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Registered User
Joined: 7/1/2006
Posts: 4
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Hi,
Could anyone help me read the charts on cray? I bought it at $13 and it went down big today. Should i cut my losses and sell?
htn
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Registered User
Joined: 1/28/2005
Posts: 6,049
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htnrph01
I generally don't like to lose more than 8% on one position. So I would have a stop at about
11.96.
A good rule of thumb is if you don't know what to do then get out.
The only good thing is there was a large volume sell on approx. 7-13-06 and it
did not lead to much downside.
(you can hope that repeats although I don't like the odds)
Thanks
diceman
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Registered User
Joined: 7/1/2006
Posts: 4
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thanks diceman.
htn
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Registered User
Joined: 1/30/2005
Posts: 17
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hi htnrph01
What was your emotional reason for buying Cray ?
Everyone who claims to be a pure chartist is a liar in my book. Look at your decision making . On the bright side we all get slapped around once in a while BTM is my most recent hurt . LIke Diceman said if you are in Doubt jump out.
Good luck
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Registered User
Joined: 1/14/2006
Posts: 6
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Plus they reported earning today after hours, and as a rule I never hold through earning. They had another loss tonight, but it looks like they were expecting it. I do not see any buy signla, and your closest support seems to be a little under 12:00 on the 3 days 200 SMA. If I was stuck that would be my stop, same as Diceman's.
Greg
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Registered User
Joined: 11/1/2005
Posts: 240
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QUOTE (spread) hi htnrph01
What was your emotional reason for buying Cray ?
Everyone who claims to be a pure chartist is a liar in my book. Look at your decision making . On the bright side we all get slapped around once in a while BTM is my most recent hurt . LIke Diceman said if you are in Doubt jump out.
Good luck
Hey Hey, watch it, I'm pure chartist, you don't see me name calling any one who hasn't the experience to get away from the reading material, or watching Cramer.
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Registered User
Joined: 11/1/2005
Posts: 240
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back to CRAY, I would guess on the opening the stock could take another down move, its possible after that there could be a automatic rally, that could get you out some better. I don't follow the stock, so its a guess.
on a stock that has doubled in a short time no matter how good it looks its best not to buy, like the Wordon note says wait for a reaction(pullback).
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Registered User
Joined: 7/1/2006
Posts: 4
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hi everyone,
i thought it was a good buy at the time. i am very new at this... i just joined worden in july 06.
i am looking to swing trade and not day trade like most of you so i am making a lot of mistakes...but please don't tell me to leave it to the professionals. i have to learn it somehow.
thanks for your help.
htn
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Registered User
Joined: 3/25/2005
Posts: 67
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htnrph01,
Rule #1 (there are many rules #1) ...
Before buying, know at what point, or under what conditions you will exit. Once you have established that criteria, following it without second guessing. The criteria can be somewhat flexible (yet defined), but your decision to follow through with the criteria cannot be flexible.
Instead of HOPING after you open a trade, anticipate the worst that could happen and how you will react to it.
JG
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Registered User
Joined: 7/1/2006
Posts: 4
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hey jimstacy,
you were right. the stock fell right at the opening but rebounded toward the end of the day. thanks...i got out at $13.21.
watch it'll go up tomorrow.
any stocks that might look interesting for swing trading?
thanks again everyone.
htn
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Registered User
Joined: 3/7/2006
Posts: 244
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As I posted a few weeks ago, I sold my CRAY because I saw a pullback coming. I was expecting a pullback to the 11.50 level, which it reached, but only for one day. Now looking at it again this may have been all of the pullback we see. It's a bit early to say another rally is inevitable but I'll be watching it closely over the next few days. If it behaves I'll seriously consider another buy.
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