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Ladies and Gents:
Came up with an interesting pattern trade y'all might want to look at in
your spare time ... seems to work well with equities ... a short-term
trading pattern w/oscillator confirmation. I'm still working on it but
so far the results are pretty good ...
TO BUY TOMORROW AT THE OPEN
1) Yesterday's close must be lower than the lowest low of the previous
nine trading days
2) Yesterday's close must be lower than yesterday's open (i.e., a down
day)
3) Today's close must be lower than today's open
4) Today's high must be lower than yesterday's high
5) Today must register a 10-day Williams %R reading of at least 70%
oversold
The EasyLanguage code for the setup is:
L[1] <= Lowest(Low,9)[1] AND C[1] < O[1] AND C < O AND H < H[1] AND
PercentR(10) < 30
TO CLOSE OUT POSITION
(this is where I'm still working on things ...)
CLOSE OUT AT THE CLOSE ON THE FIFTH DAY
--- implementation of stop losses, trailing stops, etc. will be an
improvement here ...
The percentage profitable here is pretty good usually 65% + although I
need to work on how to limit those one or two trades that goes horribly
awry ... I'll let you know what develops.
By the way, I've attached the .ela file for those who want to hack
around with it.
Mike
Attachment Converted: "c:\eudora\attach\Pattern.ela"
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