GNOM nice setup
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2011
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July
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- Personal Effectiveness Blog
- A breadth thrust
- Stocks likely to breakout: BIOS, GNOM, HOTT, INSM,...
- Hot sectors
- Wednesday watchlist
- GNOM nice setup
- Dramatic improvement in breadth
- Back to range
- RPTP good setup
- Three day weakness and a bounce
- Range bound action continues
- The Stocktwits Edge
- The market remains within striking distance of rec...
- FTK nice setup
- Near recent high
- Wide range continues
- Understanding the IBD setups
- New high in Nasdaq100
- How to use IBD sector table
- Clear signs of distribution in last few days
- 996 stocks down 50 cents plus
- Nothing has changed
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July
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6 comments:
Pradeep, from reading several of your past blog posts, articles, and interviews, I was under the impression that you were primarily a breakout trader with pullback method secondarily.
Buying GNOM at 15.25 is obviously not buying a breakout. I guess you can call it buying a pullback, but when buying a pullback I would think it best to get some sort of signal from the pullback lows. With GNOM it seems you are buying purely in anticipation as the 15.25does not even take out the prior day's high.
Great Kirk interview.
Thanks,
Pete
This is a new setup I have been trying out. If it works gives you low risk entry point as against a breakout. And one can add more on b/o.
I too employ the technique of entering a partial position in anticipation of a big move after price constricts and volume dries up as in the case of GNOM. What signal did you use to enter at yesterday's close? I see a bounce off the 50-day ema, but volume wasn't impressive, but it did hammer, and I do like how the 50ema has been acting as support. I've added a Telechart pcf/easy scan using a modified technique I got from Morales/Kucher they named the "pocket pivot" which I'm sure you've read about...it of course gets you in a partial postion early on before a breakout.
Pete
GNOM came from Top 100 stocks by % change in last 6 month.
On Friday GNOM made a low of 14.23 and closed at 14.76. Where was your stop? Did it get hit? Do you use stop orders at all, or close positions "manually"?
Thanks,
Ivo
I use low of recent days as a stop.
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