Tuesday, December 2, 2008

Another Good Day

My second day of money management included the Stock Assault pick JNJ which I plugged into my equity grading program to yield a 83 which put it into the A+ category, closely matching the Diamond Edition grade.

I looked at my charting software to see a nice "head and shoulders" pattern formed, putting me at the base for a nice run, so I put in a limit order of $56.00 at market open which filled giving me 1215 shares for a margined 68,040 play.

JNJ closed the day at $56.83 for a modest 1.48% gain. Since there is plenty of room to move up the neck of this pattern, I am holding to see what tomorrow brings.

So far, what started off the week as $25,000 finished Tuesday as $35,073. Not a bad two days for my little venture.

Have a good one.......
Roger

4 comments:

  1. Roger,
    what charting software do you use?
    Thanks for your blog Itis very helpful.

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  2. The one I use the most is Amibroker with a plugin called pattern explorer. Another very good one I use is StockSharev2 from StocksharePliblishing, LLC

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  3. Hi Roger,
    I normally trade Forex but am probably going to buy the SA 2.0 as I do miss stock trading. My question is how trading some of the SA picks affects the pattern day trading situation and the $25,000 minimum account. That is one of the reasons I quit trading stocks and am wondering if it will be a problem. Thanks,
    Jerry

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  4. Many brokers,like Scottrade, allow three day trades a week without being classified as a pattern day trader. I actually ran into this problem a few years ago and I had really tight stops causing my account to be kicked off margin. I don't think this would be a problem with SA, as it is geared more for swing trading with holding times of 1 to as much as 30 or so days.

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