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| wallman 299 posts msg #26383 - Ignore wallman |
5/3/2003 2:29:40 PM 19546, putting 2% above low should give you a longer tail....if you are thinking of adding this to the bb filter and only charting those matches you will be doing yourself a great disfavor as every situation is different as described in the case of KOPN, look at BPUR on 3-25..HUGE body,HUGE volume,tiny little tail, a 1% or more above low add-on would not have caught that stock...remember you are trying to increase your odds of big gains ...see ya |
| dabonenose 26 posts msg #26387 - Ignore dabonenose |
5/4/2003 11:30:23 AM Wallman,,,only got one stock on the screen this weekend, however it fills the criteria of a long tail, etc. Also the chart has a great shape to it(channeling in uptrend, with higher highs and higher lows). I think it bodes well for Monday. I'm getting the feeling that the screens lack of available candidates is because the mkt is getting ahead of itself. I will also consider a re-entry of PCS, as long as it doesn't dip below 3.46(5% stop point if I was still in). As you've stated earlier,,,"i know these stocks from past trades,that's the really neat thing if you stick to this system long enough,you'll build up a list that really react well to bottom bb's". I understand you have accumulated this list over time, however if you don't mind, could you post some of the stocks you would avoid and those that are your favorites. This would give myself and others some flags to keep a special eye on. If you would rather not provide that info, I understand. Dab |
| dabonenose 26 posts msg #26388 - Ignore dabonenose |
5/4/2003 11:33:41 AM Wallman,,,sorry, wanted to post the only stock I returned in my scan was PSO. I bumped vol down to 50K and price up to 15. When I bumped up the price I got 1 other stock, but it's chart looks weird to me and erratic(lots of gaps). Dab |
| wallman 299 posts msg #26389 - Ignore wallman |
5/4/2003 1:46:44 PM HI DAB, yeah just one play probably for the reason you stated,you did right by bumping down volume to 50000,i did too,glad you posted so i can explain what i do in a case like monday when we have only one stock,i will go back 1,2,then 3 days and see which stocks are still down with 100,000 vol,i only found ROXI,vol good but tail not,then i bumped vol down to 50,000 and did the same,got RITA(no,had an up day),CLST(no,had an up day),DCEL which i will watch for green at open(great tail,good vol)but of course will watch PSO first as it was a play from the original screen,as for the re-entry of PCS this is exactly what i meant by getting the "feel",also PCS is on my list of "good" plays,the other advantage of keeping a journal(alphabetical works great)is you never know who will show up on those bump up or go back days.......i really don't have a "bad list",no real consistant failures as of late,which brings me to another point,this method is hotter now than i've ever seen in past 19 months,it's lasted almost 8 weeks,past 2 hot periods that i've seen lasted only about 6 weeks so please don't expect it to keep up this pace,not to worry though as normal times still can bring very nice returns.....i will send off my "good list" this evening,i have to hunt around for a few missing pages as my cats love to play with paper(tip:if you have cats like that,put your list in a drawer!)...see ya |
| wallman 299 posts msg #26398 - Ignore wallman |
5/4/2003 9:51:10 PM DAB, here is the "good" list.... AEIS ASYT ADIC BPUR CMNT DATC DTAS FDRY GNTA GTI GGNS IONA IO MUSE MDR MONE MTON NOR NXTP ONNN PCS PLCM PLXT REMC TRDO TIVO VAST XING .....these have either reacted well to bottom bb's and/or to abnormal volume increases,a combo of both can result in better than average gains,these have been taken from the past 19 months that i have followed this system and are the most recent to have been seen again on the match lists,many have done well again and are now well away from bottom bb's,save this list as most will be back at the bottom again,moral of the story,that's why i stick to my stops!.......if you are wondering if it's just a coincidence that these stocks have done well at the bottom,it might be,but i've read a number of times that mutual funds also have a watch list of stocks that they feel that are attractive buys when they reach oversold conditions,and bb's are many funds leading indicator in triggering a buy, if that is true than you've got one more little edge,the stocks on your "good" list may be the very same ones that the big guys are following, HAVE FUN |
| dabonenose 26 posts msg #26400 - Ignore dabonenose |
5/5/2003 10:54:35 AM Muddy,,,tkx,,,I didn't like the table fare today, so I re-enterd PCS. I also tried a play on a potential double bottom in SONE. My stop on SONE is set just below double bottom support at 3.65. On double bottoms, I don't give them more than two days to bounce, unless vol. is building. Tkx for the list, I appreciate it. Dab |
| petrolpeter 439 posts msg #26401 - Ignore petrolpeter |
5/5/2003 2:05:26 PM Hi wallman,Have been enjoying your excellent posts.Ran your scan yesterday and came up with one symbol,so looking to have more to choose from I added a little to your scan{Show stocks where price touched lower bollinger band(20) and Average volume(3) is above 60000 and close is between 1 and 25 and close decreased for 3 days},seems to back-test OK.Off this scan DMPI and CCCG are acting well.I bought SONE from one of my other scans(RSI @ %R combination,petrolpeter)and was up over 10% until I was bushwacked without a stop down to support,I sure hope that Double Bottom Scan works!LOL That VSAT chart is fantastic,it points out the power of the bottom bollinger. |
| seweiss 2 posts msg #26439 - Ignore seweiss |
5/8/2003 8:59:28 AM Wallman, I want to also lend my thanks to you for your generosity in describing your trading system. I read through it and found it very useful. A couple of questions: I have read in other places that Bollinger Bands can also be used in conjunction with Money Flow and On Balance Volume. These two, along with RSI measure data in three different ways from each other and from Bollinger Bands so they can act as a divergence or confirmation signal for buys or sells. Have you tried these? Also, I have read that, when the price falls below the lower Bollinger Band, an RSI below 30 would indicate a possible trend reversal and would signal a buy. I notice you use an RSI of 75 or higher for a price at the top of the Bollinger Band for a possible sell signalbut do not use RSI at the bottom as a possible buy signal. Why? |
| wallman 299 posts msg #26441 - Ignore wallman |
5/8/2003 11:52:29 AM HI SEWEISS,thanks and you are welcome...i have never tried MFI or OBV,but like yourself i have also read that in combination with RSI it will give you 3 differrent ways to measure data,i've never drifted from the basic filter from day one as it has continued to give me fantastic returns,really more than i could ever hope for,but that's just myself so if you feel that adding these indicators could improve performance you should give em a try......i don't use RSI for a buy signal because i know from past experiance with bottom bb's that many times a stock will be in the mid to upper 30's and still bounce off bb's real nice,so i don't want to miss out on those large gains that a RSI would probably do,i just try to keep it simple,and let the tail,volume increase and entry on green act as my safety net,one suggestion if you want to try an RSI of 30 would be to try a WILLIAMS %r -90 to -100 in it's place as a buy indicator as i have talked to an individual who has used both at bottom bb's and has found the williams to be more reliable,i use a RSI at the top to sell because i know from past experiance these stocks often pull back at 75 for awhile,if you are thinking of using say a williams -10 as a sell i wouldn't recommend it,it stops your run at midpoint way too many times,look at TIVO on 4-11,a rsi of 32 which would have keep you out of a 53% gain in just 17 days as compared to a williams -91 which would have put you in,again TIVO on 4-11 if you were in, the williams has you selling at the beginning of the rally with a -2,with an rsi as a sell indicator it's only a 59 giving you plenty of room to run to that 75,that's huge difference on just one stock,imagine over the course of a year.....as always,good luck |
| petrolpeter 439 posts msg #26443 - Ignore petrolpeter |
5/8/2003 12:47:44 PM I just got a surprise Wallman when some of the stocks from the 'Price touches bottom BB scan'start turning up they enter the 'RSI(5) crossed above 25' or the 'W%R(27) crossed above -90'scans I have posted below.The very next day actually.I concidered these my lowest entry scans until I saw yours.Here are some symbols from those scans that rose similar to the BB scan but did not quite touch the lower BB.CYPB,CDIS,VIRL,ANEN,FCGI,IO,going back 6 days or so.Im' starting to see stocks begin at your BB scan and go through the RSI and %R scans all the way to RSI 75 sell signal,thats cool.Some of us are not as good at precise trading entries and safty nets as you are Wallman ,I know Im' not and these two 'next step' scans help with conformation of the uptrend.Pete |
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