FW: [CANSLIM] Breakout Blues

From: "David Taggart" <dctag@mavericktrading.com>
Subject: FW: [CANSLIM] Breakout Blues
Date: Fri, 23 Aug 2002 13:31:16 -0600

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- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]
Sent: Friday, August 23, 2002 1:27 PM
To: canslim@lists.xmission.com
Subject: RE: [CANSLIM] Breakout Blues

I pretty much agree.  Especially being an everything trader.  I prefer
Position Trading ala CANSLIM and its off shoots but I also do my share of
swing and day trading. From those I can say that basic basing patterns like
flat bases work in every time frame.  I have tried them on weeklies,
dailies, 120 min, 60 min, 30 min, 15 min, 10 min, 5 min, and even a few
times on 1 min, and I can say that it works.  The main reason that I like it
is it gives a great risk reward ratio which is really what we are looking
for the best entry we can get to lower our risk.  If you buy or sell short
out of a nice flat base then you can place your stop underneath the base and
a lot of times you can have a lot tighter stop then the basic 7-8%.  I use
the Cup Handle much the same way with the stop usually beneath the handle
when it is not too deep.  But my point is that most people arent able to use
any system well due to their inability to use stops and good risk management
so after a few trades they throw in the towel and move to the next system.
I have seen a lot more successful different systems than I have successful
traders.  So go ahead and stick with CANSLIM it is one of the better systems
out there especially for the person who wants to trade but has a regular
job.   CANSLIM works better then most CANSLIM traders.

David Taggart

- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]On Behalf Of Edward W. Gjertsen
II
Sent: Friday, August 23, 2002 1:00 PM
To: canslim@lists.xmission.com
Subject: RE: [CANSLIM] Breakout Blues

Kelly and others in concern,

CANSLIM, while gaining popularity, is not even a minor blip and the
investment world's map.  What O'Neil imitated from Jack Dreyfus partly
was that good moves are made after a new high is reached.  As an
investment advisor, when I explain to clients that we look at buying at
near 52 week or new all-time highs, they look at me in disbelief.  19
out of 20 times I hear they would rather sell at those levels than buy.
Until the ratio becomes 10 out of 10, I will not be nervous over the
investment discipline.  There are many I speak with in our industry that
do not even know about IBD and/or CANSLIM, which on the surface seems
odd, but is natural given all the other disciplines out there.  No need
to fret Canslimers, the pond is wide and deep and we are a mere drop of
dew off a petal.

Have a great weekend.

Ed Gjertsen II
ed@macktracks.com

- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short
Sent: Friday, August 23, 2002 12:43 PM
To: canslim@lists.xmission.com
Subject: RE: [CANSLIM] Breakout Blues

David et al,

Come on! I'm just starting to feel comfortable with CANSLIM. Don't go
and tell me I have to learn the opposite of CANSLIM now! My head is
spinning- I think I'll go lay down...

Kelly

- -----Original Message-----
From: David Thompson [mailto:david@epud.net]
Sent: Friday, August 23, 2002 12:13 PM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] Breakout Blues

Tom and Robert

One of the concerns that I've had is that one of the principles of
investing is that once a very large group of people start following a
certain investment style it generally stops working. It seems that WON
has kept the C&H style of selecting stocks "fresh" by more and more
carefully defining what's likely to work and likely to not. However, I
suspect that significant growth in IBD (and they say it's growing
quickly, they're certainly giving away a lot of copies) will eventually
make it more worthwhile to trade against or outside the CANSLIM model.

David Thompson

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