I picked this study up staying abreast of the blog on Stockchcharts...
It was in itself not radically different... but a reminder there is more than one way to analyse stocks... and one charting study can be as effective as any other with the right approach.... I had not seen it other than what was put out a few weeks back... and being fairly comfortable with different approaches.. I was instantly impressed with the logic of the application.......... it also fit well with representing solid charting experiences matching my own conclusions in many different issues using a different approach... It was not introduced as a trend study... but...
Trend identification is soooooo important to be successful in determining the proper strategy in applying to your trading style. If you can't read the trend in this... I'm at a loss.
It is a filtered whipsaw reducing study... but the side benefit is..... it's an accurate rendition of trend for proper swinging, but with a bit of tweaking... it certainly could be an entry timing study as well .......... a very strong tool in your arsenal... I took the liberty of making some tweaks... but first.......
a link to the original Stockcharts blog entry that got me interested...
Reducing Whipsaw
If your a member of stockcharts.. and cookied... and logged in... you can click on the chart... and bring it up and play with it. Add it to your default charts... or create a watch list folder and put a study in there that forms the basis for a watch list that can be added to by bringing up a chart to get the format... then changing the ticker and saving it to the folder.
Have some fun with it... try it in a 60 minute renko... or maybe a three line break...
After that...
This link leads to a tweaked study that incorporates some dip picking indicators to add a bit of insight and muscle.
It is for example only and is not Dynamic (Don't use it for other than looking at... as it is frozen in time) Tweaked for timing applications
This third link
"Dynamic Tweaked Reducing Whipsaw Study" of the tweaked style is Dynamic and and can be used as is the original...
Reducing Whipsaw If your a member of stockcharts.. and cookied... and logged in... you can click on the chart... and bring it up and play with it. Add it to your default charts... or create a watch list folder and put a study in there that forms the basis for a watch list that can be added to by bringing up a chart to get the format... then changing the ticker and saving it to the folder.
Dip or buy signals are only valid as long as the trend is up... if the trend is not up... they are noted to be aware of the condition of the trend... while we wait for some action.. but are not acted upon unless the price breaks out of a range or reverses a down trend,
The supporting indicators I have chosen are not written in stone... so if you like other indicators you are more comfortable with................. please change them out, and experiment, however, the trend must be up to validate signals.. a most important consideration.
Dave GLTA
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