StockFetcher Forums · General Discussion · the worlds best intraday setup is<< 1 2 3 4 >>Post Follow-up
6,362 posts
msg #27703
Ignore TheRumpledOne
8/6/2003 9:03:06 PM


Monthly System?

Do you mean the looking at a daily chart?

Here is what you can use:

Using to Profit.

Ok.. this is going to look simple because IT IS SIMPLE.

If you are the type who asks "If it is so simple then why isn't everybody doing it" then just quit reading right now.

If you want to get rich, keep reading.

1) Log onto the internet and bring up

2) Then register for free.

3) click on Analyze, then click on Java Charts

4) in the lower left hand corner click on DETACH CHART. Maximize the chart window.

5) then clear the check in Log Scale and check Color Bars

6) top middle of screen, click tools, studies, apply studies

7) use the pull down menu on Select studies and click on RSI, Wilder

8) change the bar period to 2 and click on ADD

9) now select Lin.Regr Ch,100% and click on ADD

10) click on SAVE at the top, then enter DAILY, then click OK and click close.. you have saved your parameters.

11) Now enter a symbol and click go.. the chart for your stock should appear

12) to the right of GO, use the pull down menu and select candle, in the next pull down menu select 3 MON, and in the last one select D

13) click on tools, watch list, add symbol to list. You just added your stock to your watch list

14) add as many stocks as you like. On the left side of the page just above My Studies is your watch list. Click on the + and your stock list will appear.

15) at the bottom of the window you see << < > >>... if you click on > then the chart will change to the next stock in the list. This will allow you to look at your charts quickly. It should take you less that 5 seconds to decide if you should buy/wait, sell/hold a stock.

Ok.. how do you get rich?

If you see the RSI(2) chart line at the bottom.. buy the stock... Look at the previous 3 lows for the stock you are charting. If the current RSI is lower than at least one of them, I would seriously consider buying the stock. If it is at its lowest.. JUMP IN!

On the top chart if you see the price bar near, on or through the lower Linear Regression line.... I would seriously consider buying the stock especially if RSI(2) is LOW.

When to sell? You place a stop loss and move the stop loss as the stock moves up and get stopped out with a profit. I can't tell you how much to risk, that is up to you. Some are happy with 2% with. Some aren't happy with 10% gains. You must decide for yourself. Look at the chart. It should tell you. If the price is near the upper linear regression line or RSI is peaking at 99%.. SELL... DON'T BE GREEDY.

That's it. It is that simple.




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49 posts
msg #27704
Ignore bka58
8/7/2003 1:04:55 AM

WOW! That is very cool. Thank you for the very detailed instructions. Perfect for my personality type. :-)

12 posts
msg #27708
Ignore stock32470
8/7/2003 11:55:24 AM

Very clear, step by step, and really appreciate that format! Questions...
1. Do both conditions have to exist before I buy (RSI(2) chart line at the bottom AND price bar near, on or through the lower Linear Regression line), or is one more important than the other?
2. Please clarify if the intent of this filter is for day trading or a longer period... just want to be sure before applying it.

Thanks again.

6,362 posts
msg #27713
Ignore TheRumpledOne
8/7/2003 10:54:12 PM

One thing I didn't mention but I guess I have to spell it all out...

Use multiple time periods to get the big picture.

3 mon/D
1 year/W
1 year/M

A stock that bottoms on 3 mon/D may still have room to fall on the 1 year/W chart. So spend some time learning how to use this tool and you will be rewarded.

These filters are used for both swing and day trading.

Either condition can exist to buy.

RSI(2) can bottom without the price touching the Lower Lin Reg Line... and the stock can take off from there.

The best way to understand is to look at about 50 stocks so you can see the patterns. Don't expect to just run the filter, buy the stocks and make money.

Chart reading is an ART not a science.

2 posts
msg #32825
Ignore sylvano
8/12/2004 7:41:51 AM

Thanks for the clear set up.
How can you use stockfetcher to find the stocks that meet those conditions and are ready to be traded? Do you also go short? I guess if you are using options, it really becomes very profitable.
If someone can find the right formula for screening, we'll be laughing straight to the bank, lol!

187 posts
msg #32843
Ignore markcrisp
8/13/2004 3:49:13 PM

Am I missing something?

Scanning a few charts if you simply buy "oversold" stocks and sell "overbought" stocks as indiacted by RSI(2) you lose far more than you win.... Did I miss something?

299 posts
msg #32846
Ignore wallman
8/13/2004 11:01:50 PM

Mark, i think you are missing quite alot here, i don't just scan "a few" stocks ,i watch 20 on one list of lbb/low RSI(2) and 20 on another watchlist of oversold stocks with a relatively low ( for that particular stock ) RSI(2) of past stocks from years of trading that i know bounce from bottomfish filters,i chart for bottom candle tails and volume increases(3 day or more stairstep vol inc being my favorite setup ),then i wait for a green hold on said stocks or a start to bounce from deep red from an even dollar mark, so it's not just a "scan and buy 'em thing ",it takes some effort,patience and time to get a feel for it but for me it works great and i've been trading off the lbb's for 4 years now so it's not just a one month wonder like many filters i've seen come and go

8 posts
msg #32856
Ignore 40394491
8/16/2004 1:58:55 PM

lbb?? low bulletin board?

19 posts
msg #32864
Ignore dducey
8/16/2004 8:25:34 PM

Lower bollinger band!

6,362 posts
msg #32871
Ignore TheRumpledOne
8/17/2004 11:19:23 AM

When RSI(2) < 1 you can start watching for green.

If you see a positive divergence after RSI(2) < 1, time to load the boat!

The best way to learn how to use rsi(2) is to trade ONE GOOD STOCK with it for a year. Look at a stock like NT or LU. Good companies, high volume, very liquid and cheap enough for beginning traders. If you are patient and don't get greedy, you could easily double you money or more each year by trading the same stock over and over and over again INSTEAD of chasing after the hot stock of the day. This fact is lost on most traders who waste time writing new filters instead of learning how to use a simple filter and learning how to trade. Read what WALLMAN posted. Then read it again and again, UNTIL IT SINKS IN!


StockFetcher Forums · General Discussion · the worlds best intraday setup is<< 1 2 3 4 >>Post Follow-up

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