https://www.barchart.com/shared-chart/CGTX?chart_url=i_16570…
Quill,
Retrospectively, it’s easy to find dozens of these break outs. We need to put together a screen for finding 'em as they are breaking out.
A
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Been running my scanning tool “Scan 400 Bullish True Strength Index” and found 66 right out of the gate stocks at 3:15 pm.
https://www.barchart.com/shared-chart/BAND?chart_url=i_16570…
Simon II gave a buy signal on 6/23 as the TSI posted the xover.
https://www.barchart.com/shared-chart/CGTX?chart_url=i_16570…
Just a thought,
Quill -
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Re: CRSP got the most purchased shares today. Now look on 5/12, TSI xover and a Simon II signal day after rule. 6/10 was a sell signal day after the Simon II signal rule.
https://www.barchart.com/shared-chart/CRSP?chart_url=i_16570…
If you want I can run the Bearish signal list every night. And perhaps the Bullish list as well.
Scan 401 Bearish True Strength index list only 24 as of 3:36 pm.
HP was the winner of the down slide.
https://www.barchart.com/shared-chart/HP?chart_url=i_1657049…
runner up was ATI with a warning on 6/26 via Simon II. Has to have at least 2 Arcs jammed to the left wall.
https://www.barchart.com/shared-chart/ATI?chart_url=i_165704…
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Quill,
I’m going to call bullsh*t on that CRSP trade.
May 12 could NOT have been the entry day. That was merely the lookback low day that --per Simon’s ‘Wait One’ rule-- requires the confirmation that came on May 13, meaning, the soonest someone following your Simon system could have gotten in was May 16.
Your exit is June 10 also bullsh*t unless you’re not following your own rules. The Doji on May 20 was a red flag that was confirmed by price falling below your green MA line and SAR switching to ‘Sell’ on May 23, requiring an exit on May 24.
My point is this. Either “Simon” is a truly mechanical system that permits no exceptions, or else it’s just pretty pictures that can’t be proven to be any better than random guesses. And my bet is this. When Simon’s s rules are written down and followed exactly across a statistically significant basket of stocks, the right/wrong ratio will be no better than 45%, or less than a coin flip.
However, as we both know, the system can make its users money provided left-hand tails are chopped, which is a whole 'nother set of rules you never cover, namely, proper position-sizing relative to one’s account size and risk-tolerance and one’s stop-loss policy.
Arindam
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Quill,
What you/I need to do is walk through some charts, day by day, and for each day, say what should be done.
Spoiler Alert: The rules needed to cover every situation quickly become a page long, just because what prices can do varies so much. The situation isn’t hopeless. But it’s far from “simple”.
Arindam
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