3SOF

SKNN came up on my volume breakout alert last week. I put it in my watch list and researched the stock a bit. I liked what I saw, they have a revolutionary 'shoe concept'.
What they do and when you can get it http://biz.yahoo.com/prnews/061102/neth014.html?.v=77

Now they are patented http://biz.yahoo.com/prnews/061120/nym108.html?.v=51

Nice, but my main interest is in the chart. The breakout was on huge volume and SKNN moved to new highs. After 4 up days the usual pullback started to play out. And this is where I wanted to make the first entry. My entry criteria is based on my own interpretation of the G pattern (which I have named STEPS Short Term Explosive Penny Stock). I aim to have 2, first on the identified end of pullback and second on the classic G pattern breakout (STEPS). For me SKNN has completed the first part and I am setting a buy for potential second entry.

I will detail later the criteria for my entries (i.e. how many down days, where do I enter on the pullback, Stops etc)

For now though, the chart:

STEPS is so cool

I think it's a great idea you're developing this since one of my main difficulties is buying after a pullback, when it is still down. Watch my NVLS and DIET plays, instead of buying the dips (on an ascending trend, of course), I was only able to chase the price higher, leaving several % points on the table.

Thanks AussieTrader, looking forward for further developments !

Quote from: AussieTrader on November 24, 2006, 01:54:50 AM
SKNN came up on my volume breakout alert last week. I put it in my watch list and researched the stock a bit. I liked what I saw, they have a revolutionary 'shoe concept'.
What they do and when you can get it http://biz.yahoo.com/prnews/061102/neth014.html?.v=77

Now they are patented http://biz.yahoo.com/prnews/061120/nym108.html?.v=51

Nice, but my main interest is in the chart. The breakout was on huge volume and SKNN moved to new highs. After 4 up days the usual pullback started to play out. And this is where I wanted to make the first entry. My entry criteria is based on my own interpretation of the G pattern (which I have named STEPS Short Term Explosive Penny Stock). I aim to have 2, first on the identified end of pullback and second on the classic G pattern breakout (STEPS). For me SKNN has completed the first part and I am setting a buy for potential second entry.

I will detail later the criteria for my entries (i.e. how many down days, where do I enter on the pullback, Stops etc)

For now though, the chart:

Great stuff you are doing with STEPS here, I copied your other post to my collection of best posts, applaud! 

I am in SKNN also, entry at 1.46 after Fous turned me on to it.  I mentioned in my Bank of America Free Trades thread that I couldnt buy this stock with Etrade, only Bank of America which I thought was interesting... Anyway, I love their concept.  I wasnt too impressed by the cautionary tone of the 10Q, but otherwise the fact that they now have a patent is awesome, they really do have a revolutionary concept here, I would love to catch a double on this so that I could get a free shares ride...

Anyway, I have a question about your chart and entry.  The arrow you drew to your entry makes it look like you entered on the last red candle day, but I assume you actually entered the next day on the reversal white candle, which would be consistent with what you have detailed with STEPS.  In that case, I guess you would have been able to make your trend line to the low of the red candle, then look at the reversal candles forming and determine it was time to enter.  If so, did you enter near end of day, or beginning of day?  Just curious because you got a great entry price, and I would like to follow your method exactly 

Quote from: tokyopua on November 27, 2006, 12:08:31 AM
Great stuff you are doing with STEPS here, I copied your other post to my collection of best posts, applaud! 

Cheers man, I hope it will prove a profitable system. This is the STEPS post that Tokyo refers to http://www.3stocksonfire.org/trading/index.php?topic=7595.msg78305#msg78305

Quote from: tokyopua on November 27, 2006, 12:08:31 AM

Anyway, I have a question about your chart and entry.  The arrow you drew to your entry makes it look like you entered on the last red candle day, but I assume you actually entered the next day on the reversal white candle, which would be consistent with what you have detailed with STEPS.  In that case, I guess you would have been able to make your trend line to the low of the red candle, then look at the reversal candles forming and determine it was time to enter.  If so, did you enter near end of day, or beginning of day?  Just curious because you got a great entry price, and I would like to follow your method exactly 

Yep you got it. My entry was on the white candle day, my line stopped short on the chart. I used 3 confirming attributes: 1) Open above previous close 2) Support at $1.35 seemed to be strong and had been touched multiple times over the past few weeks. 3) I drew an ascending support per my earlier chart. SKNN had quite a deep pullback so I was able to employ that line in my entry reasoning. If the pullback remained high up on the breakout candles, I would likely not be able to so easy use 2+3 in my confirmatory entry.

Good luck Tokyo, looking for that double
Hey FOUS is in as well, that is #4 on my entry reasoning

Good Trading

SKNN touched $1.72 early this morning, but on puny volume and the bid never held there, so that shows rejection and possible failure at the breakout point.  so, I have not opened a breakout position yet but will continue to monitor. Also as a fresh breakout is key to my system and failure at that point is not, I am protecting my pullback buy with a stop in the  $1.55  area.

hi,
in at 170.
volume candlestick chart attached
maxi

It broke the 52 week high !! 1.78 now 52 week high ! 

Strong day for SKNN on a bad day for the markets, it did come back from that early morning rejection of $1.72, so lets see:

If it looks nice, I may join today

hi,
low volume so far . i wonder if this at a double top for now. putting a tight stop a couple of pennies below  the 5 day
any comments?
maxi

HI,
i had to be honest with myself and realize i wasn't happy with this trade. i don't like the action today and i didn't like my entry yesterday. it looks bearish (just broke my pivot 172 as i type) it had no strength at that top of 177
so i got out 172.
glta still holding
maxi

Quote from: rickjust on November 28, 2006, 11:23:13 AM
HI,
i had to be honest with myself and realize i wasn't happy with this trade. i don't like the action today and i didn't like my entry yesterday. it looks bearish (just broke my pivot 172 as i type) it had no strength at that top of 177
so i got out 172.
glta still holding
maxi

Well you may prove to be right Maxi, I would prefer that SKNN be taking out those highs with some gusto, but it is finding it hard work. That said most of todays action was transacted above $1.70 and the past 2 days candles just show indecision at these levels, the chart remains indesicive, but it can go either way.  I don't know which way that'll be, so I'll just follow my trading plan.

Quote from: AussieTrader on November 28, 2006, 09:08:02 PM

Quote from: rickjust on November 28, 2006, 11:23:13 AM
HI,
i had to be honest with myself and realize i wasn't happy with this trade. i don't like the action today and i didn't like my entry yesterday. it looks bearish (just broke my pivot 172 as i type) it had no strength at that top of 177
so i got out 172.
glta still holding
maxi

Well you may prove to be right Maxi, I would prefer that SKNN be taking out those highs with some gusto, but it is finding it hard work. That said most of todays action was transacted above $1.70 and the past 2 days candles just show indecision at these levels, the chart remains indesicive, but it can go either way.  I don't know which way that'll be, so I'll just follow my trading plan.

Agreed it would have been nice to see the expected breakout.  As a further consolation though, the drop today occured on the lowest volume in all of November, so probably packs less of a punch.  Also, this stock just came up in Terliso's 3 magic line strategy filter, so this stock can now be a "3 magic lines STEPS" combination stock, lol!  Finally, 13 ema still racing up to provide us some additional support coincident with the trend line you drew in your charts.  Time will tell, but the overall picture still seems bullish.

Quote from: AussieTrader on November 27, 2006, 01:02:07 AM
Hey FOUS is in as well, that is #4 on my entry reasoning

Thats probably the best reason I've ever heard to enter a stock! hehe jk 

Im still holding this sucker as well. I wasn't really expecting to see a strait line breakout from the low of its retracement and wasn't it expecting sknn to rise strait back to previous highs so fast. We're do for some consolidation, and i love consolidation. I don't really know why but i feel a lot more comfortable when stocks take a breather for a little bit  i guess i just always expect consolidation, so when it comes, im like oooooook theres my baby lets cool off and recharge and then kick some more ass in a couple days lol.

Anyways, there isn't much value in this stock yet. But i think speculation on the concept will push this to new highs soon enough.

-fous

Still following the plan. Today was a low volume inside day which may set up next continuation leg. Looking for a close above $1.72 to get confirmation of resistance being turned to support.