From: owner-canslim-digest@lists.xmission.com (canslim-digest) To: canslim-digest@lists.xmission.com Subject: canslim-digest V2 #3380 Reply-To: canslim Sender: owner-canslim-digest@lists.xmission.com Errors-To: owner-canslim-digest@lists.xmission.com Precedence: bulk Content-Transfer-Encoding: quoted-printable X-No-Archive: yes canslim-digest Thursday, June 19 2003 Volume 02 : Number 3380 In this issue: [CANSLIM] Trailing Stops Re: Fw: [CANSLIM] IBD Top 100 Re: [CANSLIM] Trailing Stops Re: [CANSLIM] Trailing Stops [CANSLIM] fwht Re: [CANSLIM] Trailing Stops Re: [CANSLIM] TSCO [CANSLIM] Support - Resistance Re: [CANSLIM] Off topic Support - Resistance ---------------------------------------------------------------------- Date: Thu, 19 Jun 2003 08:48:09 -0400 From: "jmp23834" Subject: [CANSLIM] Trailing Stops This is a multi-part message in MIME format. - ------=_NextPart_000_01A8_01C3363F.82B18F20 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Does anyone use a trailing stop based on ATR? I am currently using 3 = times the 5 day ATR and wonder if this is too loose or too tight for = CANSLIM stocks. JP - ------=_NextPart_000_01A8_01C3363F.82B18F20 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Does anyone use a trailing stop based = on ATR? I am=20 currently using 3 times the 5 day ATR and wonder if this is too loose or = too=20 tight for CANSLIM stocks.
 
JP
- ------=_NextPart_000_01A8_01C3363F.82B18F20-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Thu, 19 Jun 2003 08:48:15 EDT From: Davellil5@aol.com Subject: Re: Fw: [CANSLIM] IBD Top 100 Can you say a little more about "support and resistance" trading? Dave - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Thu, 19 Jun 2003 07:34:41 -0600 From: "Rolf Hertenstein" Subject: Re: [CANSLIM] Trailing Stops This is a multi-part message in MIME format. - ------=_NextPart_000_0087_01C33635.3F4726A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Does ATR =3D Average Trading Range? If so, I do consider historical = weekly trading ranges in setting my trailing stops, but I haven't = quantified it like you mention. For instance, if a stock is at $20, = then a 15% trailing stop would be $17. But if the stock has a history = of $4 weekly swings (fun ride!) and I really want to try to hang on to = it, and the market is good, I'd set a stop somewhere below $16. I've = only recently been using this method and it seems to help keep me in for = better gains. Rolf ----- Original Message -----=20 From: jmp23834=20 Does anyone use a trailing stop based on ATR? I am currently using 3 = times the 5 day ATR and wonder if this is too loose or too tight for = CANSLIM stocks. JP - ------=_NextPart_000_0087_01C33635.3F4726A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Does ATR =3D Average Trading = Range?  If so, I do=20 consider historical weekly trading ranges in setting my trailing = stops, but=20 I haven't quantified it like you mention.  For instance, if a stock = is at=20 $20, then a 15% trailing stop would be $17.  But if the stock = has a=20 history of $4 weekly swings (fun ride!) and I really want to try to hang = on to=20 it, and the market is good, I'd set a stop somewhere below $16.  = I've only=20 recently been using this method and it seems to help keep me in for = better=20 gains.
 
 Rolf
----- Original Message -----
From:=20 jmp23834=20

Does anyone use a trailing stop based = on ATR? I=20 am currently using 3 times the 5 day ATR and wonder if this is too = loose or=20 too tight for CANSLIM stocks.
 
JP
- ------=_NextPart_000_0087_01C33635.3F4726A0-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Thu, 19 Jun 2003 10:03:10 -0400 From: "jmp23834" Subject: Re: [CANSLIM] Trailing Stops This is a multi-part message in MIME format. - ------=_NextPart_000_01BE_01C33649.FD4D9B20 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Rolf, Yes, ATR =3DAverage True Range. I take the average daily range for the = last 5 days and multiply it by 3 to get my stop. Actually my charting = software does this automatically so it's not that hard. If I were to use = the weekly ATR a multiplier of 1 is probably close to the same. Thanks for your reply. John P - ----- Original Message -----=20 From: Rolf Hertenstein=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 19, 2003 9:34 AM Subject: Re: [CANSLIM] Trailing Stops Does ATR =3D Average Trading Range? If so, I do consider historical = weekly trading ranges in setting my trailing stops, but I haven't = quantified it like you mention. For instance, if a stock is at $20, = then a 15% trailing stop would be $17. But if the stock has a history = of $4 weekly swings (fun ride!) and I really want to try to hang on to = it, and the market is good, I'd set a stop somewhere below $16. I've = only recently been using this method and it seems to help keep me in for = better gains. Rolf ----- Original Message -----=20 From: jmp23834=20 Does anyone use a trailing stop based on ATR? I am currently using 3 = times the 5 day ATR and wonder if this is too loose or too tight for = CANSLIM stocks. JP - ------=_NextPart_000_01BE_01C33649.FD4D9B20 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Rolf,
 
Yes, ATR =3DAverage True Range. I take = the average=20 daily range for the last 5 days and multiply it by 3 to get my stop. = Actually my=20 charting software does this automatically so it's not that hard. If I = were to=20 use the weekly ATR a multiplier of 1 is probably close to the = same.
 
Thanks for your reply.
 
John P
 
----- Original Message -----
From:=20 Rolf=20 Hertenstein
Sent: Thursday, June 19, 2003 = 9:34=20 AM
Subject: Re: [CANSLIM] Trailing = Stops

Does ATR =3D Average Trading = Range?  If so, I=20 do consider historical weekly trading ranges in setting my = trailing=20 stops, but I haven't quantified it like you mention.  For = instance, if a=20 stock is at $20, then a 15% trailing stop would be $17.  But = if the=20 stock has a history of $4 weekly swings (fun ride!) and I really want = to try=20 to hang on to it, and the market is good, I'd set a stop somewhere = below=20 $16.  I've only recently been using this method and it seems to = help keep=20 me in for better gains.
 
 Rolf
----- Original Message -----
From:=20 jmp23834=20

Does anyone use a trailing stop = based on ATR? I=20 am currently using 3 times the 5 day ATR and wonder if this is too = loose or=20 too tight for CANSLIM stocks.
 
JP
- ------=_NextPart_000_01BE_01C33649.FD4D9B20-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Thu, 19 Jun 2003 09:21:44 -0500 From: michael_niemotka@baxter.com Subject: [CANSLIM] fwht Looks like this is one of the strongest breakouts we have seen for a LONG time. Only wish I would have pulled the trigger on this yesterday. Oh well, back to mining Mike Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Thu, 19 Jun 2003 10:18:02 -0600 From: "Rolf Hertenstein" Subject: Re: [CANSLIM] Trailing Stops This is a multi-part message in MIME format. - ------=_NextPart_000_00DA_01C3364C.10A57880 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Another 'trick' I've used with some success lately is due to Stan = Weinstein "Profiting in Bull and Bear Markets"*. He suggests setting a = hard stop a bit below major pyschological levels, like full and 1/2 = dollars. So if whatever method you use says set a stop at $16.05, he = suggests using instead $15.95 if you really don't want to stop out but = feel the need to protect profits at $16.05. Rolf * The book is not CANSLIM and is based purely on technical analysis. It = is an easy and enjoyable read, and does clarify some of the technical = ideas that WON mentions in HTMMIS. Katherine brought the book to our = attention last fall I think. ----- Original Message -----=20 From: jmp23834=20 Rolf, Yes, ATR =3DAverage True Range. I take the average daily range for the = last 5 days and multiply it by 3 to get my stop. Actually my charting = software does this automatically so it's not that hard. If I were to use = the weekly ATR a multiplier of 1 is probably close to the same. Thanks for your reply. John P ----- Original Message -----=20 From: Rolf Hertenstein=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 19, 2003 9:34 AM Subject: Re: [CANSLIM] Trailing Stops Does ATR =3D Average Trading Range? If so, I do consider historical = weekly trading ranges in setting my trailing stops, but I haven't = quantified it like you mention. For instance, if a stock is at $20, = then a 15% trailing stop would be $17. But if the stock has a history = of $4 weekly swings (fun ride!) and I really want to try to hang on to = it, and the market is good, I'd set a stop somewhere below $16. I've = only recently been using this method and it seems to help keep me in for = better gains. Rolf ----- Original Message -----=20 From: jmp23834=20 Does anyone use a trailing stop based on ATR? I am currently using = 3 times the 5 day ATR and wonder if this is too loose or too tight for = CANSLIM stocks. JP - ------=_NextPart_000_00DA_01C3364C.10A57880 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Another 'trick' I've used with some = success lately=20 is due to Stan Weinstein "Profiting in Bull and Bear Markets"*.  He = suggests setting a hard stop a bit below major pyschological = levels, like=20 full and 1/2 dollars.  So if whatever method you use says set a = stop at=20 $16.05, he suggests using instead $15.95 if you really don't want to = stop out=20 but feel the need to protect profits at $16.05.
 
 Rolf
 
* The book is not CANSLIM and is based=20 purely on technical analysis.  It is an easy and enjoyable = read, and=20 does clarify some of the technical ideas that WON mentions in=20 HTMMIS.   Katherine brought the book to our = attention last=20 fall I think.
----- Original Message -----
From:=20 jmp23834=20

Rolf,
 
Yes, ATR =3DAverage True Range. I = take the average=20 daily range for the last 5 days and multiply it by 3 to get my stop. = Actually=20 my charting software does this automatically so it's not that hard. If = I were=20 to use the weekly ATR a multiplier of 1 is probably close to the=20 same.
 
Thanks for your reply.
 
John P
 
----- Original Message -----
From:=20 Rolf=20 Hertenstein
Sent: Thursday, June 19, 2003 = 9:34=20 AM
Subject: Re: [CANSLIM] = Trailing=20 Stops

Does ATR =3D Average Trading = Range?  If so,=20 I do consider historical weekly trading ranges in setting my = trailing=20 stops, but I haven't quantified it like you mention.  For = instance, if=20 a stock is at $20, then a 15% trailing stop would be $17.  = But if=20 the stock has a history of $4 weekly swings (fun ride!) and I really = want to=20 try to hang on to it, and the market is good, I'd set a stop = somewhere below=20 $16.  I've only recently been using this method and it seems to = help=20 keep me in for better gains.
 
 Rolf
----- Original Message ----- =
From:=20 jmp23834=20

Does anyone use a trailing stop = based on ATR?=20 I am currently using 3 times the 5 day ATR and wonder if this is = too loose=20 or too tight for CANSLIM stocks.
 
JP
- ------=_NextPart_000_00DA_01C3364C.10A57880-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Thu, 19 Jun 2003 14:55:01 EDT From: Jwvitale@aol.com Subject: Re: [CANSLIM] TSCO - --part1_153.20753a2a.2c236105_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Katherine Thank you much from Jim Vitale. It's pretty rare to find someone that is willing to help strangers. You're a special lady in more ways than one. Jim James W. Vitale President Vitale Investments, LLC 8555 Hill Spring Drive Lutherville, Md. 21093 410-560-3605 410-560-7261 Fax 410-852-7070 Cell Phone jwvitale@aol.com - --part1_153.20753a2a.2c236105_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: quoted-printable Katherine

Thank you much from Jim Vitale.  It's pretty rare to find someone that=20= is willing to help strangers.  You're a special lady in more ways than=20= one.

Jim

James W. Vitale
President
Vitale Investments, LLC
8555 Hill Spring Drive
Lutherville, Md.  21093
410-560-3605
410-560-7261 Fax
410-852-7070 Cell Phone
jwvitale@aol.com - --part1_153.20753a2a.2c236105_boundary-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Thu, 19 Jun 2003 14:27:55 -0500 From: "Gene Ricci" Subject: [CANSLIM] Support - Resistance This is a multi-part message in MIME format. - ------=_NextPart_000_006A_01C3366E.F99DB2B0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable |Can you say a little more about "support and resistance" trading? Dave| Hi Dave, I believe it is key to know what the trend is (sideways, up, = down). If in Trading Range: =20 Long=20 a) when going long and the stock is rangebound - buy at a prescribed = amount above the support point. Place stop just below support point. b) sell when stock price approaches resistance. Short=20 a) when shorting and the stock is range bound - short at a prescribed = amount below the resistance point. Place stop just above resistance = point. b) cover when stock price approaches support. For Pullback trading in Trending market: Long=20 a) when going long and the stock is pulling back in an uptrend - buy = at a prescribed amount above the support point. Place stop just below = support point. b) sell if price can not penetrate previous high, otherwise let your = profits run. Short=20 a) when shorting and the stock is rising (correcting) in a downtrend - = short at a prescribed amount below the resistance point. Place stop = just above resistance point. b) cover if price can not penetrate next support level, otherwise let = your profits run. For Breakout strategies: (If support or resistance levels are broken or = you anticipate they will be broken): Long a) when going long and the stock is in an uptrend - buy at a prescribed = amount above the resistance point when price penetrates resistance with = stop just below resistance. b) sell if price can not penetrate next resistance level otherwise let = your profits run. Short a) when shorting and the stock is in a downtrend - short at a prescribed = amount below the support point when price penetrates support, with stop = just above support. b) cover when price can not penetrate next support level, otherwise let = your profits run.=20 Now it's time to get a bag of freshly popped popcorn and check out some = movies: http://www.pring.com/movies.htm or got to StockCharts.com http://stockcharts.com/education/What/ChartAnalysis/supportResistance.htm= l Here is a list of my reference books: 1) Intro to Technical Analysis - Martin Pring - $38.95 (comes with CD) 2) Breaking the Black Box - Martin Pring - $39.95 (comes with CD) 3) Come Into My Trading Room - Dr. Alexander Elder - $35.00 4) Methods of a Wall Street Master - Victor Sperandeo - $14.95 5) Secrets for Profiting in Bull and Bear Markets - Stan Weinstein - = $19.95 We had Dallas workshop on Stan Weinstein's Method at the end of 2001 (gosh, it doesn't seem like it was that long ago), I'll dig around = my archives=20 to locate the workshop notes and forward them to you at a later = date. Hope this helps, Gene - ------=_NextPart_000_006A_01C3366E.F99DB2B0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
|Can you = say a little=20 more about "support and resistance" trading? Dave|
 
Hi Dave, I believe it is = key=20 to know what the trend is (sideways, up, down).
 
If in Trading=20 Range:
 
Long
a) when going long and the stock is rangebound = - -  buy at=20 a prescribed amount above the support point.   Place stop just = below=20 support point.
b) sell when stock price approaches = resistance.
 
Short
a) when shorting and the stock is range = bound  -=20 short at a prescribed amount below the resistance  point.  = Place stop=20 just above resistance point.
b) cover when stock price=20 approaches support.
 
For Pullback trading in Trending=20 market:
 
Long
a) when going long and the stock = is =20 pulling back in an uptrend -  buy at a prescribed amount above the = support=20 point.   Place stop just below support point.
b) sell if price can not = penetrate previous=20 high, otherwise let your profits run.
 
Short
a) when shorting and the stock = is rising=20 (correcting) in a downtrend - short at a prescribed amount = below the=20 resistance  point.  Place stop just above resistance=20 point.
b) cover if price can not penetrate = next support=20 level, otherwise let your profits run.
 
 
For=20 Breakout strategies: = (If support or resistance levels are broken or you = anticipate they=20 will be broken):
 
Long
a) when going long and the stock is in = an=20 uptrend - buy at a prescribed amount above the resistance point when = price=20 penetrates resistance with stop just below resistance.
b) sell if price can not penetrate = next=20 resistance level otherwise let your profits run.
 
Short
a) when shorting and the stock is in a = downtrend=20 - - short at a prescribed amount below the support point when price = penetrates=20 support, with stop just above support.
b) cover when  price can not = penetrate next=20 support level, otherwise let your profits run. 
 
Now it's time to get a = bag of=20 freshly popped popcorn and check out some movies:
 
http://www.pring.com/movies.htm<= /A>
 
or got to StockCharts.com
 
http://stockcharts.com/education/What/ChartAnalysis/supportRes= istance.html
 
Here is=20 a list of my reference books:
 
1) Intro to Technical = Analysis - Martin=20 Pring - $38.95 (comes with CD)
2) Breaking the Black Box - = Martin Pring=20 - - $39.95 (comes with CD)
3) Come Into My Trading Room = - - Dr.=20 Alexander Elder - $35.00
4) Methods of a Wall Street = Master -=20 Victor Sperandeo - $14.95
5) Secrets for Profiting in = Bull and Bear=20 Markets - Stan Weinstein - $19.95
    We had Dallas workshop on = Stan=20 Weinstein's Method at the end of 2001
    = (gosh, it=20 doesn't seem like it was that long ago), I'll dig around my archives=20
    to = locate the=20 workshop notes and forward them to you at a later = date.
 
Hope this = helps,
Gene
- ------=_NextPart_000_006A_01C3366E.F99DB2B0-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Thu, 19 Jun 2003 13:09:42 -0700 (PDT) From: Eric Jaenike Subject: Re: [CANSLIM] Off topic Support - Resistance - --0-1856137545-1056053382=:95142 Content-Type: text/plain; charset=us-ascii I'll throw my 2 cents in here, as I've migrated toward swing trading in addition to positional breakout trading (of which CANSLIM is a powerful version). Swing trading is trading between support and resistance on the long side, and resistance and support on the short side. In its purest form, it involves trading a single, direct price thrust from support/resistance to resistance/support. In the strictest definitions, this "swing" in price will generally occur over 3-5 days, so you have fairly abbreviated holding periods. One generally does not hold through retracements. This is in contrast to CANSLIM trading, which advocates trading a breakout through resistance (the pivot point), holding through (benign) pullbacks, and selling at major tops. CANSLIM is a strategy to capture large, major moves. Swing trading is designed to capture smaller and quicker moves. The Master Swing Trader, by Alan Farley, was my introduction to swing trading. It is an excellent book, but very advanced, and I would definitely not recommend it for traders who are just starting out. He also offers an online course, available at hardrightedge.com, and writes a subscription newsletter (which I use and is excellent- available through Realmoney.com). However, these services are not cheap, and require a lot of work to employ effectively. Eric Gene Ricci wrote: |Can you say a little more about "support and resistance" trading? Dave| Hi Dave, I believe it is key to know what the trend is (sideways, up, down). If in Trading Range: Long a) when going long and the stock is rangebound - buy at a prescribed amount above the support point. Place stop just below support point. b) sell when stock price approaches resistance. Short a) when shorting and the stock is range bound - short at a prescribed amount below the resistance point. Place stop just above resistance point. b) cover when stock price approaches support. For Pullback trading in Trending market: Long a) when going long and the stock is pulling back in an uptrend - buy at a prescribed amount above the support point. Place stop just below support point. b) sell if price can not penetrate previous high, otherwise let your profits run. Short a) when shorting and the stock is rising (correcting) in a downtrend - short at a prescribed amount below the resistance point. Place stop just above resistance point. b) cover if price can not penetrate next support level, otherwise let your profits run. For Breakout strategies: (If support or resistance levels are broken or you anticipate they will be broken): Long a) when going long and the stock is in an uptrend - buy at a prescribed amount above the resistance point when price penetrates resistance with stop just below resistance. b) sell if price can not penetrate next resistance level otherwise let your profits run. Short a) when shorting and the stock is in a downtrend - short at a prescribed amount below the support point when price penetrates support, with stop just above support. b) cover when price can not penetrate next support level, otherwise let your profits run. Now it's time to get a bag of freshly popped popcorn and check out some movies: http://www.pring.com/movies.htm or got to StockCharts.com http://stockcharts.com/education/What/ChartAnalysis/supportResistance.html Here is a list of my reference books: 1) Intro to Technical Analysis - Martin Pring - $38.95 (comes with CD) 2) Breaking the Black Box - Martin Pring - $39.95 (comes with CD) 3) Come Into My Trading Room - Dr. Alexander Elder - $35.00 4) Methods of a Wall Street Master - Victor Sperandeo - $14.95 5) Secrets for Profiting in Bull and Bear Markets - Stan Weinstein - $19.95 We had Dallas workshop on Stan Weinstein's Method at the end of 2001 (gosh, it doesn't seem like it was that long ago), I'll dig around my archives to locate the workshop notes and forward them to you at a later date. Hope this helps, Gene - --------------------------------- Do you Yahoo!? SBC Yahoo! DSL - Now only $29.95 per month! - --0-1856137545-1056053382=:95142 Content-Type: text/html; charset=us-ascii
I'll throw my 2 cents in here, as I've migrated toward swing trading in addition to positional breakout trading (of which CANSLIM is a powerful version).
 
Swing trading is trading between support and resistance on the long side, and resistance and support on the short side. In its purest form, it involves trading a single, direct price thrust from support/resistance to resistance/support. In the strictest definitions, this "swing" in price will generally occur over 3-5 days, so you have fairly abbreviated holding periods. One generally does not hold through retracements. This is in contrast to CANSLIM trading, which advocates trading a breakout through resistance (the pivot point), holding through (benign) pullbacks, and selling at major tops. CANSLIM is a strategy to capture large, major moves. Swing trading is designed to capture smaller and quicker moves.
 
The Master Swing Trader, by Alan Farley, was my introduction to swing trading. It is an excellent book, but very advanced, and I would definitely not recommend it for traders who are just starting out. He also offers an online course, available at hardrightedge.com, and writes a subscription newsletter (which I use and is excellent- available through Realmoney.com). However, these services are not cheap, and require a lot of work to employ effectively.
 
Eric
 


Gene Ricci <genr@swbell.net> wrote:
|Can you say a little more about "support and resistance" trading? Dave|
 
Hi Dave, I believe it is key to know what the trend is (sideways, up, down).
 
If in Trading Range:
 
Long
a) when going long and the stock is rangebound -  buy at a prescribed amount above the support point.   Place stop just below support point.
b) sell when stock price approaches resistance.
 
Short
a) when shorting and the stock is range bound  - short at a prescribed amount below the resistance  point.  Place stop just above resistance point.
b) cover when stock price approaches support.
 
For Pullback trading in Trending market:
 
Long
a) when going long and the stock is  pulling back in an uptrend -  buy at a prescribed amount above the support point.   Place stop just below support point.
b) sell if price can not penetrate previous high, otherwise let your profits run.
 
Short
a) when shorting and the stock is rising (correcting) in a downtrend - short at a prescribed amount below the resistance  point.  Place stop just above resistance point.
b) cover if price can not penetrate next support level, otherwise let your profits run.
 
 
For Breakout strategies: (If support or resistance levels are broken or you anticipate they will be broken):
 
Long
a) when going long and the stock is in an uptrend - buy at a prescribed amount above the resistance point when price penetrates resistance with stop just below resistance.
b) sell if price can not penetrate next resistance level otherwise let your profits run.
 
Short
a) when shorting and the stock is in a downtrend - short at a prescribed amount below the support point when price penetrates support, with stop just above support.
b) cover when  price can not penetrate next support level, otherwise let your profits run. 
 
Now it's time to get a bag of freshly popped popcorn and check out some movies:
 
 
or got to StockCharts.com
 
 
Here is a list of my reference books:
 
1) Intro to Technical Analysis - Martin Pring - $38.95 (comes with CD)
2) Breaking the Black Box - Martin Pring - $39.95 (comes with CD)
3) Come Into My Trading Room - Dr. Alexander Elder - $35.00
4) Methods of a Wall Street Master - Victor Sperandeo - $14.95
5) Secrets for Profiting in Bull and Bear Markets - Stan Weinstein - $19.95
    We had Dallas workshop on Stan Weinstein's Method at the end of 2001
    (gosh, it doesn't seem like it was that long ago), I'll dig around my archives
    to locate the workshop notes and forward them to you at a later date.
 
Hope this helps,
Gene

Do you Yahoo!?
SBC Yahoo! DSL - Now only $29.95 per month! - --0-1856137545-1056053382=:95142-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ End of canslim-digest V2 #3380 ****************************** To unsubscribe to canslim-digest, send an email to "majordomo@xmission.com" with "unsubscribe canslim-digest" in the body of the message. For information on digests or retrieving files and old messages send "help" to the same address. Do not use quotes in your message.