Swing trading... lessons learned...

[B.J]

Busy morning... took advantage of the weakness:

Bought PWAV at 11.20 on 50% retrace. It's a Poormans model pick.

Also nibbled on $$MM$$'s former finalist PTC at 32.10. Near 50 DMA, low risk pullback buy.

[B.J]

I'm real surprised with the resiliance being shown by STV. I had that pegged for a reversal two days ago. Well, did make some good coin there.

[spikefader]

I'm real surprised with the resiliance being shown by STV. I had that pegged for a reversal two days ago. Well, did make some good coin there.

Well I guess technically it's still in the hourly 5th. That's the problem with EW is there's a lot of anticipation involved. Hey, definately watch it for further 'boom' shows. That weekly chart has shown VERY bullish behavior regarding the upper channel. It's a big fat boom. You bit off a nice chunk from it being disciplined. Stalk it with no regrets, and if the time is right, slam that execute button!

[B.J]

Well I guess technically it's still in the hourly 5th. That's the problem with EW is there's a lot of anticipation involved. Hey, definately watch it for further 'boom' shows. That weekly chart has shown VERY bullish behavior regarding the upper channel. It's a big fat boom. You bit off a nice chunk from it being disciplined. Stalk it with no regrets, and if the time is right, slam that execute button!

Right, Spike, but I probably won't pull the trigger until the end of next week at the earliest. They report earnings next Thursday, and I won't buy before then under any circumstances.

I'm also planning to trim half my HANS before Tuesday for similar reasons, for better or worse. I don't like going into earnings with a full position.

[B.J]

Well I guess technically it's still in the hourly 5th. That's the problem with EW is there's a lot of anticipation involved. Hey, definately watch it for further 'boom' shows. That weekly chart has shown VERY bullish behavior regarding the upper channel. It's a big fat boom. You bit off a nice chunk from it being disciplined. Stalk it with no regrets, and if the time is right, slam that execute button!

Holy moly! There it goes now. Gotta admit, it was fooling me for a second there That's why we don't chase, eh?

[B.J]

Dang!! I wanted to add back into VPHM, but I didn't think it'd take off again this quickly. Right at the end of the day. Something must be up.

[dmk112]

Dang!! I wanted to add back into VPHM, but I didn't think it'd take off again this quickly. Right at the end of the day. Something must be up.

BJ, they finally realized the earnings were good!

[Websman]

Dang!! I wanted to add back into VPHM, but I didn't think it'd take off again this quickly. Right at the end of the day. Something must be up.

Yep. I also wanted to get back in. Where the heck is our pullback?

[B.J]

I still have a smidgen (1/4) left, but I'd sure like to have more.

[billyjoe]

B.J.,
Another lesson learned, but I should have known better. Never trust a CEO. Recently I bought into comments by a CEO who will remain unnamed. Can't recall his exact words , something like " I'm prohibited by law from disclosing earnings at this time, but can assure you that our stockholders will be very , very pleased with the results" They weren't and it was a relatively cheap learning experience (less than $200). Another one for the "never again" list.


billyjoe

[B.J]

Exactly, Billy Joe! That's why I let the chart talk Glad to see you got out unscathed.

Jumped back into STV, coming off the 21 DMA. Tad late, by the time I arrived at work, it bounced back up to 11.96. Still a BIG discount from where I sold, though.

Bounced out of PTC, but it was before the real carnage hit.

Trimmed HANS. Weak today, but may as well cut now before it drops any further. Other half will ride into earnings, unless it weakens further.

Added just a minute bit to VPHM at 12.37, but still watching closely.

[spikefader]

Holy moly! There it goes now. Gotta admit, it was fooling me for a second there That's why we don't chase, eh?

lol oh ya.

Today for STV was an expanding channel long today on the daily (no chart) and with nice intraday pattern (My QT intraday chart is messed up so I'm posting this one)..... but r/r not there for it.

[B.J]

...but r/r not there for it...sometimes ya just gotta let 'em go without ya

Spike that's the way I usually feel about new positions.

I actually got back in STV at 11.96, which would give me 4%. But, considering I have already made a huge profit, I figure that it's worth the continuation. I look at it as a 2.24 discount on what I already own.

But, yes, if it's new, tough to justify.

Spike, is this the wrong approach? Should I have treated it as a brand new trade?

[spikefader]

Nice entry at 11.96 that one! What was the trigger for you? Pullback after that 1min double bottom? or perhaps anticipating the R shoulder? Yep, it was a great discount to where you exited!

Is looking for a discount the wrong approach? Well not if that approach works for you! If you can do it and it actually consistently works for you such that it fits your 'style' then go at it. There is more than one way to pan for gold!! And who wouldn't pan in the same way that has found gold in the past!

Some people pan for gold, others dig for it, serious folks mine for it. Which is more profitable? I've read that historically pans were the most ineffective tool for discovering gold. But today, the smart gold hunters might use a pan in a stream to find areas where a vein of gold might be feeding into that stream. Pretty clever huh! And so obvious! So there is benefit to using an 'ineffective method' to narrow down the search for the mother load.

Is your discount trading approach wrong? I dunno....maybe it's like panning for gold. You're happily panning away and finding gold, and you're on your way to being a millionaire. And someone might walk past you and think to themselves, "Ha! You're not going to get the mother load that way!" but do they know your intentions? Do they know whether you're actually only panning in order to discover the vein that feeds the stream? (Hopefully not, or else they might grab a pan too haha).

Let me throw a couple of rhetorical thought-provoking questions at you. How do YOU view your panning? Are you panning with the expectation that it IS the source, or are you panning just to discover a bigger source? Let's face it; it is entirely possible that a panner will stumble on a huge nugget in the streambed, and it's entirely possible that vein hunters will never find one. The possibilities are absolutely there. There are no guarantees, which is why we humans are always trying to improve the odds, find the edge, discover the Holy Grail. The grass might seem greener on the other side of the fence, but we have to live with OUR grass. How do we make our grass greener? Simple; by changing the way we do things. And if you can do that without killing your grass, then the adventure hasn't cost you anything. And if you can do it and actually make your grass greener, then not only will you get the admiration of your neighbors, but you'll also get a warm fuzzy feeling inside The question is, do you even want greener grass. Are you content with your grass the way it is. Is it enough? Is it worth the trouble to make changes in your behavior for grass that is a few shades darker? Is it even worth the risk?!!

I'm goin' to work on my back lawn now. My grass ain't green enough! haha

[B.J]

Spike, I certainly hope someone else pans for gold where I do. Then the price will go up. I just have make sure to be panning before he

I have some brown spots on my lawn, too

As far as my entry, yes, I anticipated the SHS. Like you, I also saw on the chart that STV hit the channel long.