Here is what I have in DU today: ASPV BTUI DXPE ENER FTEK GIGM GROW LMS REDF SFCC and NWRE as a Bruno. Note GIGM is on IBD list of Top Rated Low Priced Stocks, so it will probably see some volume today. http://biz.yahoo.com/special/low071006.html
Thanks for all the QT info. I have one question about Stochastics. Which one do I choose as the correct stochastics indicator? The only reason I ask is b/c there are 4-5 different stochastics indicators you can choose. I am assuming you choose "Stochastic Momentum Indicator", if this is correct can you tell me which values I assign for each of the following: Period/EMA1/EMA2/Signal. Thanks for everything I need all the help I can get as I am a complete newbie.
Man, FTEK sure looks like a good Hershey short to me. It showed a Bruno R sell signal and came out of dry-up today. I didn't trade it cuz I can only go long, but still.
TimDog, use the Full Stoch indicator in the lower indicator window. It will allow you to enter all three variables for the Hershey setups you need. Cheers.
I've been reviewing Jack's camtasia videos (again) and have been trying to sort out the stop offset that he talks about. The way I understand it, we want to look for the places where the price drops in one day but recovers the next and resumes its journey. If we find these, we will know just how far the stock typically goes in it's "normal" progress so that we can distinguish normal fluctuation from a reversal. When looking at the results of the Bruno R v2 chartscript, the figures don't seem to match my intuition. Digging deeper into the code, I think I see why. It looks like the code is comparing the difference between the lows of any two consecutive days, records the max 10 differences, and then takes an average (with a 1.1 fudge factor). But my understanding is that we should be only looking for days where the low is below the bars on either side. When I experimented with the code, it seemed that my changes didn't make a huge difference. I studied the charts again, and see that there are many "false positives", where, during a drop, there will be a large drop in one day and a minor recovery the next, just enough to get the large drop recorded as a spike, though it was nothing of the sort. I'm scratching my head now, trying to figure out the best way to programatically catch these and wanted to throw it open to the group. Here is what I have now (using an array instead of lots of variables): Code: // replace B1 - B10 var Spikes: array[1..10] of float; var index: integer; var barLeft, barRight, spike: float; var temp: float; // ... {Stop Offset Code} // initialize for index:= 1 to 10 do Spikes[index] := 0; // scan for spikes for Bar := BarCount() -137 to BarCount - 1 do begin barLeft := PriceLow(bar-2); barRight := PriceLow(bar); if (PriceLow(bar-1) < barLeft) AND (PriceLow(bar-1) < barRight) THEN begin spike := Min((barLeft - PriceLow(bar-1)),(barRight - PriceLow(bar-1))); for index:= 1 to 10 do begin if Spikes[index] < spike then begin // swap temp := Spikes[index]; Spikes[index] := spike; spike := temp; end; // if end; // for end; // if end; // for BarTotal := 0; for index:= 1 to 5 do BarTotal := BarTotal + Spikes[index]; BarTotal := (BarTotal / 5) * 1.1; I think I'm making two mistakes which are missing the spirit of Jack's stop offset. First, I am checking to see if the lows of the bars to either side are greater, and then I consider this a spike. I don't think that's quite right. Second, I'm taking the min of the distance between the lows on either side as the magnitude of the spike. I think that's close, but I'm not so confident. Maybe when we take the top five values and then average them out, all of these minor false positives will fall by the wayside. Does anyone have any comments? I'm very much a newbie here, and think I may be making a conceptual mistake somewhere, so if you can fix my thinking, that would be great. If no one can see anything obviously wrong, maybe someone can volunteer to help me out. I'd like to manually calculate the stop offset for a few stocks, figure out what we did, and then try to do that in code. Thanks all.
Another question about the camtasia videos. In meetup20060413a13, Jack is explaining the stop offset for AKAM and is using $1.00 as his offset. When he examines a buy signal, he draws in the channels and then switches to $0.85 as a stop offset. Is this just a slip-up or is something else going on here?
I still draw my stop offset starting from the last low - moving it just enough outside the IT Channel to avoid a spike. I don't spend a great deal of time concerning myself over the exact distance. We use stops in an effort to provide some protection in the event of a 'worst case scenario.' The stop offset isn't designed for use as an 'exit.' If the trade isn't going right, you should be headed for the door well in advance of the stop offset price. If you do discover an easier (or superior) method for automatically calculating Stop Offsets, code it up, and I'll add your code to the next Chartscript Upgrade (with credit of course). - Spydertrader