jficquette
22 posts
msg #34681
- Ignore jficquette |
1/2/2005 1:48:39 PM
Xplorer,
Thank you for sharing that scan. I added that the close one day ago is less then the 20 ma.
What your scan digs up is what I have heard this radio show guy harp on. He looks for a higher low made under the 20ma. He said that mutual funds use this to add to postions on pullbacks.
John
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xplorer
257 posts
msg #34696
- Ignore xplorer |
1/2/2005 9:27:32 PM
jficquette, ... glad you see the value of this. It was done on the fly for the first post here. Keeping it simple is the best way... then it is up to us to interpret the charts... and this is what makes a successful trader.
Each chart has its own personality.... it is up to us to evaluate this.. to see the potential....and to weed out the drudge. It only takes one stock in 100 to make a screen worthy... if you have the ability to see..
Foe Monday I am going to keep a close eye on ERTH and GAXI ... ERTH will probably pull back to 2.35, where GAXI may open at the low (1.25)... just my opinion ~!
.... what do you think ?
~x
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rsarno
103 posts
msg #34705
- Ignore rsarno |
1/2/2005 11:07:59 PM
"Foe Monday I am going to keep a close eye on ERTH and GAXI ... ERTH will probably pull back to 2.35, where GAXI may open at the low (1.25)... just my opinion ~! "
Am i doing the wrong thing trying to find buy signals for open? or should i be watching these stocks?
See i have a day job and really cant focus too much on charts while at work.
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EWZuber
1,373 posts
msg #34712
- Ignore EWZuber |
1/3/2005 4:44:10 PM
rsarno
IMO, if I were in your position I would be looking for stocks that are either testing significant technical support or have just broken a resistance trendline on the daily chart.
Stochastics will need to be aligned properly. The suggestions I made about using trendlines et al on the hourly chart apply to the daily chart just the same. After two days in a position, trendlines can be drawn on the daily chart.
I use these as a sell signal. If this line is violated you will usually get another opportunity to enter at a lower price.
Some people prefer to use their entry level as their stop loss in new positions.
The only way to prevent a winning position from becoming a losing position is to take your gains when your sell disciplines indicates it is time.
The only way to conserve capitol and prevent a big loser is to admit you made a mistake and cut your losses as soon as possible. As soon as you let them go thinking that this will turn around any day, you open yourself up to big losses, because when it doesn't turn around you will then balk at taking an even larger loss than before and so you will tend to hold longer, hoping. While the stock continues to drop. Right about the time you have reached your breaking point you bail ( and is now probably oversold ) just to have the stock move higher in the next couple sessions. HOPE is a four letter word in trading.
A 50% loss requires a 100% gain to get even.
Try to put everything in your favor. Pick a great company with great fundamentals and a great chart. Draw your support and resistance lines, watch them and see how the stock acts in relation and wait patiently like a predator in the tall grass for just the right opportunity.
Strike at the wrong time and you increase the odds for a loss.
A perfect entry is in the money from day one. This is a good goal to strive for.
JMHO
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rsarno
103 posts
msg #34716
- Ignore rsarno |
1/3/2005 6:20:02 PM
EWZuber wrote: "rsarno
IMO, if I were in your position I would be looking for stocks that are either testing significant technical support or have just broken a resistance trendline on the daily chart.
Stochastics will need to be aligned properly. The suggestions I made about using trendlines et al on the hourly chart apply to the daily chart just the same. After two days in a position, trendlines can be drawn on the daily chart."
thank you very much for the great replies. I appreciate the time taken to respond.
EWZuber, would you mind giving me a list of indicators to study and use in a filter, that would compliment your advice?
Thanks again.
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TheRumpledOne
6,407 posts
msg #34737
- Ignore TheRumpledOne |
1/4/2005 2:50:52 PM
IT IS NOT WHAT YOU TRADE, IT IS HOW YOU TRADE IT.
You are on the right track with your 1,000 * .10 = $100.
It is all about timing!
"You see, when it comes to trading, there are only 4 numbers that really matter: Opening Price, Closing Price, Daily High, Daily Low."
THINK ABOUT IT!
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rsarno
103 posts
msg #34742
- Ignore rsarno |
1/4/2005 7:45:13 PM
RumpledOne, what can you advise as far as timing?
Thanks for the reply.
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dducey
19 posts
msg #34746
- Ignore dducey |
1/4/2005 9:15:17 PM
Try this signal: RSI(5) cross above RSI(50) BUY, RSI(5) cross below RSI(50) SELL. See what you think and let me know.
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EWZuber
1,373 posts
msg #34795
- Ignore EWZuber |
1/7/2005 2:03:00 AM
TheRumpledOne
I don't think those small incriments will work if one only has $20K to work with.
With rule 2052 in play you would end up sitting by the sidelines about half of the time and unable to trade for several days at a stretch.
Am I missing something or am I the only one here that has to contend with this rule?
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korzym
14 posts
msg #34796
- Ignore korzym |
1/7/2005 2:18:47 AM
Sorry, can you please briefly explain rule 2025?
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