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52 Probabilities, 30-31 Profit taking, 20, 117, 192, 210, 242 Profit target, 162,243, 256-257 Pullbacks: Directional Day Filter and, 140-141,144-145 in four-step process, 193, 212 trading theory and, 155-156 Rallies, see Uptrending days commodity markets, 17-18 corrections and, 142,186, 189 exhausted, 132 false sell signals, 181 influences on, generally, 9 prospective, 191-192 resistance and, 190 reversals and, 186 sell signals and, 113,163 strong, 44, 70 trading theory and, 165-166 weak, 40 Range expansion, 27,121 Rationalization, 19 Real Time Pivot, 266 Real-time trading, 7, 14, 62, 91, 95, 163,187 Relative Strength Index (RSI): applications, generally, 35, 37 buy signals, 47, 49-50, 52 Directional Day Filter and, 133 dual, 153-154, 157, 160-162, 164,168,173-174,177, 193 implications of, 50 reversal system, using, 48-52 sell signals, 47-48, 50 sideways days, 133 stochastic indicator distinguished from, 46 theory, 46 Reversal(s): dual stochastic, 115 implications of, generally, 7, stochastic indicator and, 41 trades, 161,188, 199, 201, 204 trends, 117 Reversal systems, 4145, 48-52, 56-60 Risk management, 101, 142, 203-204, 210 Risk profile, 215-216 Roller-coaster systems, 12 Running the stops, 101 Scalping systems, 13 Self-adaptive techniques, 28, 29 Self-fulfilling prophecy, 25 Selling pressure, 78 Sell signals: Directional Day Filter and, 123 dual RSI, 224 dual stochastic, 114, 181, 184-185 Percent R, 55-57 Relative Strength Index (RSI), 47-48, 50 sensitivity settings, 68 sideways market, 172-173 stochastic indicator and, 39, 41-42, 45 in trading theory, 151-154, 159, 163-164, 169 Sell stop: Directional Day Filter and, 140, 142 in four-step process, 193, 224 support and resistance, 91-92, 108 Sell windows, 111,202, 226 Sensitivity settings, implications of, 57, 61 Shorting trades, 43 Short-term day trading, 12-14 Short-term trend, identification of, Sideways days, 133, 136, 195-196, 199 buy signals, 197-198 characteristics of, 2 15 defined, 196 Directional Day Filter and, 120, 132-136, 171 entry strategy, 198 exhaustion theory, 35 generally, 10 oscillator indicators and, 50-51, 57,72,171 Percent R, 59 prediction of, 120 Relative Strength Index (RSI), 50-51 sell signals, 197-198 sensitivity settings and, 64, 73 support and resistance, pattern recognition, 97 trading strategies for, 171-178 Single breakouts, 249 Slippage, 6, 12, 212, 215, 217 Smoothed functions, 265 Standard deviation, 265 Stochastic indicator: applications, 35, 37-41 bias, altering, 40 buy signals, 41-42, 155-156 crossover system, 41 dual, implications of, 112-113, 115, 149-150, 155-156, 159, 163,181, 184-185, 187,199, 206,227 exit placement, 41 interpretation of, 39, 41 reversal system, using, 41-45 sell signals, 41-42 sensitivity settings, 63 stop placement, 41 theory, 38 Stock selection, 14-15, 174, 236, 245-250 Stop accumulation, 101 Stop loss, see Stop placement in automated system, 257 orders, generally, 8, 96, 225 significance of, 104 support and resistance, 101, in trading theory, 159 Stop placement: breakout system, 236, 245 cancel and replace, 116 conservative us. aggressive, 9, 14 early range breakout and, 27 fine-tuning, support and resistance levels, 109-110 in four-step process, 189, 193-195,199-200, 203 generally, 8 necessity of, 20 resistance points, 219 stochastic indicator and, 41 support and resistance, 88
Support and resistance: appearance, real time us. historical, 91-97 applications, generally, 99-109 construction, 86 countertrend trades, 213 defined, 100 Directional Day Filter, defined by, 136-145 entry us. exit, sensitivities for, 90-91 entry points defined by, 102-110, 112-117 formations, multiple and simultaneous, 86-91 importance of, 75-76 intraday calculations, 134, market-created, 162,209 pattern recognition, 91-97 recognition, visual us. automated, 97 sensitivity settings and, 71, 89 stop placement and, 102-110 structure, 76-86 Systems: automated: curve fitting of, 254 uses of, 253-255 testing of, 254-255 breakout, see Early range breakout customizing, 3, 15, 27, 30, 249-25 1 following accurately, 11, 19, setting parameters of, 255-257 as a stock selection tool, 255 Target price, 27, 212 Technical analysis, 23-24, 31 us. fundamental analysis, 26 Time frame: Directional Day Filter and, 124-125 Timing exit, 210 Trade organization, 231-234 Trader(s): aggressive, 15, 207, 222-223, 236 checklist, 232-233 conservative, 9, 15, 161, 213, 222-223 emotional state of, 11 personality, 15, 30 psychology, 15, 17-20 successful, characteristics of, 20, Trade Signal Corporation Ltd., 260 TradeStation (Omega), 266 Trading approaches, technical us. fundamental, 26-27 Trading as a business, 18 Trading style: implications of, 84, 116, 127, 148,151 individual, 1, 2, 15, 30, 115-116, 127,148,171 Trading theory, components of, 149-171 Trailing stop, implications of, 8, 49, 90, 162, 183, 186, 188, 198,220-222 Trendfs), prediction of, 196-197. See also specific types trends Trend day, defined, 6 Trend exhaustion, see Exhaustion, trend Trendless days: Directional Day Filter and, 126, prediction of, 12 1 strategies for, 51 U.S. Treasury bonds, 137-138 Upticks, 102, 136 Uptrending day: defined, 6, 120-122 Directional Day Filter and, 125, 128, 137, 141 dual stochastic indicator and, 114 exhaustion correction, 184 false signals in, 43-44, 51-52, 58-59, 70-71 implications of, generally, 34 prediction of, 120 sell signals and, 182 sensitivity settings and, 65, 69 stochastic indicators, 44 support and resistance, 86, 106, 113 trading strategies for, 176 Visual chart monitoring, 97 Volatile market, 196 Volatile stock, 12, 16, 174, 236 Volatility, oscillator indicators and, 47 Wilder, Welles, 46 Williams, Larry, 52, 59
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