NEW FEATURE: Huge OM Enhancement

[othermbx]

I spent the entire weekend manually doing the following, which, with an enhancement to OM, could be done in seconds. This exercise was driven by my belief that knowing the "nature" of the market on a given day can and should drive which alerts / top lists to use... and that one-size-alerts-and-top-lists-fits-all is unrealistic.

 I went through each trading day in March and noted if the market (for me that means TNA) was one of these four:

- Gap up and go (bullish)
- Gap up and fade (bearish)
- Gap down and go (bearish)
- Gap down and fade (bullish)

Then I set the date/time of each of my 10 alerts/top lists to certain times during the day on March 1 to see each ones performance. Then did the same for March 2,... and so on. Took forever.

Anyway, now I have calibrated exactly how each alert/top list reacts to a gap up day versus a gap down day. I know which alerts/top list to rely on... right off the bat at the market open... on gap up days and gap down days. Most importantly, I know which alerts/top lists go totally "rogue" on a big gap up or gap down day.

Ideally, I should be able to enter a "reference ticker" into OM... say SPX or in my case TNA. Then OM should report how the alert behaves in relation to the reference ticker.... i.e. how does the alert perform when the reference ticker has a gap up day? Gap down day? Doji day? Range breakout day? Etc etc.

Thanks!

[TradeIdeas1]

I like your idea and we will add it to our to do in the subsequent versions of OM

[youngamerican68]

This is a very good idea. I believe the intent is to measure the relative strength of a top list or alert given certain market conditions.  In my mind I have pictured each day being presented a console of my alert and top list configurations which are optimized for current market conditions. I hope you guys can make my dreams come true.

[sternforpres]

Once it has "gone" or "faded", isn't the opportunity lost? Or are you figuring that the trend in place will continue?

[othermbx]

Stern, yes trend will continue is the way the alert works...

[sternforpres]

Curious, what time do you start trading, how long do you give the market to take a direction?

I generally start after 10:30 to get the headfakes out, but its not always enough time.  Nothing beats having the market go in the direction you need.

I generally keep a window on top with SPY as the only symbol to keep an eye on market conditions.  I look at VWAP, up from the close, up from the open, and gap.

[othermbx]

I skip the first 30 minutes. By then I have a sense of market mood (only the current mood of course, which can change in a nanosecond  ) by looking at market internals, TICK, etc.  Then, the next 90-120 minutes of trading are strong stocks that are moving. The remainder of the day it's loser that are bouncing (only works on certain market days).

[TradeIdeas1]

We are going to make it possible to compare your equity curve to SPY or QQQ or TNA or DIA or other benchmarks.  As you guys know you can test using the OddsMaker for starting any time after market starts 5 minutes, 15 minutes, hour etc.

[othermbx]

Please consider reporting results for these 4 types of market days:

gap-up-and-go days
gap-up-and-fade days
gap-down-and-go days
gap-down and fade days

Thanks.

[sternforpres]

Would be nice to be able to compare the Position in Range for the general market or SPY.  For example, maybe only buy long when the SPY/SPX Position in Range is 98-100??

[TradeIdeas_DA]

Nice suggestion.  We'll put it into the queue. I like it.

[sternforpres]

Boy, today (4/12) was a poster child for Position in Market Range.  Just keep buying as long as the market keeps going up.

[sternforpres]

Would be nice to be able to insert FXE as a stock to pose as the general market...4/18 this stock really showed the way.