FW: [CANSLIM] Breakout Blues

From: "David Taggart" <dctag@mavericktrading.com>
Subject: FW: [CANSLIM] Breakout Blues
Date: Fri, 23 Aug 2002 13:29:57 -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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