In case anyone experiences difficulty in 'seeing' the point three formation, I have drawn it in on the attached chart. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1156764>
some of you may have seen a thread I posted earlier; http://www.elitetrader.com/vb/showthread.php?s=&threadid=72895&perpage=40&pagenumber=5 To that end, I'm kinda in a nomadic state (which I dislike immensely, but don't want to force myself to trade when I'm anywhere near of such a mind set). I have read, bits and pieces, of this thread and am pretty intrigued by the obvious participation and seemingly strong enthusiasm spydertrader's thread brings. For those of you (spyder too, if you wish-though just noted he's heading to Tucson) who have followed this methodology, how do you feel about the results? For myself, I've changed my initial expectations from doing this for a llving to merely doing it as an additional income, at least hopefully. I would be primarily viewing things from an EOD perspective, though occassionally shorter-term. Any thoughts on this methodology many of you are following, expectations, etc, would be fantastic to hear. I am contemplating starting from the very beginning (to the initial journal spydertrader compiled), but obviously am somewhat fatigued by my own frustrations for the time being. Thanks.
BertH wrote: Any thoughts on this methodology many of you are following, expectations, etc, would be fantastic to hear. I am contemplating starting from the very beginning (to the initial journal spydertrader compiled), but obviously am somewhat fatigued by my own frustrations for the time being. Thanks. See my posts around 5-19-06 of this Journal, they are on page 392 as shown on my computer. I am very happy with the results, and its fun to do. Spyder has been very helpful to the people who trade here. Read both journals, take notes. Forget the contemplating, just do it, thats what I did. PM me if you have any questions.
And thank you for the welcome. I have been studying the journal for a couple of months but have not had any questions that I could not find answers to. I am currently paper trading the system. I am also in Tucson but unfortunately I only started going to the meetings with Jack many months after he had covered the essentials of his system. So I have found this journal to be much more useful then the meetings. I do look forward to meeting Spydertrader this week.
FTEK signaled a buy this morning. However, earnings had been announced at 0900 (30 minutes before market open) so I was cautious on this one and waited for follow-through. Follow-through did not occur and I did not enter a trade. Speculation: the news was good and all the various dentists and accountants and grannies jumped all over this one due to the good news. Of course, once the news is out the blush is off the rose and the price fell back due to lack of buyers.
COGO and ENG triggered for me, but both reversed and hit my 2% stop loss... ENG then reversed and went higher... A lot of false break outs lately... very frustrating...