Re: [CANSLIM] RINO and general execution of trades

From: James Bond <james_bond_3rd@yahoo.com>
Subject: Re: [CANSLIM] RINO and general execution of trades
Date: Tue, 22 Oct 2002 20:12:44 -0700 (PDT)

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Hi. Whenever something like this happens to me I
always look for ways to improve the situation from my
side rather than simply blame the broker (and yes
they're crooked and it hasn't changed in over 100
years).

Since the best breakouts often takes minutes to zip
past the pivot, never, ever, check the chart when a
breakout is taking place. Do it before hand. Prepare
two watchlists, one with pp defined and updated
everyday, one without pp defined and updated weekly.
Stocks on the list with pp defined should be ones that
you're ready (and willing) to buy in a second - you've
already examined the weekly, daily and intraday charts
the night before, so the only thing left to do is to
check the pp and ADV then buy.

Alternatively, one can use buy stops. I used buy stops
to buy both RINO and SHFL. RINO seemed to have worked
out better. The buy stop was placed at 16.15, 10 cents
above 16.05 which was the mini handle high on the
intraday chart. It was filled at 16.45. The buy stop
for SHFL was placed at 22.71 and filled at 22.75.
There was a short consolidation that looked like a
handle but now that the stock is paying no respect to
the pp I'm starting to question whether that was a
valid handle.

I often found that my fills were much better with stop
buy orders than (the occasional) buy orders that I put
in at the moment of breakout.

- --- Jerome Buckmelter <jsjbuck@myexcel.com> wrote:
> Hi!  Although I have been a student of canslim for
> two years, and have
> watched this board in the past, this is my first
> post.  First of all, I
> am really impressed by some of the commentary I've
> read herein, and hope
> that my question will not be too elementary or off
> the (canslim) mark.
> Perhaps others have experienced a similar situation
> to the one that I
> did, and could give me some advice.  On October 17
> RINO broke out.  I
> saw it pass the pivot of 16.25 and climb quickly. 
> By the time I checked
> the volume, re-checked the chart, and got set up on
> my brokerage firm's
> website to make the trade, the real time quote
> window showed a price of
> around $16.80!!  A quick math check indicated that I
> would still be
> about 3.3 % above the pivot.  Still OK, so I made
> the trade.  I
> immediately confirmed the purchase price, and it was
> $17.16! -- 5.5%
> above the pivot!   I quickly clicked the real time
> quote button: the
> price and bid/ask didn't change!  They were still in
> the $16.80 range!
> Somehow I got stuck with shares that were about 35
> cents (2.2%) above
> the going rate.  I kept checking the real time quote
> for the next few
> minutes, and it still remained around 16.80 or a
> little lower.  I talked
> to the brokerage firm, and they said I got caught in
> a momentary
> "upspike"-just a tough break.  Why the price surged
> up dramatically for
> a few moments and didn't remain elevated, they could
> not adequately
> explain.  My concern is this: is this situation the
> result of having
> this particular broker?  (By the way, I had a very
> similar situation
> with them several months ago, but shrugged it off). 
> Could I have
> avoided this if I had another broker?  Would it be
> prudent to adjust my
> sell point accordingly since there is a good chance
> that I will be
> shaken out as things now stand?  Thanks,
>  
> Buck  
> 

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