Important - The last reality check I do before I hit the buy/sell button
As I've said in previous posts I use BarChart because its easy to use and has more features than I could ever use. I've found one feature I always use before I buy or sell anything. And I mean anything. It's the custom chart feature and it has helped me from making a lot of mistakes when my screeners didn't tell me the whole story.
Right before I press the submit button on any buy and sell I run a short term custom chart. I use a 5 minute frequency chart which tells me how the stock tracked for the last day and a half. I set the parameters for 1 - BarChart OHLC, 2 - Moving Average 20,50,100 period, 3 - Up/Down Day Chart and 4 -Trend Spotter (tm).
Please just try it on any stock you are thinking of adding or deleting and tell me what you think. I think you'll be surprised how many times you change your mind, Let me know if you find the toll valuable.
Comments: View Comments | Sunday June 29, 2008
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Archive Comments (3)
A real education!
Posted by fourwinds June 30, 2008 7:26 AM
I tried this with ELN, the "Question Of The Week" company.
If I'd bought when the TrendSpotter dots switched to below the current price, I would have bought at about $34.75 or $35.00. Then if I'd sold when the dots switched to above the current price I would have sold at about $35.25. A gain.
Buying again at a switch to above I would have paid about $35.75. This is more than I'd just sold for but still maybe a good move.
To see if this works, historically maybe I need a larger time period. I tried the same chart but used 3-1/2 days.
I would have bought at about $33.50. I would have bought more at about $34.75. Then I would have sold the whole thing at about $34.75. A gain, overall.
Next I would have bought again at close to $35. and sold again at $35.25. Another gain.
I would have bought once more at about $35.50 and would still be holding at this point.
That is, I would have done all this if I had the time to constantly check the TrendSpotter and make trades.
But for this ticker symbol I can't see anyhing which would really affect my overall decision. Maybe I shouldn't have tried this with a volatile bio/pharma stock.
Can you suggest a good typical stock to experiment with?
Posted by toroandbruin June 30, 2008 1:42 PM
I tried, I was thinking NCT put, then found 5min it is uptrend by TrendSpot.
Thanks
William
Posted by topbooks July 7, 2008 10:26 AM