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  1. Default Screening data for Weinstein stage {1-4} stocks

    Having gathered a year's worth of ticker, Date (yyyymmdd), Open, High, Low, Close, Volume data, I'd like to know how I could screen all this data for those stocks that are moving along a Weinstein stage {1,2,3,4} channel. I have often read in this forum of how some successful traders structure their trade, deciding when to buy, position sizing, setting stops, interpreting the signals for the end of the run, and finally how they get out of a bought position, but I can't for the life of me figure out how they ever get to the stock they commit to buy in the first place. When one looks at the chart of one of these exemplary trades, it all seems rather straight forward; the signals are all too clear to interpret -- in hindsight. How does one actually screen for that stock that's been trending, either sideways, upwards, or downwards? Alternatively, and if necessary, how does one put together an algorithm that can identify a trend?

    In my na�vet�, am I asking for the trading equivalent of the formula for the transmutation of base metals into gold? Should I go back and study {your favourite text book} because I just don't get it? Looking forward to your suggestions/feedback/snide remarks.

  2. Default

    I am just beginning to study Weinstein so cannot help you with that specifically and am interested myself.

    I use the Stephen Pierce Market Top & Bottom Timer and believe that it has helped my trading by assisting me to pick stocks ahead of Buy and Sell points.

    It may be common knowledge and sense to experienced people but as a relative newbie "playing" or "gambling" with my lifetime super fund I find it a good tool.

    What I like about it is that I can set up the required indicators exactly in IC and I can also do a daily scan in IC to find possible buys.

    I will attach a sample chart of BHP and my daily scans throw up about half a dozen per day for further consideration.

    The theory is roughly that you Buy when the RS breaks up thru 25% & the SS crosses over. I also use the Twiggs Money Flow as an added indicator. Sell on the reverse of course ie.when the RS breaks down thru 75% & the SS cross over again.

  3. Default

    Thanks Mike, that was a nice, clear reply. I never heard of the Stephen Pierce Market Top & Bottom Timer before I read your reply, so I'll look into it. Yours is a pretty good endorsement of the product, but I'll find out more about it before deciding if it's good for me. At USD 179, though, it's not a great gamble, but any sum of money lost on an imprudent purchase hurts. On the other hand, it may very well be good value for money. We'll see.

    Thanks for explaining the theory of Stephen Pierce's Market Top & Bottom Timer; however, while I know what RS is (relative strength), I'm not sure I know what the SS is. Could you explain?

    In a nutshell, Weinstein uses trendlines and breakouts above resistance levels to identify the start of a new trend. The breakout must be confirmed by higher than usual volume activity. No trades may be entered if price is below the 30-week weighted moving average or if the moving average slopes downwards.

    What one is meant to look out for is where price breaks above resistance level, followed by a correction before a second breakout above the resistance which is confirmed by large volume, and the 30-week MA is rising strongly. This is point to enter into a long position. I don't know if there's a handy way to screen the stock price movements for this in the same way that the Market Top & Bottom Timer does.

    If I understood your explanation correctly, you plug into IC the indicators that Market Top & Bottom Timer give you, and IC gives back a number of charts of stocks that comply for you to study in greater detail? Does IC do the filtering according to what indicators you're interested in using? In that case, I should learn more about IC (after all, they are hosting this forum!), and get myself a copy of it to use.

    OK, thanks again Mike and all the very best with your trading!

  4. Default

    I'm sorry I assumed you would be an IC user! My greatest endorsement is for the Colin Twiggs Incredible Charts program. I have tried various others and numerous subscriptions and also use my memberships to E-Trade and Macquarie Inner Circle but nothing is as user friendly and valuable to me as Colin's program and his weekly Newsletter.
    Indispensible!

    In the case of the Market TAB timer IC gives me several indicators for screening that produce stocks approaching the buy point and I would be happy to share these with you.

    The SS (Slow Stchastic)I referred to is one of IC's built-in indicators and you can see on the sample chart I posted that I have set the lines and EMA's to the exact numbers required by TAB.

    Your intro on Weinstein and Colin's emailed summary of this week are valuable info for me to pursue that further - thank you both.

  5. Default

    Thanks for your replies - I'm very humbled indeed by your generosity with your time.

    I have downloaded the trial IC application with the intention of familiarising myself with it over the next 30 days, and then hopefully finding it as useful as you (and so many others in this forum) do.

    Mike, I am very interested indeed in the Market TAB indicators IC gives you for screening buyable stocks. If you can, I'd be a very enthusiastic ear for anything that you may want to share on that count. I fear, however, that I'm much greener than you claim to be (as my ignorance of SS showed!), so if you could be as concise as possible, that would be great. Otherwise, I'll have some more homework to do, and that can't be an altogether bad thing when the subject of study is Trading! Anyway, it would be great to receive whatever pearls of wisdom you are prepared to give.

    All the very best to you, and all the best with your trading!

 

 

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