1/24/13 SIRI Daily Thread - Where do we go now?

[denco1]

Now I'm beginning to doubt that ONVO will reach 4.50 today..........seems to be hung up around 4.37/4.38.

Denco, let me ask if you received that book yet, and if so, have you read at least the first section where it talks of this "three-touch" concept? If so, then you are following my description of what I see in RAD. As for being able to lay the Fibonacci Retracement study on the chart, go to Freestockcharts.com where you can deal with everything except Pinksheet stocks. For the ONVO and MJNA symbols I resort to my TDA charting on their Think or Swim platform. In fact, the above chart for RAD is from TOS.
If others are questionning the book referenced above, it is one of the best and easiest to understand "starters" in chart analysis I have ever seen. BTW, I must give credit to Limit5Bass who put me on to it. The book is a paperback called "Stikky Stock Charts", available from Amazon.com for about $9 (the price of two shares of ONVO).............. Denco, did you get it yet?

I have not received it yet SLY. I ordered it a couple of days ago and awaiting its arrival.

[siriusly_invested]

Hey Charles, thanks for the info. re. Pop up notification for IMs. I had overlooked that one, although I did have the email notification option selected. No big deal now. I'll let you know if I see a future problem.

Regarding the "kids" with 6 figure income living paycheck to paycheck, I have wrestled with that for years. I thought it was a "new leaf" when I quit worrying about maxed out credit cards and mortgage under water with no lifeboat available (speaking of circumstances for each of my offspring), so I thought I'd share a bit of my SIRI success and gesture my goodwill wish for a better future for each of them. I knew all along this would not last, but at least had to try........ and now when that pot runs dry at least I'll rest with clear conscience that I gave my best shot. Yes it is hard to deal with, but after leaving their mom and suffering lots of guilt for that decision, i felt the need to make this one last stand............so much for good intentions. Thanks for your expressed wisdom and comments. I do not consider that a "butt in" to personal affairs.

[siriusly_invested]

To Denco and Rad (and anyone else who might aspire to the book "Stikky Stock Charts"), congratulations on your decision to partake of that very cheap but valuable education IMHO. I'll be eager to compare notes once you have had a chance to read it through............btw, it is a very easy read of some 234 pages or so. Let me know what you think after you get it digested.

[mcoulter]

How do I trade a stock like Netflix when it defies all logic and fundamentals? My gut is saying ring the register but, if I miss an illogical run to $200+ I will want to hang myself.

sell half and you can't go wrong

[Redcloud]

One word "UGLY"....

[SiriusBuzz]

Ive never used a stop loss order in the past but, I think it might make sense here. I'm just afraid there will be some profit taking that causes a slight dip before another shot upwards.

What do you guys think about stop losses in general? What might work well here? 135?

[Redcloud]

A stop loss sounds like a great decision to me, but your the one that has to set it. You can never go wrong taking profit, at least you'll have some powder for when it falls.

[siriusly_invested]

I have used "trailing stops" to advantage. That way, after you set your trailing stop gap, say $10, then if the stock continues to climb, your stop loss moves up with that advance in sp. If it then takes a dive, your trailing stop loss kicks in same as a standard stop loss, but hopefully much higher than when you first thought of setting a stop loss.................... Does that make sense? If not, then I might be the wrong guy to ask for clarification.

[Redcloud]

I have used "trailing stops" to advantage. That way, after you set your trailing stop gap, say $10, then if the stock continues to climb, your stop loss moves up with that advance in sp. If it then takes a dive, your trailing stop loss kicks in same as a standard stop loss, but hopefully much higher than when you first thought of setting a stop loss.................... Does that make sense? If not, then I might be the wrong guy to ask for clarification.

That's what I meant exactly, trailing stop loss, that way if it drops you lock in profits to fight another day, and if it climbs your stop climbs as well, step for step, to help you lock in even more.

[SiriusBuzz]

Thanks for the clarification. Just setup my trade -- sell half it if drops $10 and sell the other half if it drops $15. I'm up a bunch so, I wont cry too hard if it shoots up.

How often do you guys setup trades like this? Ive been such a buy and hold guy over the years I've have a need for anything like it. What are the downsides other than a bounce taking out your position?