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I am still running that exploration nightly and it take some time. My
experience is that it gives me some ideas on some stocks to check out. I
look at the chart formations for any specific chart patterns that may
indicate a direction that the target stock may be taking. Not all of the
stocks that the exploration produces turn out to be winners.
For me, it is important to look at the short as well as long term, if I
am going long on a short term basis I want to check the long term chart
to make sure there is no overhead resistance directly above the current
price level.
A TASC article I read brought my attention to the ADX indicator,
basically if it is below 15 and a positive chart formation is forming,
then there may be opportunity for a break out. I also check the daily
and weekly bollinger bands, if the price is outside the bands I will not
buy at that level.
I think when I started trading I thought I had a great opportunity with
programs like metastock to use to give me trading ideas. I saw riches in
my immediate future. I got swung around with stochastics, bought because
macd had a buy signal, and ultimately found that there is no holy grail.
I would strongly suggest paper trading until you develop a system you
feel comfortable with.
Buy the way, Brady Break out gave me a buy signal on KLU today 9/18.
Haven't had a close look at it yet.
If I ever get the resources I may start trading options on futures some
day.
Jeff Brady
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