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John, thanks quite a bit for this. I have been following your posts, and
those of several other clear market veterans for quite a while. I
contribute little because I am learning far more than I can put to use, but
I hope to be a net contributor on some tomorrow, hopefully not too remote.
Al Stephens
> -----Original Message-----
> From: owner-metastock@xxxxxxxxxxxxx
> [mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of John Manasco
> Sent: Friday, August 21, 1998 11:35 AM
> To: metastock@xxxxxxxxxxxxx
> Subject: Re: Weekly Pick (long)
>
>
> Steve Karnish
>
> Thanks for your post on how to gain 10%/month. Now I'm going to pick on
> you. I see many posts like this and read many articles in a similar
> vein. Your general comments are very good but most people on this list
> are looking for specifics. I think most people are in a constant
> learning mode and benefit from seeing what systems and indicators work
> for other people. Jim Greening lays his system out for everybody to
> learn from and criticize. Al Taglavore put out a recent system for all
> to see.
>
> O.K. I'll quit picking on you. You have had many good posts. I'd like to
> see a thread started where people lay out their systems and indicators.
> Lets discuss the merits of each in a positive way so that others and
> ourselves may learn from them. Maybe we'll all end up trading more
> profitably.
>
> So here's my system. I screen every day for stocks making new 250 day
> highs using the hhv function, C>hhv(C,250). I look for stocks whose
> closing price is greater than 5 and less than 100. I screen for stocks
> whose 50 day moving average of volume is greater than 50000 shares.
> Mov(V,50,S)>500. I look for stocks whose ADXR is greater than 30,
> ADXR(14)>30 and whose ADXR is rising, ADXR(14) > Ref(ADXR(14),-5). I
> also screen for stocks being accumulated using the Chaikin A/D
> Oscillator, CO() > 0 and CO()>Ref(CO(),-3). This give me a rising
> accumulation line.
>
> I also look at the daily advance/decline line, the McClellan oscillator
> and the summation index, the daily new highs/new lows, and the VIX. I
> pay attention to the S&P500 index as well as the NYSE and NASD and the
> T-Bond. When the A/D line and the McClellan oscillator and summation
> index are all pointing down as well as the trend of the S&P and NYSE I
> stand aside, even if my screens give me buy signals. I go with the
> trend.
>
> Selling is the hard part. I tend to stick with some stocks long after
> they should have been sold. I'm not comfortable with my exit strategy.
> It's too discretionary. I take profits when I have a 10% retracement or
> when a stock closes 8% below my purchase price. I don't always follow my
> rules.
>
> I'm in the process of creating and testing channel breakout systems and
> will switch if they prove themselves.
>
> So bring on the flames folks, what's your system like?
>
> John Manasco
>
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