89 makes the risk:
25.01-23.89 = 1.09/25.01 = 4.4%. This is a fairly low risk trade.
Now in really choppy markets, the stop of a trade may simply just be the low of the day before or the intraday low of that current trading day. The stop depends on market conditions. In a really good bull market, I may have a risk of 10% as I want to allow the stock to fluctuate without getting stopped out.
