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Originally posted by Thomrich
You're welcome with ZICA. The channel long will be the entry you want.
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LOL sorry!Originally posted by jiesenThanks for the heart attack, Spike!
The chart's always been scary for this one, but I have bought mainly for fundamental reasons, not technical:
So I don't plan to sell for technical reasons either. If it goes back to 3, well, I'll just load up again, just like I did last time it was trading at 3. But I just can't see it selling for a $50M market cap again, when sales have gone from $30M to $300M now, so I'm not selling at $5. Profits are coming, and they will keep this sucker afloat despite all technical indications to the contrary.
Did the chart give a signal before XING went from $7 to $70 in one day?
How about when it went from .74 to $15 over a few months? I was holding it all the way up (and all the way back down to $6) and wish I could have just let it go then... but I still think it'll see $15 and above eventually.
A signal before the 7 to 70, I think so. Big first wave, and arguably a bull flag. But wow - what a move. Did you have it then? If so, your feeling of joy must have been overwhelming for you to hold it when it got up there! Just as a side, did you learn anything from XING since you've held it that you would share? Or in hindsight, would you do anything differently?
All the best!Comment
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No, unfortunately I didn't know anything about XING until the day I saw it jump 1000%. Then I watched it fall then from 70 down to $2, where I picked up my first shares. Bought from 2-4 and sold a few times on big jumps. Held onto a large chunk while it dropped down to .74, and then sold some on the way back up to 15. Overall, I'm down on most of the trading I've done on XING, but I'm still up on the core holding I have, since it's cost me somewhere around 3-4 with everything factored in.Originally posted by spikefader
I guess the biggest lesson I have is that once you take a long-term position, just hold it long-term and quit trying to read the tea leaves for when to trade in and out. That's never worked for me, but I think that holding onto a good business usually works out ok in the long run.Comment
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Spike,
I know your thread overflowed with responses due to chart posting, but can you comment real quick about my message .Comment
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Jiesen, I can tie the knot.
Jiesen,Originally posted by jiesen
Are you sure you got married to this stock legal? It wasn't one of those 5 minute Las Vegas weddings, was it? I mean, I'm a preacher, and I can tie the knot for you. A real church wedding is just what you need. Just repeat after me: "I, Jiesen, do take thee, XING, as my lawfully wedded stock, to have and to hold, from this day forward, for better or for worse, for richer or for poorer, in sickness and in health, 'til death do us part. . . . "
Them Las Vegas weddings never work out . . . .Comment
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Sure, dmk! Sorry I missed it back there!Originally posted by dmk112
Here's how I would enter and target. With the exception of the 'Swing Trading Mr.Market's Top 5' thread, I don't trade FIB entries. As you probably know, I use channels. I recommend channels over FIB entries. Why? I think they are more reliable, and you can look for a perfect entry and set a tight stop that, if taken out, proves the entry was wrong.
As to where KCS is headed now? Tell me this: how long is a piece of string?
I'm really not attempting to be obnoxious by the way. But the answer is "it depends" on how long it is cut. KCS has had a significant upper channel hit, which is the signal for profit taking. How long will 'they' profit take? Lord knows. 5 waves? Maybe. To the channel in my chart? Maybe. Could bad news hit this stock and send it to 5.00? Maybe. Was your buy at the FIB correct? Initially, yes, it was proven correct. But now it's been proven incorrect. (by the way, I'd recommend stop to break even when you get an entry like that with some good profit (7% in your case). If a great entry like the one you got gets taken out, then it never really was a great entry. Ya know?
I really encourage everyone to look for great entries, and don't worry if you get stopped out a bunch of times for break even or small loss. It's only the big stop outs that will hurt. A great trade will easily make up for all the little choppy frustrating entries that go nowhere. Is it worth the effort? Absolutely. Is it frustrating? Sure. Does it protect capital? You bet. Is it rewarding when the hard work and patience pays off? I don't even need to answer that one.
In hindsight, the play you missed was the latest channel turn up in early Feb, after the bullish ascending triangle, that led to a 18% charge to the upper channel. That was the 18% you wanted. 20/20 hindsight of course But it's something to think about anyway.
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hmm, you do have a point, NBB.Originally posted by New-born babyComment
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LOL...thanks Spike, I'm going to look into channels more and check it out!Originally posted by spikefaderAs to where KCS is headed now? Tell me this: how long is a piece of string?Comment
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OK Spike, 1st off, thanks for all your help on this.... now, where do you start drawing the channels? (Low, high, etc..) It seems they move with the mouse all over my screen and I can't conrol them (I'm using stockcharts.com)!! How do you know where to position the channels? Thanks!Comment
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OK, great, you see how the channels move. You now understand that I'm not actually deciding where they belong - there is no discretionary placement of them by me, apart from where I start or finish them.Originally posted by dmk112
OK, so where do you put them? Choose significant highs and lows. Long term significant, and short term significant. The longer the channel, the more significant it is. Ideally, for a long, you want to look for long term lower channel touch as a signal to start looking for an intraday pattern to enter. If you do this intraday work, it will allow you to set a logical stop, and keep it tight so if it gets hit, then your basis for entry is proven wrong very early in the trade - before too much pain is felt.
If your stop rules are different than mine, then fine, but at least this gives you an option as far as where you would put one if you do use them, and do value maximum protection of your capital. You might choose to be more flexible since you might not have time to watch. You might only be able to trade using limit orders you set in the morning before work. That's fine if it fits with your overall risk management plan. You can see where the channel is, put your orders in, and go to work. Just know this: channels are NOT a Holy Grail. They fail just like every other indicator out there. But channels give you a solid basis for a support entry. If you can combine your channel support with other types of support, such as price support, then even better.
Good luck.Comment
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you're probably right on this one. I've seen it all too often that the 10-20% spike from this kind of news usually precludes a long downward spiral.Originally posted by spikefader
Still, I think I've let go of all the XING I want to, until it moves up to a much higher level.Comment
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