I downloaded 3.2 beta from the Nirvana net site a day after my copy of 3.1 arrived, and have not used 3.1 since, I can't really say much of a comparison because Nirvana says 3.2 is faster, so I never bothered with 3.1. I have 3.2 all set up now, and see no reason to go to 3.1.
Anyway, I have started to grow rather suspicious of OT accuracy in its signals, when it works the trend is usually already up anyway, so that is a bit of a no brainer! Not to say the program is completely useless, but I never gained the confidence with it to buy a stock I have not heard of, so whole market searches and then placing an order before going to work is right out...pity!
I now use Elliot waves and Fibbonacci (Fib is covered in OT, so that is cool, but I prefer to do my own Fib calcs anyway, I seem to be able to pick the retracement better than OT does...)
My system of trading is a composite fundamental/tech approach, and it works well. I use the technique from Jim Slater's book "the Zulu principal" on stocks, which is, in a nutshell, divide the PER by the % earnings growth in the next 12 months (from literature!), and if the figure is less than .75 then the stock is good (if less than .5 it is GREAT), and then he gives a whole heap of other filters to consider to weed out crappy stocks.
I then try to use elliot wave theory and fibbonacci, though with some small stocks won't show waves very well, and then I use standard tech analysis including OT signals. When elliot waves are visible (and in many larger stocks they can be very clear sometimes) it works well, and I can often estimate retracements or impulse waves very well, though when corrections come it gets pretty hairy, sometimes I mistake a lower level wave within an impulse for the b wave, and end up buying before the real c wave takes place...
And my OT method is just to use it as a prospector. I get it to do whole market searches, and sort them by hitrate, then look at the best dozen or so candidates (I use Kit's stock, or Ed's Magic) and then see if I can dig something up on that stock, calculate some quick ratios, then sit down and try to do an Elliot wavecount.
ALso, I like the game and Lab mode, they really try out my elliot skills, and give you "the eye", which is the most important stock picking tool there is!
Julian |
