Spike Member Comment

Steve M emailed:

Hi Kerry, I picked ENER this week for my Spike trade. I currently own a core position as well as a position that I trade. Some interesting elements developed with this chart pattern this week that I think had a tendancy to be overlooked from my "Spike trade perspective" which has a tendancy to narrow focus to 1 week. This stock had a big move Monday and gapped up from a falling wedge pattern with an accompanying island reversal. Tues. presented a retracement to the down trend line and then a reversal back up from there the rest of the day and Wednesday. During the retracement I wanted to maintain a gain for the week and overtightened my stop which got hit. Fortunately I still own the stock and as I approach it from from a longer term perspective, without the pressure to perform for the weekly gain, it became more apparent that the retracement formed a cup and handle on the 30 min chart which called for another $6 gain.

Anyway, my concern is how to prevent the weekly pressure to perform from blinding me from these prommising formations that sometimes take at least a week to form. Does anyone ever use the carryover rule? I'm currious because it's interesting to look back over the last 2 week's picks to see where they are today. What, at the time, seemed like great set ups....were and given a little more swing time became much more profitable. We all might have been better off still holding our pick from last week or the week before. Just my newbie observation for what it's worth.

I've really enjoyed my experience so far with Spiketrade.com. It's been very educational trading amoungst the Pros.

Sincerely,
Steve
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Kerry Reply:
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Steve,

Glad you are finding the service useful.
Occasionally one will carry a pick over, but many spikers feel they should offer a new pick each week. Many will trade their pick longer term in their personal accounts.
One is welcomed to carry a pick over, but for weekly accounting the Friday close is taken to tabulate the weekly result.

Regards,
Kerry