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Strategies & Market Trends : Ahh Canada - 2 out of 3 ain't bad
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To: Cush who wrote (3751)11/20/2001 11:08:58 PM
From: Davy Crockett  Read Replies (2) of 5144
 
Hi Guys,

I've added another indicator to my charts & am trying to integrate it with the other chart indicators. (I'm like a kid in a candy store... always gotta try something new <g>)

It is called the Last Stochastic ... stockcharts.com of course it is named after Scott McCormick from lastshadow's thread here on SI Message 16680431

Looks pretty useful to me... especially in conjunction with the OBV photos.yahoo.com

Reading this chart from left to right & from bottom to top(u would be surprised how I read the bloody things some days <g>), the green vertical line intersects the Slow aka Last( K=39, D=1) stochastic on the bottom of the chart, precisely where the Last stochastic crosses over 50. 50 is considered the trigger for buy/sells whenever the indicator crosses above or below 50. Note on the chart that OBV is positive & that MACd also gives a buy signal especially since ADX is over 20 & +DMI is over the -DMI. The red vertical line indicates the sell signal. Note the importance of the MACd sell signal that was generated with ADX up near 70. (SAR also confirms BTW)

Okay, back to the Last stochastic, on the intersection of the vertical green line in April, the Last stochastic crossed over the signal line @ 50 with confirmation again a couple of day later with the OBV & price higher than the closing price of the prior week. What I found really exciting here, is that ALL of the other indicators were really sloppy, because of the oscillating nature that the stock was in for approx. 6 weeks between mid March & the beginning of May. One could have been in the stock before the run that began in earnest May 1st. and stay with the stock all the way to the present time without being whipsawed. As Scott indicates in his article the "Last Stochastic" works best with confirmation of both buy & sell signals with OBV.

I speak from personal experience, because I played MCL.to back when it was $3.00 & change stock all the way to the middle of April. (of course I missed the breakout & the subsequent 2x bagger :(

So ever since then, I have been looking for another indicator that might help me play those pre-breakouts better & ride the subsequent trend.

Of course for those sharp eyed pattern players a triangle was also formed between April & May

Also if I had practised my discpline thingy a little bit better this simple PnF chart stockcharts.com would have probably accomplished more or less the same thing... Just be aware that PnF is both a trending & lagging chart FWIW

Regards,
Peter
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