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Rajesh,
I took another position at 27 9/16 with break even at 27 31/32. There is still
a lot of selling going on in ONSL. I will wait till the end of the day, to see
how the day closes out. I will more than likely take another postion at the end
of the day. Hoping for a gap down & a sell off again in the mornings. We have
reached over 846,000 shares traded so far.
Actually it is holding up pretty well. But after today we will see the
confirmation of the failure swing on the RSI(14) or RSI(7). Aroon will probable
give a signal as well.
I'll have to look but we could see $25 tommorrow. I don't expect the markets to
be roaring back on Friday.
Well better get I am missing the action.
On Thu, 23 Oct 1997 00:10:30 -0500,
rajesh@xxxxxxxx wrote...
>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
>
>
>
>
Harley Meyer
meyer093@xxxxxxxxxx
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