Replies to post #739 on Elbit Vision Systems Ltd. (fka EVSNF)

[stocktrademan]

I looked at some of your results from a few months ago and it looks like alot of your trades worked out. What is your trading strategy?

I wouldn't say that I have a single one size fits all strategy but do something like this usually. I check the scan results for a simple indicator like a candlestick or percent mover or a breakout or indicator signalling a bullish condition to pick up some charts. Then I take a look at what it has done long term in the past trendwise basically with higher highs and higher lows assuming it should continue to do that.

Then I look at it near term and try to place the recent price action into context. Check the news for any problems or developments. Drawing some trendlines helps find areas of support and resistance. Identifying market patterns can assist in pointing out possible areas the price can go to next.

Then I look at the chart with a ton of indicators to see if any of them give me impressions like crossing levels, being at extremes being mindful of the what I think the trend is, or providing divergence reversals compared to the price. Then I write down my impressions that are for and against what I think the price action is going to do.

After doing this for a few stocks every day I can make a good list by the end of the week and be familiar tracking them looking for bounces, candlesticks, indicator signals, and retracements for good entries. The charts where I have longer lists of impressions supporting a trade are the ones given priority. The other ones that have maybe a few good ideas on them might be placed back in the list for later additional impressions.

This is the opposite of what most people do trying to force a technique or scan on all stocks one size fits all and then being tied to it hoping the chart goes and makes a profit. Any scanning is just simple to cue into a chart where something is happening and then go take a look at it. Sometimes I look at the main page for active stocks to look at.

My suggestion would be to take a look at the free chartschool tab on stockcharts.com and read it all. You'll have at least a page full of ideas and things to try that will do well, and the more you learn the more you can make impressions and informed decisions on your own trading. They even have complete trading systems to review and also a blog section where you can see people using the material.

It's all about finding out what works best for you, certainly after looking at all that even casually there will be some things that will stand out to you. Try to paper trade with them on charts from random dates and times in the past and see if it works for you. It's all about finding something you're comfortable with it might be different than what I do that's fine. But it's definitely not a robot someone can plug in and go, it's about what works for ourselves. It's based on experience and knowledge developing skills. Good luck!