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<DIV><FONT color=#000000 size=2>All,</FONT></DIV>
<DIV><FONT color=#000000 size=2> Another interesting
week and I'm still not sure if my horizontal trading range theory is
correct. The bottom of the channel at 7400 looks good, but we are having a
tough time breaking out of the short term down trend channel to get back to test
the top of the horizontal channel just above 8700. We may be squeezed
between the top of the short term down trend channel and the bottom of the
horizontal channel for a while. I'm going to proceed with the assumption
that the horizontal channel will hold. Hope I'm right <G>.
</FONT></DIV>
<DIV><FONT color=#000000 size=2> I still have DELL, RDC,
and TRV in my portfolio. This week I want to some spice by adding some
lower cap, low price/sales, growth stocks. My pick is Wolverine World Wide
(WWW). They sell casual, outdoor, and work shoes, boots, and moccasins
world wide and business has been good lately.</FONT></DIV>
<DIV><FONT color=#000000 size=2> WWW at 12.125 is in a
Short Term Up Trend Channel (STUTC) with the top at 14 1/2 and the bottom at 9
1/2. It peaked at 31 1/8 on 6/30/97 and went into a nine month cup
formation reaching 30 7/8 0n 3/9/98. It then pulled back to make the
handle, but the formation failed as the stock broke through the bottom of its
Long Term Up Trend Channel in May and fell all the way to a low of 8 1/16 on
9/10/98. It then started its current STUTC and broke out of its
Intermediate term Down Trend Channel on 9/11/98. It has continued to move
up along the centerline of the STUTC on good volume since then. The binary
wave composite and the QStick are both negative, but rising. The
fundamentals are good with price/sales at 0.73, debt/equity at 0.39, Return on
Equity at 15%, annual revenue growth at 18%, and annual earnings growth at
26%. I'll open a long stock position Monday. I'll set my initial
target just under the old high at 30 and my stop just under the STUTC at 8
3/4.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Jim</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Sat Sep 19 15:26:08 1998
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Subject: Shark32: Quotes Plus 2 scan
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Here's my effort to translate Walter Downs' Shark-32 system into a QP2 scan.
The system is set forth in the October issue of TASC, and Metastock and
Technifilter formulas are available at:
http://www.traders.com/Documentation/FEEDbk_docs/TradersTips...
You can also get the formulas at the Metastock formula page.
The picks in my QP scan seem accurate, but one problem is that the
output gives the date of the last Shark signal, not the date of the
buy signal. I'd like to change this, but right now, I'm stumped. The
scan looks only for those stocks that have given a buy signal over
the past 25 days.
The idea behind the system is: Look for a three-bar shark pattern,
based on progressively smaller ranges. It looks like a shark fin. Once
that pattern appears, a level is set by the highest point in the fin,
which is the high(-2). In the scan, I call that level "Sharkhigh." To
get a buy signal, the price has to close above that level within 25
days. If you want to plot "sharkhigh" over a chart with the price, you
can do it with the "BuyOK" part of the Metastock formula by plotting
this:
Symmetry:=.28;
Apex:=(H+L)/2;
WB:=Ref(H,-2)-Ref(L,-2);
Shark:=If((H<Ref(H,-1) AND L>Ref(L,-1) AND Ref(H,-1)<Ref(H,-2) AND
Ref(L,-1)>Ref(L,-2)),
If(apex <= (Ref(H,-2)-(WB*Symmetry)) AND Apex >=
(Ref(L,-2)+(WB*Symmetry)) ,1,0),0);
Buyok:=ValueWhen(1,Shark=1,Ref(H,-2));
Buyok;
That's like a resistance level that the price has to break through. It
lasts for 25 days or until a new Shark signal appears.
The QP scan looks for stocks that break above the high point in the
shark pattern.
As I said, the one improvement I'd like to make is to have the scan
give the date when the price closes above the high point in the shark
pattern.
Here's the scan:
//Shark-32, by Walter T. Downs, translated for QP2 by Brooke
//Shark:=If((H<Ref(H,-1) AND L>Ref(L,-1) AND
// Ref(H,-1)<Ref(H,-2) AND Ref(L,-1)>Ref(L,-2))=1,
//If(apex <= (Ref(H,-2)-(WB*Symmetry)) AND
// Apex >= (Ref(L,-2)+(WB*Symmetry)) ,1,0),0);
output = "shark.lst";
input="commplus.lst";
//ProcessMS = "d:\meta\macdup\",VMS;
integer symmetry, i;
float shark, apex, WB, fin, sharkhigh;
for i = -24 to 0 step 1 do
symmetry:=.28;
apex:=(high(i)+low(i))/2;
WB:=high(i-2)-low(i-2);
if apex<=(high(i-2)-(WB*Symmetry)) and apex>=(low(i-2)+(WB*Symmetry))
then
fin:=1;
else fin:=0;
endif;
sharkhigh:=0;
if high(i)<high(i-1) and
low(i)>low(i-1) and
high(i-1)<high(i-2) and
low(i-1)>low(i-2) then
shark:=fin;
else shark:=0;
endif;
if shark=1 then
sharkhigh:=high(-2+i);
endif;
if close(0)>sharkhigh and
sharkhigh>0 and
shark =1 then
println symbol,",", "Close: ", close(0):6:2,", ", "Change: ",
Close(0)-Close(-1):5:2,
", ", "Date: ", date(i),", ",
"Sharkhigh: ", sharkhigh; //date is date when shark equals 1, not date of
signal
endif;
next i;
Brooke
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