drew9
171 posts
msg #80831
- Ignore drew9 |
10/8/2009 1:10:32 PM
Hi alf, please feel free to explain further as I would like to understand what metrics you key in on for your selections and when to pull the trigger. I noticed you are sorting on column 20 which appears to be Analysis so I am having a hard time knowing what columns you prioritize? Thanks!
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alf44
2,025 posts
msg #80836
- Ignore alf44
modified |
10/8/2009 4:39:14 PM
"Hi alf, please feel free to explain further as I would like to understand what metrics you key in on for your selections and when to pull the trigger. I noticed you are sorting on column 20 which appears to be Analysis so I am having a hard time knowing what columns you prioritize? Thanks!"
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drew, I sort column 20 ... make that ... "26" descending so the "Tails" will pop to the top.
Since the scan is targeting 3 patterns (ie. Tails, ODRS & ROCdiv) ...and the ODRS & ROCdiv patterns happen a bit more frequently ... I just wanted to ensure that Tails (if they are present) always pop to the top of the list. Now...many times a price bar will be ALL 3 (or, a combination of) ... a Tail, a ODR and ROCdiv. All the more reason I want to have the Tails at the top...so I can quickly see this event.
As for "priority" of columns...obviously I'm looking for the 3 patterns...BUT...
I look at...ALL THE PATTERNS...within the context of the other column info AND within the context of the chart and technical indicators !!!
In other words, a Tail (for example) that comes after 5 consecutive lower LOWS or CLOSES or, both...gets my attention. A Tail (or, ODR etc...) that comes after 5 consecutive higher HIGHS or CLOSES would also warrant a closer look. Add to that a 20 day HIGH or 20 day LOW...now I'm really interested. Add further...an extreme RSI(2) reading or an OB / OS Stochastic reading...well...you get the idea. I will even manually sort these other columns to see what pops to the top.
Trend is obviously an important consideration and weighs heavily in the decision of whether I'm seeing a possible LONG or SHORT trade. The "Chikou" (a component of Ichimoku charting) gives me an at-a-glance look at (intermediate-term) bullish or bearish sentiment.
ALSO...whether the price action is above or below it's 10 period EMA...AND...by how much...is VERY important.
If price strays too far from it's EMA(10) ... it will ALWAYS pull-back to it !!!
A sort of "reversion to the mean" !!!
The interaction between "myosctrend" and "myROC" is a subject unto itself. Briefly, I use "myosctrend" as an indicator of the trend of momentum. The 2 period ROC (myROC) is an indicator of short-term momentum. I look for what I call "slope opposition" when using these two together.
So...if "myROC" is going DOWN (I like to see at least 2 days) while "myosctrend" is sloping UP (ie. "slope opposition") ... I look for a LONG entry...AND...the opposite scenario would have me looking for a SHORT. The theory being...price will "usually" flip back in the direction of the longer term momentum.
There is much more but I guess this a good place to stop for now !
Regards,
alf44
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choymi8828
47 posts
msg #80837
- Ignore choymi8828
modified |
10/8/2009 4:57:48 PM
Altf44,
Thanks for the sharing again.
Konwledge is POWER.
Mike
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drew9
171 posts
msg #80917
- Ignore drew9 |
10/9/2009 3:23:00 PM
Certainly much more clear now. Nicely done and thanks again!
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alf44
2,025 posts
msg #80933
- Ignore alf44
modified |
10/9/2009 10:09:38 PM
..."clear" as mud...huh ???
It's certainly not for everybody !
------
These 3 patterns are fairly easily identifiable "footprints" ... that when learned/ followed ... can lead you to a better understanding of how price action works (imo) ... how the daily battle back and forth between Bulls and Bears plays out...and...oh yeah, by the way...can potentially make you a lot of money !
But...it DOES require a commitment and study...
Something that is in very short supply !!! fwiw
"You can lead a horse to water...but you can't make him drink !"
Regards,
alf44
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ossi
2 posts
msg #80948
- Ignore ossi |
10/10/2009 1:52:17 PM
Hi alf,
thanks for your time and for sharing this script with us and please excuse the ignorance in my question but I am new to the scripting in stockfetcher.
you have the following line,
set{daysCloseUp, days(Close below Close 1 day ago,100)}
is it not the case that "Close below Close 1 day ago" is a down day? is this a mistake in the script or is it a missunderstanding on my part? I suspect it is the later as you seem to have this logic in a number of subsequent lines but if you could confirm!?
thanks
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alf44
2,025 posts
msg #80949
- Ignore alf44
modified |
10/10/2009 3:02:27 PM
..."ossi" - the "days" feature is actually returning the number of "days since" a particular event occurred.
So...
...in the case of the statement --> set{daysCloseUp, days(Close below Close 1 day ago,100)}
I am looking for the number of days SINCE the Close (ie. today's Close) was below the Close 1 day ago !
This will then return the number of consecutive HIGHER CLOSES a stock has had !
Stated another way...the number of days SINCE the stock has had a DOWN Close !
Hope that makes "SINCE" ... errr ... I mean SENSE !!! LOL
Regards,
alf44
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alf44
2,025 posts
msg #80950
- Ignore alf44
modified |
10/10/2009 3:33:16 PM
...BTW, just a quick heads up for those keeping score at home...
I added 2 new ROC columns to the original filter posted in the 1st post of this thread.
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I have NOW also added columns to show when any of the 3 patterns (ie. Tails, ODRS, ROCpiv) are NR7s or dojis !
These are columns I've used from my "Range Contraction" scan and felt like adding them here. fwiw
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Eman93
4,750 posts
msg #80952
- Ignore Eman93
modified |
10/10/2009 4:55:36 PM
Alf
Very nice.
Have you tried this with stocks outside of the the Nas100?
Thanks
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alf44
2,025 posts
msg #80953
- Ignore alf44
modified |
10/10/2009 5:05:36 PM
I just used NASDAQ 100 as an example.
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