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Here's a way of getting in long at a lower price after your indicator has
signaled a "buy".
Hint: optimize waitbars.
Tricky part is determining WHEN to apply this wait-for-a-pullback logic.
I usually use Williams %R....if over 95, then I wait.
Also, if GoLong is based on a crossover or one-time event, then you cannot
use it for the "ELongMkt" entry....
vars: waitbars(5),offset(.2);
GoLong = indicator=1 and indicator[1]<>1; {we've got a long signal !}
signalbar = iff(GoLong,barnumber,0); {remember which bar it occurred on}
signalprice = iff(GoLong,High,999999); {remember the price at the time of
the signal}
If PercentR(14) > 95 then Begin
{now try to get in at a lower price for x bars; if not signalled, then buy
immediately if indicator is still long}
if (barnumber-signalbar) < waitbars then Buy("ELongLim") at signalprice -
offset/100*signalprice - AvgATR/3 limit;
else if GoLong then Buy("ELongMkt") at market;
End;
> -----Original Message-----
> From: david b. stanley [mailto:davestan@xxxxxxxxxx]
> Sent: Wednesday, January 24, 2001 1:14 PM
> To: Mark Brown; omega-list@xxxxxxxxxx
> Subject: Re: daytrading & money management
>
>
> Hi Mark,
>
> And for those times when the recoil never comes.....then what?
>
> >exercise: next time you have a break out buy or sell - rather than buy
> >the breakout - wait - wait until the price pop expires and collapses
> >down as it is breaking down against what you would have previously
> >bought. then buy - as the price is now going the opposite direction
> >(down) that your whole being is fully committed to - can you do this?
>
>
>
>
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