We bought SPAR, and may have booked some profit on that trade at the close. For Monday, I'd again recommend booking some profit on a gap up, or on an advantageous close.
Addendum: ORI gapped above the buy price in the first minute of trading, but by the second minute it had fallen below the price, and it stayed below for the rest of the day. In other words, take out the first minute's worth of trades, and ORI would not trigger a purchase. Just a reminder that the system ignores the first minute of trading, so ORI is not included in the list of holdings.
| Current Holdings | ||||||
|---|---|---|---|---|---|---|
| Ticker | Basis | Closing Price |
Perf. | Sell-Stop | Add'l Exit Guideline | Chart |
| SSO | 25.06 | 27.48 | +9.7% | 26.43 | N/A | Chart |
| ASIA | 20.68 | 21.38 | +3.4% | 20.70 | N/A | Chart |
| UYG | 4.11 | 4.22 | +2.7% | 3.94 | N/A | Chart |
| JACK | 27.01 | 27.46 | +1.7% | 26.79 | N/A | Chart |
| CPSL | 2.26 | 2.67 | +18.1% | 2.39 | N/A | Chart |
| HW | 4.27 | 4.96 | +16.2% | 4.39 | N/A | Chart |
| UWM | 20.86 | 20.91 | +0.2% | 19.85 | N/A | Chart |
| SPAR | 10.48 | 10.64 | +1.5% | 9.83 | N/A | Chart |
For Monday, 50/50 on the longs and shorts.
| Ticker | Entry | Exit A | Exit C | Chart |
|---|---|---|---|---|
| GRMN (Garmin) | 23.68 | 22.66 | N/A | Chart |
| PMI (PMI Group) | 3.01 | 2.59 | N/A | Chart |
| DXD (Ultrashort Dow 30) | 46.93 | 44.31 | N/A | Chart |
| SKF (Ultrashort Financials) | 41.83 | 38.35 | N/A | Chart |
Please refer to "How To Trade The Ideas" (right-hand side) to read this table.
3 comments:
Chribs,
You are doing an awesome job, please do keep it going. I am trying to understand how do you pick the entry. It looks like an amazing art.
Thanks,
RK
Thanks for the encouragement, RK! I wish I were as good as your comment makes it seem!
There are three different kinds of entries I look for. One is a small pullback in an uptrend. GRMN for Monday is a good example. These tend to either work or fail right away. The second is a longer consolidation in an uptrend, like HW the other day. These may take longer to develop, but once they're ready to go, they either take off or fall apart with gusto. Ideally these picks are above a rising 50- and or 200-day moving average, so in solid uptrends. Finally there's the bottom fish, for example the short ideas for Monday. These are down in the dumps, below declining 50- and or 200-day moving averages and thus have a high failure rate, not much reward, but they seem to satisfy the human urge to pick bottoms.
Also, don't let the entries fool you, the exit is far more important. A bad entry but good exit could still be profitable, but the reverse is not true. To illustrate, if the market collapses Monday, half our holdings will be sold for a loss!
Chrib,
I was looking at SPAR this morning and got real time experience in understanding the importance of exit price.
Thanks for suggestions.
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