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-----Original Message-----
From: Don Hughes <daringdon@xxxxxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Saturday, 22 August 1998 9:29
Subject: Re: Weekly Pick (long)
>John Manasco:
>
>Thanks for sharing your system with us. It is through unselfish people
like you, that we can all become better traders.
>
>Don Hughes
>
>*********** REPLY SEPARATOR ***********
>
>On 8/21/98, at 11:34 AM, John Manasco wrote:
>
>>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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