mathgeek
11 posts
msg #99168
- Ignore mathgeek |
2/16/2011 8:08:14 PM
Hi Bob,
I am trying to use this for stock trading. I like to trade short term (1 week). I also go LONG. I was wondering if you had any suggestions for me about using Cheltron's filter to maximize my gains, or if you know of any other filters which would help me to get at least 3% a week. I also have a couple of questions about stock trading as a profession. I am currently a high school senior, and i have been trading stocks since I was about 14. Now in my senior year I have really become interested in the technical analysis of stocks. Is there any degree which would help me with technical stock analysis. Also, do you trade as your main job, or is it even possible to make a consistent living off of trading.
Thanks
Thomas
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damoore
9 posts
msg #99172
- Ignore damoore |
2/17/2011 12:12:43 AM
bkhurana43,
I noticed when I changed some of the parameters I didn't get some of the symbols that should have been filtered. For example, I added "stocks that are optionable" and AOL which was originally filtered wasn't filterd with the version "stocks are optionable." AOL is an optionable stock. So I decided to go back to the original debugged version without changes. I would just click on the Chetron debugged version and save it in your filters.
FRO was filtered on Feb 7th, MWW filtered on Feb 2-4th.
Also, the filter only list 25 stocks per page...so you don't forget to click on next page.
I closed the BBD Feb 17.92 calls trade out today for 74% gain. This was the first trade I took last Friday using this filter. Nice return for 3 days. I closed the trade because they were Feb options that expire on Friday plus it hit my target price at resistance.
Today I opened AMX May 60 calls. AMX hit the filter Feb 14th. Today it broke out of it's downtrend. I also like these setups and will strongly consider opening them tomorrow. SNY PFG FTI KWK TAP. All of these were Feb 15 scans. SNY feb 14th.
mathgeek or Thomas,
A lot of the symbols are ETF's or ultrashort ETF's. I leave the filter as stated above, but I scan for stocks that trade more that 500K shares and are optionable. I plug-in the 8-10 new symbols that I fit my criteria into my watchlist in my thinkorswim platform. I use technical analysis for my entry decision. I don't blindly enter a stock(option) and hope it was the right one. I wait for the stock to show me which way it's going to move, I want a stock that is going to move with some good price action, volume, since I am trading options I can't buy the options and wait for the stock to move. I want to enter the trade while the stock is just making it's move to capture the runup...and hopefully it does. Options trading gives you the ability to use a lot less capital and make significant more money. With this "ultimate bottom filter", the stock is more than likely near a support level...so if I am entering the options trade near this support or "bottom" area then if the stock moves against me...I can exit at or near my entry. It makes it a great place for a low risk entry/reward.
Options trade example after using this filter. First off, let me make a disclaimer and say that I only found this filter last Thursday as it was bumped from 2009. And by no means am I an expert on this filter or trading options (5 years exp.). My trades are still small using this filter as I am getting familiar. I am not a fan of paper trading.
So I made a list of stocks in a watch list using this bottom filter going back to around Feb 1st . Last Friday I was monitoring the stocks in this watch list and came across BBD as it was moving pretty good. So I jumped in with Feb 17.92 calls at $0.92. I closed the options today for $1.60 as I saw the stock hitting a downtrend resistance area. Plus these calls expire Friday. Buying Options versus buying Stock on BBD: If you bought 10 option contracts at $0.92 or $92 each ($920 invested) and sold for $160 each ($1600 return)...you would have made $680 or 74% return. To make the same $680 profit on this stock...trading at the time of purchasing options of around $18.50 and using todays closing price of $19.58. You would need to buy 630 shares at $18.50 or $11,705.
I hope this info helps.
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mahkoh
1,065 posts
msg #99190
- Ignore mahkoh |
2/17/2011 5:56:16 PM
This is the Chetron debugged version for optionable stocks with decent volume so that most should have a reasonable spread. It did pick NVDA and GLW yesterday.
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sierraseller
23 posts
msg #99191
- Ignore sierraseller |
2/17/2011 8:32:43 PM
You have average volume at 1,000,000 (1 million) and todays volume at 100,000 (100 thousand) is this what you intended?
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damoore
9 posts
msg #99193
- Ignore damoore |
2/17/2011 9:28:19 PM
mahkoh,
Thanks for the help. It works great!
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bkhurana43
103 posts
msg #99194
- Ignore bkhurana43
modified |
2/17/2011 9:44:17 PM
Why all the plots don't appear below the chart? Normally the bottom plot appears partially. Are there any restriction with regard to number of plots in SF?
A "SHORT VERSION" of the same filter would be highly appreciated by options traders.
Is it possible to arrange columns by their level of significance (signal strength) so that the entry decision is based on combination of good technicals?
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csupati
25 posts
msg #99243
- Ignore csupati |
2/19/2011 1:19:00 AM
Did anyone of you guys run this filter 1 month ago? There is hardly any stock was going up that time. Could someone please advise on what to look for in the filter results to select good candidates? Thank you very much.
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StockStalker
5 posts
msg #99607
- Ignore StockStalker |
3/11/2011 3:14:03 AM
Could anyone tell me which columns are best to sort by?
I get pretty many results per search and narrowing it down somehow would be great.
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StockStalker
5 posts
msg #99628
- Ignore StockStalker
modified |
3/11/2011 9:30:38 PM
Another thing, is this filter supposed to be run with the OFFSET 3 value left in? Or should I change it to zero?
And if I understand correctly, you're supposed to pick the stocks where the Weekly Williams(2) indicator goes upwards at a 45 degree angle, and diverges away from the Weekly RSI(2) which should still be heading down?
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mahkoh
1,065 posts
msg #99645
- Ignore mahkoh |
3/13/2011 4:28:20 PM
Stock stalker,
The top three lines are the whole filter, the rest are things to sort by.
I haven't found the setting that delivers just winners but I did notice that once the price gets above the previous day's high you have a good chance that it is going to be one.
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