Penny Stocks | Investing Online - View Single Post - MP...question on your 9/29 update to the RSIWLR

mp6140 · Sat, 03-11-2006, 04:58 PM

ill say it once again, and maybe cause im not a "techno geek" or programmer, but to come up with 192 stocks on a scan seems a little much to me !

to be honest, i never scan during the week, simply quickly checking "touted" stocks on the RSIWLR (each one takes about 5 seconds) and then making daytrading picks from the ones that look like they have bottomed or are doing a "muddy reversal" and present at least 40% available upside movement ! (30- 40 %, approximately, is one days positive movement on the RSIWLR !)

if i wanted to go nuts with numbers, i would throw ALL of the 192 stocks into "mikeys method" and let that system identify that days runners at the bell and definitely at the 9:50 reversal, but i usually only have 5 or so stocks that i watch all week long, taking the penny poppers as one day trades or intraday flips while holding long or short marginable stocks, which i also flip thru another account ! This way, all week long, I trade the same stock or stocks, and get awfully familiar with how and when to take profit from them !

using the RSIWLR for any purpose other than what it was designed for (finding a stocks reversal point) is kinda useless in my mind, and a thorough waste of ones time, as stockfetcher will allow you to scan for "any" indicator situation you may desire ------ the whole purpose of the RSIWLR was to analyze stocks that ALL the important signs pointed to as a reversal point, WITHOUT USING ANY INDICATORS AT ALL !

I also use the RSIWLR intraday with realtime quotes from prophet.net, as both a one and 2 day chart ---- phenominal at showing support and resistance and WHAT the stock is doing at ANY moment in time !

so to finish, i really never understood what was being SCANNED for, and still dont really understand, because what has been changed is to simply make the RSIWLR into seperate indicators that you can scan for, AND THAT IS NOT WHAT THE RSIWLR IS FOR ! ---- IT WORKS BECAUSE THE INDICATORS ARE SUPERIMPOSED, and seperating the indicators is just another chart !

if you have any questions, i would be glad to answer them but the RSIWLR was made to SIMPLIFY for newbs, and not to COMPLICATE the issues with 192 stocks to scan !

mp

Sat, 03-11-2006, 04:58 PM	#34 (permalink)
mp6140 CRUSTY ON THE OUTSIDE ! Join Date: Mar 2005 Posts: 839	MP -- RUMPLEDONE'S STOCKFETCHER RSIWLR ill say it once again, and maybe cause im not a "techno geek" or programmer, but to come up with 192 stocks on a scan seems a little much to me ! to be honest, i never scan during the week, simply quickly checking "touted" stocks on the RSIWLR (each one takes about 5 seconds) and then making daytrading picks from the ones that look like they have bottomed or are doing a "muddy reversal" and present at least 40% available upside movement ! (30- 40 %, approximately, is one days positive movement on the RSIWLR !) if i wanted to go nuts with numbers, i would throw ALL of the 192 stocks into "mikeys method" and let that system identify that days runners at the bell and definitely at the 9:50 reversal, but i usually only have 5 or so stocks that i watch all week long, taking the penny poppers as one day trades or intraday flips while holding long or short marginable stocks, which i also flip thru another account ! This way, all week long, I trade the same stock or stocks, and get awfully familiar with how and when to take profit from them ! using the RSIWLR for any purpose other than what it was designed for (finding a stocks reversal point) is kinda useless in my mind, and a thorough waste of ones time, as stockfetcher will allow you to scan for "any" indicator situation you may desire ------ the whole purpose of the RSIWLR was to analyze stocks that ALL the important signs pointed to as a reversal point, WITHOUT USING ANY INDICATORS AT ALL ! I also use the RSIWLR intraday with realtime quotes from prophet.net, as both a one and 2 day chart ---- phenominal at showing support and resistance and WHAT the stock is doing at ANY moment in time ! so to finish, i really never understood what was being SCANNED for, and still dont really understand, because what has been changed is to simply make the RSIWLR into seperate indicators that you can scan for, AND THAT IS NOT WHAT THE RSIWLR IS FOR ! ---- IT WORKS BECAUSE THE INDICATORS ARE SUPERIMPOSED, and seperating the indicators is just another chart ! if you have any questions, i would be glad to answer them but the RSIWLR was made to SIMPLIFY for newbs, and not to COMPLICATE the issues with 192 stocks to scan ! mp __________________ Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages ! As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!