RE: [CANSLIM] buying after a missed breakout

From: "Edward W. Gjertsen II" <ed@macktracks.com>
Subject: RE: [CANSLIM] buying after a missed breakout
Date: Tue, 25 Mar 2003 14:39:21 -0600

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Top of Thread: [CANSLIM] buying after a missed breakout michael_niemotka@baxter.com
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Don't ever forget - there will always be another opportunity - whether
it's the one that got away or on the horizon.  The goal is to become a
"strong hand" right from the start.  

Emotion, rather than money management, begin to rule your brain should
you buy a stock above its pivot.  If you happened to miss a stock -
there may be consolidation points on which to pick up a small position,
but then you are moving farther away from WON principles.  

CANSLIM should be adapted to meet your personality.  We combine several
disciplines into one comfy couch for our mindset.  Predominantly based
on WON principles, we bring in other disciplines to round out our
program.  A great website to learn how traders initiate or add to
positions is Tradingmarkets.com - probably one of the best sites on the
web.  There are many, many different ways to initiate or add to a
position that present low risk opportunities and the individuals on this
site are some of the best in the business and do a great job of
explaining their disciplines.
 
Ed Gjertsen II
ed@macktracks.com
 
 
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- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of
michael_niemotka@baxter.com
Sent: Tuesday, March 25, 2003 2:21 PM
To: canslim@lists.xmission.com
Subject: [CANSLIM] buying after a missed breakout

In the last few days, we have seen a number of stocks breaking out of
good
bases. Only time will tell if they hold, but I was wondering what
people's
thoughts were in regards to buying the stocks later, if they missed the
breakout.

We all know that WON says not to chase a stock anymore than 5% above the
pivot point, but assuming that a stock that you missed is going to be a
30%
or greater winner, are there other valid entry points?  I am not talking
about getting in if the stock pulls back to the pivot soon after the
breakout on light volume, which I know is a possible second chance, I am
more interested in if people have entry points after a stock has gained
over 5%, and does not drop any lower than that.

Is it an all or nothing game on the breakouts, ie if you don't grab one
within 5% of the pivot, then you eliminate it from your watchlist. or do
you wait for temporary consolidation after it has gained 10% or more, in
hopes that it continues to power up?

Thanks

Mike

Mike Niemotka , PE
Sr. Principal Engineer
Baxter Healthcare Corporation
Route 120 & Wilson Road
Round Lake, IL 60073
Tel (847) 270-4075
Fax (847) 270-4525
michael_niemotka@baxter.com



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