Quote from nzbryant:
I posed a question and thought both of your replies a little antagonistic.
I apologize for that impression. I certainly meant no disrespect, nor did I intend to respond in any antagonistic way toward your questions.
Quote from nzbryant:
Why would I post my full screening criteria and exact entry criteria?
For the same reasons others in this thread (including myself) have posted their methods here: Through collaborative 'iterative refinement,' one can find improvements to their methods. The contributions made to this Journal by numerous individuals have provided an added benefit to the entire group.
Quote from nzbryant:
While I 'love' everyone it is in noone's best interests if we all buy EXACTLY the same stocks at exactly the same day.
I submit that we already have a large number of individuals buying the exact same stocks on the exact same day as we buy them causing the price and volume to increase. CANSLIM, a highly publicized method for picking stocks, publishes several news letters (several times a day) and emails their recommendations to their subscribers. Often, the same stocks we look to purchase have been recommended buy the employees of William O'Neil and the
http://www.CANSLIM.net web site. In addition, we use accumulation / distribution to determine a 'score' for each stock. By definition, individuals accumulating the stock are buying.
Quote from nzbryant:
That would clearly push the price up when we are trying to enter, particularly on some of the smaller issues, and assuming information spreads exponentially to other traders, and several of us would then have to find a new system.
This is the age old discussion regarding sharing of methods. We will have to agree to disagree on this point. I believe that there is nothing new in trading. The same methods used today were being used decades ago. Jack developed this system in the 1950's. The candlestick charts used by so many were developed by the chinese to trade rice thousands of years ago. Today, we have computers to increase the speed in which we perform our calculations.
Quote from nzbryant:
Anyway - I wrote about ENTRIES - not screening criteria at all. I don't know where your screening questions came from.
I asked the 'screening questions' in an effort to better understand your point of view. You clearly state a difference in using The Stochastic Indicator Settings, yet use terminology indicating you use a variant of the Hershey Methodology. As Jack would describe, I attempted to "go where the trader is" in order to better understand your methods as well as mindset. It is difficult to respond to questions without understanding the mindset of the individual posing the questions.
Quote from nzbryant:
I enter, on a screened stock, when the stochastic is less than 50, but the SMA3 has turned up (increases chance I get in after price has turned back up) and only if EMA21, and EMA45 are rising. I also check volume - only enter if in dry-up, or increasing volume with higher price.
Based on this last part of your post, it appears you have significantly different entry criteria than The Hershey Equities Method suggests. I do not mean to imply there is anything wrong with having a different set of criteria. I simply wish to point out that until you posted this last statement, we had no way of knowing how different your set of criteria were. If your screening and selection criteria vary as greatly as your entry criteria, well then, you trade an entirely different system than discussed here. Again, nothing wrong with that. Our mindset when answering your questions simply resides in a different place than yours, and our answers may not apply to your methods.
Again, I meant no disrespect or antagonism toward you, and I apologize if you received that impression. If you derive any benefit (however small) from reading these pages, then I am happy to have made the effort to assist.
- Spydertrader
How have you been?