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Spike what ya think of FRD? Looking to see if it finds support around 11.30-11.60 area. If that does not hold looking @ 50dma around 10.81 or possible gap support. I think FRD reports earnings soon, might someone know something?
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Another great result for the thread. ACRG 3.50 target hit yesterday.
Closed both positions for +14.4% and +6%.
Thread summary - all trades.
Current open trades:
NGPS at 33.49 retarget 33.85
CWTR at 28.18 target 32.05
ARLP long 70.02 target 80.79
FRD long 12.50, targeting 14.71
All previous trades (closed):
ARLP Long 63.74 out 73.05 for +14.6% profit
CWTR Long 24.62 out 25.53 for +3.7% profit
CME Long 197.40 out 198.05 for +0.3% profit
MPX at 25.90 target 26.60 +2.7%
MCRI at 35.30 retarget 34.16 -3.2%
IIG +15%
CMN +15%
BSTE at 57.28 retarget 62.78 + 9.6%
CME at 210.60 retarget 210.81 +.1%
ACRG at 3.06 retarget 3.50 +14.4%
ACRG at 3.30 target 3.50 +6%
Total system profit 78.2% in 11 trades. Average is 7.1% per trade.Comment
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Spike,
Could you give us a refresher course on 50% retrace support to target MM's 15% gain. I lost you somewhere along the line. I can recognize the basic chart patterns, but overall am not good on technicals. Thanks.
billyjoeComment
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Sure Billyjoe.
I should mention up front that this thread started out as something other than the 50% entries, and it wasn't until post 7 here http://www.mrmarketishuge.com/forum/...52&postcount=7 that I decided to trade the 50% system, after discussion in another thread. Since then this thread has virtually been dedicated to the 50% system. I think I'll keep it that way too.
No rocket science here. Just a matter or finding a significant low anywhere on the chart and extend the FIB to the top. If price comes back to the 50% there's your entry. Target 15% from your entry. No stops. If price falls to a lower 50% entry point retarget 15% from wherever that point is. Hold for your 15% or til the company goes broke Obviously you want to diversify and not put all eggs in one basket. Take every signal regardless of market conditions. It's worked well so far and it's worth trading in my opinion. I like the retarget condition that forces you to lower your target if price action weakens.
Last edited by spikefader; 02-16-2005, 08:41 PM.Comment
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I like it
Spike,
I really like your system, and I want to trade it. Thanks for posting.
I guess I'd have to say I think you may know a little something about the market . . . .
BPT: you said $59, or better. It hit $64 today.
FRO: nice call on the channel long day. $44 to $49 in four days is nice!
Thank you so much!Comment
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Thanks Spike,
Great quote "No rocket science here. Just a matter of finding a significant low anywhere on the chart and extend the FIB to the top. If price comes back to the 50%, there's your entry. Target 15% from your entry. No stops. If price falls to a lower 50% entry point, retarget 15% from wherever that point is.Hold for your 15% or til the company goes broke."
I like this strategy. If you'd post it on IBD forums, I think they'd have a meltdown. That wouldn't be a nice thing to do, would it?
billyjoeComment
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Hey, you're welcomeOriginally posted by New-born baby And thanks. I must say Kudos to Mr.Market for his "Top 5" picks too! Every one of these 50%ers is with the Top 5 of the day, and so this system may well be an utter failure without his legendary model!
Ya, BPT continues to impress. What a lovely move the last 4 weeks!Comment
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Spike,Originally posted by spikefader
If you were a REAL friend you would have MADE me buy BPT. (lol)
I still don't see what the attraction is. Perhaps some insider is buying shares.Comment
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Greetings Spike,
It would appear to me that FRD has touched 50% retrace from 6.00 today at 11.30.
Also is at 50sma according to stockcharts.
On top of that,looks to be at support by significant volume on a 6mo chart.
Im going all in on this in my IRA,looking for that target of 14.75 or better.
wish me luck,
cordially TomComment
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Also appears to be a 2.6% div coming next week.Originally posted by ThomrichComment
Ya, we better keep it a secret then lol
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