hellabill

nice breakdown!!!
simple to use!!!

stoplossbug

thanks mike reading like a well versed book-you're the greatest

mp6140

the system is designed to facilitate the "muddy method" scans done by murknd on the BNG group and/or to identify and trade from the 100's of "pumps" that appear on all of the penny groups and pr releases daily and quickly identify WHICH ones are actually good trading material a few seconds after the bell ! since the muddy method and most other trend trading methods rely on the stock crossing the previous days closing price, the method DEPENDS on this process of "going green" for an entry position --

the trading method was designed for newbs and those who had to wait for the 3 day settlement rule and who could do only 3 day trades in a week because of the "pattern day trader" regulations. by positively identifying stocks that are running strong for the day and identifying those that will gap the following day, one is able to stay in the trade and sell on the following day, effectively being able to do 5 (or more) trades a week without the need for margin or a pattern day traders account !

trade well

mp

therumpledone

The correct name of my method is THE SLOT MACHINE.


The purpose of the SLOT MACHINE is determine when a stock has hit a bottom and when it reverses to the upside.

The reason I called it the SLOT MACHINE is because when the RSI(2) bars all line up on the bottom, it pays off just like a real slot machine.

QUOTETRACKER CHARTS:

on the 60 min chart: rsi(2), ema(5), pivots, open and prev close lines

on the 15 min chart: rsi(2), SMA(5), BB(20,2)

on the 1 min chart: rsi(2), rsi(10), SMA(5), BB(20,2)

RSI(2) < 1 on the 60 min chart signals this stock is a candidate.

What I do is look for a stock making a new low of the day. Then I pop it into the SLOT MACHINE and sit back and wait for green.

The entry is a BUY STOP LIMIT set at .01 above the previous 60 minute candle's closing price.

Now, there are exceptions... you can trade off the 15 minute candle close and/or you can trade off a support/resistance line but the preferred entry is off the 60 minute candle closing price.

If you get in and the stock runs and clears the 60 minute ema(5), the ema(5) becomes your pullback exit.

If the next 60 minute candle's HIGH is NOT higher than the previous candle's HIGH, think about taking profit especially if RSI(2) > 90!!

If the next 60 minute candle's HIGH is higher, your exit is the previous candle's HIGH - .01. Remember, take all you can, give nothing back. You can always buy it back cheaper.

You know stocks go up and down, so no reason to ride them down, take the profit off the table. You can reenter near the ema(5).

The Bollinger Bands tell you when a stock is peaking. If you see a RED Candle above the Upper BB, time to exit.. you can buy it back cheaper!

You can add a 5 minute chart if you like using same settings as the 15 minute.

The Original Slot Machine used 1/3/5/15/30/60 but I have simplified things.

I designed the SLOT MACHINE years ago for my style of trading. Feel free to adapt it to yours.

MAY ALL YOUR FILLS BE COMPLETE.

mp6140

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and an excellent method it is avery BUT SLOT MACHINE is the name of YOUR method, not mine and it assumes you have the ability to day trade endlessly (pattern day trader account) and it results in getting "whipped" out of a trade quickly because the 5 ma is a "scalpers" moving average and it depends on buying large amounts of shares to take advantage of small moves in the pps, because youre gonna get kicked out of the trade pretty quickly (the first mm shake) ! so based on that, it appears to be more for the veteran trader with decent margin and a pattern day trader account, and not really for the newb who has a cash account, 3 day settlement rule to deal with and limited funds (certainly not enough cash to chase MANY stocks in one day !)

NICE method for vets though, but even theyre using mikeys for exits, cause its just that good !

mp

mp6140

once youve entered the "muddy" list, the hototcstockexchange picks, M2, the moderators picks from this board, shakerz and who knows what else, if youre anything like me, your watchlist now has 100 or so stocks on it, and even with the valchange% telling you which ones are moving, it probably gets confusing in the beginning.

SO NARROW DOWN THE LIST -- you know that youve got to have enough shares of any stock to make a profit so you should know your price range also. do a sort on your watchlist by "price" and simply delete the ones that you cant afford and leave the ones you can. it wont matter if a $2 stock runs if you cant afford enough shares to make a profit !

now youve cut the list in half, but theres still a lot to watch --

SO SET AN ALERT ! qt has an excellent alert section and what i do is set an alert for each stock a couple of ticks above the closing price from yesterday (prior close) and that way my watchlist turns green when a stock passes its prior close, and ive got both the valchange AND the watchlist column green as can be --- really is hard to miss ! and if you just know the stock is going to move (M2 pump or google just bought them for instance) set your buy stop those few ticks above the previous days close and go to town !

but if the above didnt happen, do your fast checks (number of days its been moving (NEVER buy on the third day)), how close is the stock to the top LRC and is the Williams R pointing up (never mind the numbers) and go for it !

trade well

mp