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The BEST way to make money in the stock market is to write a lot of
articles or a lot of books on how to make money. The article you
refer to falls into this interesting category.
Start with a custom indicator as follows:
Title: Candlesticks Testing
Buyit := (EngulfingBull() OR MorningStar() OR Hammer());
if(Buyit,+1,0);
{end}
Your custom indicator will spike to a +1 on every occurance. You be
absolutely shocked at how many of these things are plastered across
the chart. Everywhere at bottoms, tops and in between.
Then overlay your selected indicators OVER the above custom indicator
to see if these candles make any sense when conbined with an
indicator. Pick out your indicator levels that best LOOK like good
entries.
Metastock Momentum is MO(periods) and Relative Strength is RSI(C,14);
Then lastly, combine all into your custom indicator to see how well
it calls bottoms:
Buyit:=(EngulfingBull() OR MorningStar() OR Hammer())
AND Mo(14)>0
AND RSI(C,14) < 100
AND RSI(C,14)<70;
if(Buyit,+1,0);
{end}
Now with the +1 spikes clearly seen over the chart, you can begin
adjusting parameters on the RSI, MO formula to improve the calls.
Repeat the above for a new indicator for selling. When you have
adjusted the formulas just right, then transfer them into the system
test for profit testing.
Grizz
--- In equismetastock@xxxx, "ms4pete" <peter.bond2@xxxx> wrote:
> A Rudy Teseo piece in S.& C. magazine (V17:12)shows confirming
> indicators for Candle signals. It is written for Super Charts
> EasyLanguage. Can this be re-written for Metastock 7.2? It looks
> very useful and if anyone out there can come up with formula I
would
> be delighted.
> "Long Entry If"
> [BullishEngulfing[LENGTH]OR Morning Star[LENGTH]OR Hammer
> [LENGTH,TAIL]]and[Momentum[close,14]>0 and RSI[close,14>50 and RSI
> [close,14]<70]
>
> Buy next bar at H+1
>
> "Long Exit If"
> [BearishEngulfing[LENGTH]or EveningStar[LENGTH]or DarkCloud
[LENGTH]]
> or[RSI[close,14]<50 or Momentum[close,14]<0]
>
> Exit Long next Bar at L-1
>
> Here's hoping.
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