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Harry - what constitutes "in play"?

 
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mjlewis



Joined: 10 Jan 2006
Posts: 42

PostPosted: Fri Oct 13, 2006 9:18 am    Post subject: Harry - what constitutes "in play"? Reply with quote

From the thread on HITK, you responded to my question with the following statement:

Harry wrote:
No problems. Just another normal day for me. I read my last post this morning and much to my surprise I couldn't find the stocks I was talking about. Here they are. SWHC BDC-----DRL INPC BITS GYMB.


You described these as being in play. Could you provide some additional details on what this means? Is it heavy volume? Is it a specific candlestick pattern you see developed? I've been spending some time this week trying to see what makes these in play, but it's just not coming clear to me.

I actually bought a position in BITS on 9/22 after the strong candle off the 50 day ma with such strong volume. Is that the type of signal you look for when you say it is "in play?" I ended up closing my postion on 10/3 when it traded below the previous day's candle. A little over $1 on an $8 stock is definitely not bad in less than 2 weeks.

Thanks.
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Harry



Joined: 11 Jun 2005
Posts: 128
Location: midwest

PostPosted: Fri Oct 13, 2006 8:17 pm    Post subject: Reply with quote

Congratulations on your trade with BITS. My math tells me that is 12.5%in two weeks or over 300 % a yr. Most stocks are only in play about 20% of the time. First a lot depends on what kind of a trader you want to be. If you are a buy and hold trader this is not important. I am a trend trader. Volume is only one part of the puzzle. Take a look at BITS from 6-21 to 8-7. Flat line. Nothing happening. When it started moving check all the indicators. Volume, stoc, macd, cci ect. I always determine if the trend is up or down. It is very hard to make money going against the trends. Go long on the up trends and short on the down trends. Sometimes before a stocks comes in play the volume will dry up. The more you study the charts the more you will understand what you are looking at. It might help if you go back and look at some stocks that have make good moves. Check everything before, during and after the move. The more you look at them the more you will understand what is going on. I like the Master Swing Trader by Alan S. Farley for a learning book. If you don't have it buy and spend the winter studing it. It will explain a lot of the things I have touched on and a lot more. This is a highly skilled profession and we are trading against the whole world. WOW

Happy trading and studing:

Harry
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