No, I have not yet read the journal from beginning to end. I was under the impression that a green background on spydertraders chart meant that it had cycled 5 times and was in DU. Obviously this is wrong becuase I have noticed in recent versions of his software that stocks with green backgrounds often have not cycled 5 times. If you don't mind, is the green background only in reference to DU? I bought some BTJ this morning. Was tempted to buy COGO. I own SLW from a few days ago which does have rank.
Normally, the green background in wealth-lab charts is meant to indicate DU. This has nothing to do with Rank or the availability of 5 cycles for the stock.
Qed, Before laying any more money on the line I would urge you to read the whole journal first and note the last page has an overview of the whole method. In particular, note that the method depends on a strict scanning process for high relative strength, high EPS stocks within specific parameters for float and average volume. The chart scripts are NOT designted to be used with any stock, only those which comprise a high quality stock universe.
Thanks, I know you are right about reading the journal. I am an experienced trader though so I intend to keep my bets small as I learn this system and integrate it with my CANSLIM trading.
CHAP came up as a candidate for the final universe in last night's scan. symbol,earnings,yahoo float,msn float,avg volume CHAP,6.638,20005000,22691800,1030040 Earnings, float and volume all look good. If anyone else could double-check with their own favorite data source I'd appreciate it. [edit] I noticed on the wealth-lab charts that there was a big gap down yesterday. On yahoo charts and stockcharts.com, the charts look OK. Data problem? Stock split?
Did anyone catch GIGM today? I nearly bought it just before it blew off, but then I hesitated and my attention was drawn to another stock. When I came back to GIGM it had already 4% plus, so I thought I'm not gonna jump in anymore Now I would like to kick myself That stock is really blasting off today
I caught GIGM at 10.98. Sold it at 10% gain at 11.00. It is well beyond peak volume levels. In retrospect I might have put a close following stop loss on it to get a little more out of it. But my goal is to achieve four 10% moves a month (my capitol is split into four streams), so I am pretty happy with that!
Before I run out to buy new batteries for my HP calculator, I don't see the buy at 10.98 and selling at $11.00 equals a 10% gain. So maybe the $11.00 really is 11:00 AM? Well a 10.98 move to 10.40 (the 11:00 price) is a loss, not a gain. Confusing. I'm off to get batteries.... My calculator is mis-calculating or something..