StockFetcher Forums · Filter Exchange · bollinger bands<< 1 ... 2 3 4 5 6 ... 23 >>Post Follow-up
wallman
299 posts
msg #26320
Ignore wallman
4/28/2003 10:34:33 PM

HI NO4J, regarding stops--for the stocks that i play with my bb method i found out very quickly that i can't use actual physical stops because of their being under $10 which tends to make them very volatile interday,many times my stops would be triggered in the morning only to have them rally in the p.m. and actually close up 3% or more,that is very frustrating,many of these stocks have interday trading ranges of 10% or more so my 5% initial or trailing stops were tripped too often,it's a catch 22 kind of a thing,i need that volatility so i can get as many 20% gains in a few weeks as i do,my way around it is to place a MENTAL stop on the closing price,say a stock i own closes today at $5,if it closes tomorrow at 4.75 or less i will sell at the open the next day,you will find as i said this stock may hit 4.75 interday quite often but close up over $5 in which case you are still in it AND then you move your trailer up in accordance with it's price gain for that day,squeezing even more profit from it,iv'e found this to work great for me,with "normal" over $10 stocks with less volatility i've found that GTC physicals work fine holding overnight,the few times a stock will gap down on open,i have always felt that it's not worth the risk holding waiting for a recovery,it's better to just get out,i've seen hundreds of those kind lose 30% or much more in the following couple days,a couple of those can really devastate a portfolio quickly.....GOOD LUCK,MUDDY


wallman
299 posts
msg #26321
Ignore wallman
4/29/2003 12:22:45 AM

HI DAB,first i find the matches for the filter then i chart them to look for tails and volume increases,look at REMC and ALT on 4-25,then i watch open for the ones that open higher,if you can't watch open you can set a "buy limit"order slightly higher then yesterdays close,say 5.05 on a $5 stock,i want to try to catch them with some upward move,as many of the losers i see when i backtest the filter i would never have played anyway cause they opened down and continued down,it's sorta my safety net,as to which stocks to look for first for green i arrange the matches in order of highest volume first and give them a number with highest getting 1,then i put them in order of lowest price first and give them a number,lowest price being a 1,so if stock ABC is second highest volume it gets a 2,if its 5th in price order it gets a 5 for a total of 7,i watch for green and if more then one is up i will go with the lowest total first as this gives me a good combo of low price plus high volume,a combo which i've found to give me the highest % gains with seemingly no more risk,as for tails through bb,yeah that's what i want, the longer the better,part or all of the body too,these often are large gainers ONCE they start their move,if they make it close to the top bb you've got a big gain,if they only make it halfway before your stop is hit it's still real nice,anymore ?'s feel free to ask,sometimes i don't explain real well, GOOD LUCK


dabonenose
26 posts
msg #26324
Ignore dabonenose
4/29/2003 6:40:50 AM

Wallman,,,tkx, your response is very clear and I appreciate you taking the time to help.

Dab


dabonenose
26 posts
msg #26328
Ignore dabonenose
4/30/2003 12:17:26 AM

Wallman,,, do you have a standard time frame for which you hold(ie, daytrade, sell at mid line on BB, sell when break of upper BB).

Do you wat for indicator confirmation to sell(ie volume, RSI, etc.)


tkx,

dab


lhv1
7 posts
msg #26329
Ignore lhv1
4/30/2003 2:42:55 AM

Nice screen, if I would like to short would: SHOW STOCKS WHERE CLOSE HAS BEEN INCREASING OVER THE LAST 3 DAYS AND AVERAGE VOLUME(90)IS ABOVE 100,000 AND CLOSE PRICE IS BETWEEN 1 AND 10 AND PRICE TOUCHED UPPER BOLLINGER BAND(20) work?

And why the price limit? It seems to work also with bigger stocks.


wallman
299 posts
msg #26331
Ignore wallman
4/30/2003 10:32:17 AM

HI DAB, good ?'s,first, i don't daytrade them,did at first to just try to get a couple % a day,did that pretty consistantly but then would watch them run to over 10% in a matter of days too many times so what i do now is put a 5% mental stop on the stock until it reaches mid bb's,then tighten it to 3% and keep that until it touches top bb when i will sell when RSI(14) shows 75 or more or 3% trailer is hit,whichever comes first,as an example i bought MNTG from the 4-11 screen which i adjusted to ave volume of 200,000 to cut down to 10 the number of stocks i must chart(just my preference),EWJ is thrown out for me as it's an ETF and they usually have little volitily and is no use to me,MNTG has now touched top bb with an RSI of 73.4 so i will take my profit if it reaches 75 near the close,from that same screen i also bought MUSE which has touched top bb with a 67 RSI so i'm o.k.there BUT it reached a closing high of $7 which made my 3% trailer $6.79 which it hit and so i sold,it may very well start to run again,but as a 32% gain in 9 days i'm thankful for that and don't worry about it,i'll just go on to the next one and see what happens.....GOOD LUCK


wallman
299 posts
msg #26332
Ignore wallman
4/30/2003 11:13:28 AM

IHV1, that is the screen to use for shorting,although i've found increasing the number of up days from 3 to four worked much better and also i think you'll find making the price range $20 and up is what works best,also don't forget that if you are using a bottom tail on bottom bb's as a long buy indication you have to reverse it to look for a top shadow on the last candle as a short sell indication,which shows there was selling pressure going on which in conjuction with a volume increase is usually not a good continuation sign at the top bb,i found that if the RSI is above 75 combined with those conditions stated above the stock is particularity due to drop in the next few days,but you have to be careful with them cause many only take a 4-5 day breather before starting back up to top bb's,i've found it much more difficult to short than go long,especially if you are new to it,also you run into the issue of the "uptick" rule and the availability of shares to short from your broker,not to mention that you must set up a margin account to short....as for the $1 to $10 price range i use, your right that it does work with any price stocks,any price will give generally the same win% but the low priced stocks give much higher % gains for the same amount of risk,that's what i'm after.....GOOD LUCK,MUDDY


dabonenose
26 posts
msg #26333
Ignore dabonenose
4/30/2003 11:23:37 AM

Wallman,,,I sifted out KOPN yesterday and PRGX today. I played KOPN for a 7% gain(didn't want to be greedy so I sold). Today it looks strong again.
PRGX is strong so far as well.

What I saw in both was that after the initial gap up, they both closed it by 10 a.m.

I mention this because it seems that they might be giving a great entry here.

Do you try to buy the gap, or do you just pay the ask wherever it is at 9:50?

Right now I am home trading until June 1st., and then afterwards, every other week.

Just curious, do you trade in any chat rooms, etc., where thoughts could be exchanged during business hours?

ps,,sorry if I'm wearing you out,,,LOL.

tkx

Dab


wallman
299 posts
msg #26334
Ignore wallman
4/30/2003 7:43:55 PM

HI DAB,you are a quick learner as they were 2 good picks,one for each day,as for filling gaps,myself i just watch the open price and if it's up i wait for about 15 mins to see if it's still around there,then buy,no set rule just kinda a feel thing you develop over time,however i won't pay more than 3% above previous days close including ask price,i feel this is giving away too much at the start of a trade,i also bought KOPN as i saw it open .08 up and hang around there for awhile,congrats on a quick 7% gain,as for PRGX that would have been a buy for me had i had any room,great chart(huge volume increase in last 2 days,good tail which was just the opposite of the day before when it showed a shadow on top)and good entry as i saw it open .05 up and be just a little higher 15 mins later.........as for chatrooms i completly aviod them,i'm not trying to be smart but i want no ones opinion other than my own on a stock i hold or am considering buying and no news, all i want to know is the ticker symbol,nothing else,i try to trade in a methodical,unemotional manner letting the filter,the chart and the entry dictate what and when to buy and the price(i.e. my mental stop) and/or RSI(if it's touching top bb)dictate when to sell...and no,your ?'s aren't a bother,i had them also when i started out...GOOD LUCK


dabonenose
26 posts
msg #26335
Ignore dabonenose
4/30/2003 9:22:16 PM

Wallman,,,Thanks for the feedback. With the markets bumping up against resistance I see the possibility of substantial gains to be made on the short side as well.

After reversing some of the components in your screen I noticed that it generates some very decent short plays from extremely overbought conditions.

When/if the mkt decides to correct the historical lows of the vin and the vix, I want to have some exposure short.

Don't blame you about chat rooms,,,LOL. What I was referring to was a room where the traders basically use the same strategy and then develope new strategies as needed, etc.

tkx,

Dab


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