Based on some material I read on Notable Calls I'm going to take a position (not day trade) in DNDN. Looks like it might have a winner coming.
Read your notable calls - more good ideas there than in any ten BLogs that I can think of.
UPDATE - Yeah - one shot up and then drifts off to sleep. Looks like it is recovering though so there might be some good day trade action today - keep an eye on the gap ups and return to 4 for the best bets. DNDN looks like it might fit that mold but I'm going to hold it for awhile - I'll just add off the RT4 set-up.
4 comments:
Hi Marlyn,
I've been reading your blog posts now for hours and hours - it's amazing how much useful information you have posted here, my hat's off to you sir :)
I've been trying to develop an rsi(2) swing trading system now for a while, perhaps some of my findings could be useful to you and I hope you might have some suggestions to how I can improve it.
Buy criteria:
rsi(2) < 5 and volume(not average volume) > 150000
Sell criteria:
when rsi(3) crosses over rsi(5)
Annual ROI from this hypothetical system depends on what the buyprice/sellprice are. If I set it to buy and sell at open, the ROI for the last 3 years is over 180% and set to average price for that day, around 160%. Max drawdown in that period is 23%. It seems to work best on AMEX stocks, why do you think this is?
One of my other questions to you is what price I can realistically set the buy/sellprice to? If the stock gains 10% in the first market hour, I would probably not catch it. I don't have realtime and I'd prefer not to have to spend much time daytrading, so some way to 'set and forget' this system would be the best option for me. I could maybe have a predefined buy level, so if the stock goes below that during the following day I buy it, but I'm unsure as to how I should calculate the buy stop level. Any thoughts?
A lot here - I'll answer in a post later because I'm sure many people could benefit from my opinions on this (including me).
Great, thank you :) looking forward to it
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