Go to Jeff Salisbury LWGate Home Page.From: Sol Mayer <smaye1211@yahoo.com>
Subject: Re: [CANSLIM] CSTR CVH Failed breakouts Post Analysis
Date: Tue, 3 Sep 2002 09:27:44 -0700 (PDT)
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- --0-1474288965-1031070464=:79617 Content-Type: text/plain; charset=us-ascii Ian: Aren't all cw/h a situation where the right side of cup is higher than left side which means that there is overhead resistance at the price of the right side of cup? Ian wrote:John: One thing you might want to revisit is your selection of breakout points for CSTR. As early as APril, CSTR had traded over $34 for a week, on higher volume. It flies in the face of what a breakout point is meant to be (a removal of significant known overhead resistance) to buy a stock just $1.50 below where a lot of shares have changed hands in recent days. IMHO, a break through $35.50, on a large volume increase, on a third attempt would have been much safer, from a historical perspective. Ian - ----- Original Message ----- From: John Calkins To: Sent: Tuesday, September 03, 2002 4:52 AM Subject: [CANSLIM] CSTR CVH Failed breakouts Post Analysis > Ok, now that I have admitted that I didn't make a huge blunder buying CSTR > and CVH on their breakouts. I need advice on how I can improve after > loosing a large percentage on these two stocks. > > I'm unable to be at a computer during the day, so I check the volume and > price with TD Waterhouse Phone Trade Direct. My first pick like many was > CSTR. On August 15th it brokeout and I purchased it at $32.50. I set my > Sell Stop at 8% below my purchase price at $29.90. My stop order was > executed at $26.61 after the gap down. I guess I consider myself lucky it > didn't execute at $24 what ever because of the price action for the day. My > second trade was with CVH. It broke out on August 19th and was able to > purchase it at $33.83. The sell stop order was again placed at 8% below at > $31.12. My sell stop was executed at $28.75. > > This is the most difficult time I have had with my orders yet. I have > usually been able to get much closer to my stop price. I can't afford to > loose and average of 16% or double the CANSLIM method. I have heard that it > is unwise to "Tip you hand" by having a stop order out there for the market > makers to grab. But if I'm such a small fish out there, then how on earth > could my little stop order influence anyone? Is there a trading platform > that is better at setting up unattended orders. I've heard of trailing > stops etc. but aren't these just ideas or soft stops that you have to watch > the intra-day action of the market to take advantage of? > > I just can't seem to get out of the shoot...I suppose along with everyone > else. I understand that Due Diligence might have helped on these two > stocks, but who would have ever thought both of these would have gapped over > my stop orders like this! > > I sure would like to know how you buy and sell when you can't glue yourself > to a monitor all day long. I hope that the digital cell tower shows up > close to where I work so I can at least get price and volume alerts sent to > me. I had this before and it worked better than this stop order crapola. > > (JC) > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. - --------------------------------- Do You Yahoo!? Yahoo! Finance - Get real-time stock quotes - --0-1474288965-1031070464=:79617 Content-Type: text/html; charset=us-ascii <P>Ian: <P>Aren't all cw/h a situation where the right side of cup is higher than left side which means that there is overhead resistance at the price of the right side of cup? <P> <B><I>Ian <IANSTM@SHAW.CA></I></B>wrote: <BLOCKQUOTE style="PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #1010ff 2px solid">John:<BR><BR>One thing you might want to revisit is your selection of breakout points for<BR>CSTR. As early as APril, CSTR had traded over $34 for a week, on higher<BR>volume. It flies in the face of what a breakout point is meant to be (a<BR>removal of significant known overhead resistance) to buy a stock just $1.50<BR>below where a lot of shares have changed hands in recent days.<BR><BR>IMHO, a break through $35.50, on a large volume increase, on a third attempt<BR>would have been much safer, from a historical perspective.<BR><BR>Ian<BR><BR><BR>----- Original Message -----<BR>From: John Calkins <JCALKINS@OLYPEN.COM><BR>To: <CANSLIM@LISTS.XMISSION.COM><BR>Sent: Tuesday, September 03, 2002 4:52 AM<BR>Subject: [CANSLIM] CSTR CVH Failed breakouts Post Analysis<BR><BR><BR>> Ok, now that I have admitted that I didn't make a huge blunder buying CSTR<BR>> and CVH on their breakouts. I need advice on how I can improve after<BR>> loosing a large percentage on these two stocks.<BR>><BR>> I'm unable to be at a computer during the day, so I check the volume and<BR>> price with TD Waterhouse Phone Trade Direct. My first pick like many was<BR>> CSTR. On August 15th it brokeout and I purchased it at $32.50. I set my<BR>> Sell Stop at 8% below my purchase price at $29.90. My stop order was<BR>> executed at $26.61 after the gap down. I guess I consider myself lucky it<BR>> didn't execute at $24 what ever because of the price action for the day.<BR>My<BR>> second trade was with CVH. It broke out on August 19th and was able to<BR>> purchase it at $33.83. The sell stop order was again placed at 8% below<BR>at<BR>> $31.12. My sell stop was executed at $28.75.<BR>><BR>> This is the most difficult time I have had with my orders yet. I have<BR>> usually been able to get much closer to my stop price. I can't afford to<BR>> loose and average of 16% or double the CANSLIM method. I have heard that<BR>it<BR>> is unwise to "Tip you hand" by having a stop order out there for the<BR>market<BR>> makers to grab. But if I'm such a small fish out there, then how on earth<BR>> could my little stop order influence anyone? Is there a trading platform<BR>> that is better at setting up unattended orders. I've heard of trailing<BR>> stops etc. but aren't these just ideas or soft stops that you have to<BR>watch<BR>> the intra-day action of the market to take advantage of?<BR>><BR>> I just can't seem to get out of the shoot...I suppose along with everyone<BR>> else. I understand that Due Diligence might have helped on these two<BR>> stocks, but who would have ever thought both of these would have gapped<BR>over<BR>> my stop orders like this!<BR>><BR>> I sure would like to know how you buy and sell when you can't glue<BR>yourself<BR>> to a monitor all day long. I hope that the digital cell tower shows up<BR>> close to where I work so I can at least get price and volume alerts sent<BR>to<BR>> me. I had this before and it worked better than this stop order crapola.<BR>><BR>> (JC)<BR>><BR>><BR>> -<BR>> -To subscribe/unsubscribe, email "majordomo@xmission.com"<BR>> -In the email body, write "subscribe canslim" or<BR>> -"unsubscribe canslim". Do not use quotes in your email.<BR><BR><BR>-<BR>-To subscribe/unsubscribe, email "majordomo@xmission.com"<BR>-In the email body, write "subscribe canslim" or<BR>-"unsubscribe canslim". Do not use quotes in your email.</BLOCKQUOTE><p><br><hr size=1><b>Do You Yahoo!?</b><br> <a href="http://rd.yahoo.com/finance/mailsig/new/*http://finance.yahoo.com">Yahoo! Finance</a> - Get real-time stock quotes - --0-1474288965-1031070464=:79617-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email.
Next Article (by Author): Re: [CANSLIM] CSTR CVH Failed breakouts Post Analysis "Tom Worley"
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