Wednesday, April 04, 2007

Trade Update: Long GROW @ $30.40 -2nd buy

After my initial buy, I waited for this stock to signal another buy point. It came yesterday after it broke out of a FLAG price congestion.

4 comments:

Babak said...

you still in?
it looks pretty ominous - shooting star candlestick and all.

mc said...

Babak,

I sold it yesterday at $33.75

Glenn said...

MC may I ask how you got out of GROW? It was trending higher that day and all of a sudden it tanked. So where you watching it or did you just trail your stop as it rose? Also, in a stock like that can someone start selling and start a chain reaction of sorts?

Everytime I read Nicolas Darvas I think of you, is he a big influence on your style?

Thanks for sharing as always! I think we live in a very unique time right now where very talented traders are sharing information which I do not think traders in the past had that kind of help.

mc said...

glenn,

I was trailing it intra-day last week when it was about to approach the resistance area at $35 because for GROW is notorious for steep pullback and I did really want to give up most of the gains after a big run-up. I used the OPENING RANGE HIGH as a stop point.

I did study Darvas and Livermore for a long time so most of my trades probably resembles their styles.

Your site has been inpirational also. I do want to visit your live trading room one of these days if my sched permits.