Re: [CANSLIM] CSTR CVH Failed breakouts Post Analysis

From: James Bond <james_bond_3rd@yahoo.com>
Subject: Re: [CANSLIM] CSTR CVH Failed breakouts Post Analysis
Date: Thu, 5 Sep 2002 18:19:36 -0700 (PDT)

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- --- david frank <camelot.homes@charter.net> wrote:
> James, so why didn't you buy PIXR on the breakout
> day? Although until that time not many breakouts to
> talk about. dave
>
Did I leave that impression? I did. I placed an order
to buy at the open for a half position and it was
filled at 43.7. I already had a half position which
was bought at 42.5 the day after the earnings came out
and the stock gapped up. I know these buys violated
the rules but I would not have been able to buy PIXR
at all otherwise. These were actually low risk buys
which is the essence of using a pivot point to
determine low risk entries. The first purchase was low
risk because the stock was definitely going to react
positively to an earnings surprise that was not priced
into the stock and was not going to crater soon after
so there would be time for me to evaluate and decide
whether to hold or not. The second one was because the
shakeout action a day earlier not only forcasted a
breakout but also provided a price to place the stop -
just below the low of the shakeout which was less than
5% from the close and hopefully the open next day
wouldn't gap up too much.

I did similar things with CSTR and USPI, survived CSTR
but got burned in USPI (took a 6% loss).

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