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Hi,
Coincedently I too was short on ONSL at 31 got out at 28.5. I felt I was
going against the trend BUT ONSL is going downward one of these day and
I feel we can make a WACK out of this one . Your price of 20 is right as
I have the same price range in mind (If I recall the fibonacci
correction give the same :20)
I am a newbie and suprised to find someone else doing the same thing. I
think a definite signal will emerge in a few days it will make an
EXCELLENT SELL. Please inform me should you feel the time is right.
Rajesh Motwani
Harley Meyer wrote:
> Leo,
>
> You can tell who's behind in their email. But I enjoyed this thread a
> great
> deal.
>
> I myself have picked some winners. If I am not mistaken almost every
> stock that
> I have held has moved higher in price. I kid you not. But I lost money
> on 90%
> of them. I would get scared jump out and give them my money.
>
> I am now trying a new strategy. And I am thinking that there is a
> stategy that
> one needs to employee when a stock moves against you. This works well
> when
> going short but here is a recent example.
>
> I went short on ONSL at 28 3/4. I knew it could move against me. In
> fact all my
> indicators said go long at this point. I'll wait I thought. The price
> marched
> to 35 in a coupe of days. I was scared. Thought it would go to $40. On
> the way
> down I took another postion at 33. So my average cost was 31. I was
> prepared to
> average at 40 if i had too. No sleep & analysis paralysis was the
> norm.
>
> The price dropped to 28 a few days later intraday. I could of covered
> for a
> nice gain. But I waited. I said I was going to ride this out for a
> month. Wait
> for it to drop to 20.
>
> Well it moved against me again & I didn't want to go through the
> no-sleep again
> so I covered at 30 1/4 for a small gain. If I would of waited another
> hour I
> could of covered at 28 3/8. Feel like a loser. No because I won. I
> said come
> hell or high water I was going to make this trade work. I had to go
> the wife
> and we had to add some money to the account. You know how that can
> come off.
>
> I also had fun. So I took another position at 28 3/4 again. Two days
> later
> (Tuesday) covered for about a $50 gain.
>
> Tuesday at the end of the day I took another short position the day
> before
> earnings. Shoot the thing was in line w/ estimates & went up as high
> as 2
> bucks. Then low and behold about 45 minutes before the market was
> closed it was
> down 1/4 of a point. It closed up 3/8. I have to laugh. Tommorrow
> (Thursday) it
> might roar up to 50 for all I know, but for now I choose to play the
> game to
> keep from losing money.
>
> My mistake when I covered at 30 1/4 was that I should have only
> covered with
> 100 shares not 200 shares. By being completely out of the market I
> lost
> unforseen opportunities. So I am trying to keep a postion in at all
> times be it
> right or wrong. Then trading in & out as my indicators tell me.
>
> I am aware that the game is to make money. So as a new strategy I
> might open
> another account at Datek. I'll just take opposite positions. Let one
> ride or
> take the profits and the other I'll have to work at to keep from
> losing money.
> This way I don't have to pick a direction. I just work it.
>
> For now, I look at this way. There is always a low and there is always
> a high.
> The security can have a daily range of 2 to 3 points easy in the tech
> sector.
> If I get a point or two in a day on one account then the other I will
> have to
> average out of it.
>
> We all know that most stocks oscillate. So the risk of working a
> security so
> that one can try to avoid a loss is reasonable. Nothing else if I fail
> the
> trade is net net close to break even. With commisions of $10s it's
> worth a try.
>
> I guess because I am still scared is why I am leaning toward this
> strategy.
> I ordered the forms today.
>
> Harley Meyer
> meyer093@xxxxxxxxxx
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