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General Discussion · Gossett Trading & Mentoring - 2/12/22 - Review of last week's stock trades & potential stock trade set ups for the upcoming week
davesaint86
msg #158815
3/14/2022 1:49:29 PM

https://www.udemy.com/course/learn-how-to-trade-the-deep-dip-buy-stock-trading-strategy/

$13.99 (rest of the day)

General Discussion · Gossett Trading & Mentoring - 2/12/22 - Review of last week's stock trades & potential stock trade set ups for the upcoming week
davesaint86
msg #158812
3/14/2022 11:06:23 AM

Something else that is interesting about Gregg Gossett.

He thinks his dad is DB Cooper.

https://www.youtube.com/watch?v=5ZW4Q2HyRbE&t=835s

General Discussion · Gossett Trading & Mentoring - 2/12/22 - Review of last week's stock trades & potential stock trade set ups for the upcoming week
davesaint86
msg #158807
3/13/2022 8:35:01 PM

https://www.portfoliovisualizer.com/test-market-timing-model?s=y&coreSatellite=false&savedModelList=3-Weekly+Dual+Mom+47.41%25+SR%3D2.08&timingModel=4&timePeriod=4&startYear=1985&firstMonth=1&endYear=2022&lastMonth=12&calendarAligned=true&includeYTD=true&initialAmount=1000000&periodicAdjustment=0&adjustmentAmount=3000&inflationAdjusted=true&adjustmentPercentage=0.0&adjustmentFrequency=3&symbol=COST&symbols=QQQ%2CVGT%2CFDN%2CIWF%2CARKW%2CXLK%2CFTEC%2CVCR%2CMDY%2CDBC%2CXLP%2CXLE&singleAbsoluteMomentum=true&absoluteMomentumAsset=SPY&volatilityTarget=9.0&downsideVolatility=false&outOfMarketStartMonth=5&outOfMarketEndMonth=10&outOfMarketAssetType=2&outOfMarketAsset=IEF&movingAverageSignal=1&movingAverageType=1&multipleTimingPeriods=false&periodWeighting=2&windowSize=-1&windowSizeInDays=105&movingAverageType2=1&windowSize2=-1&windowSizeInDays2=135&excludePreviousMonth=false&normalizeReturns=false&volatilityWindowSize=0&volatilityWindowSizeInDays=20&assetsToHold=1&allocationWeights=1&riskControlType=1&riskWindowSize=-1&riskWindowSizeInDays=19&stopLossMode=2&stopLossThreshold=2.25&stopLossAssetType=1&rebalancePeriod=0&separateSignalAsset=true&signalAsset=SPY&tradeExecution=0&leverageType=0&leverageRatio=0.0&debtAmount=0&debtInterest=0.0&maintenanceMargin=25.0&leveragedBenchmark=false&comparedAllocation=-1&benchmark=-1&benchmarkSymbol=SPY&timingPeriods%5B0%5D=5&timingUnits%5B0%5D=2&timingWeights%5B0%5D=100&timingUnits%5B1%5D=2&timingWeights%5B1%5D=0&timingUnits%5B2%5D=2&timingWeights%5B2%5D=0&timingUnits%5B3%5D=2&timingWeights%5B3%5D=0&timingUnits%5B4%5D=2&timingWeights%5B4%5D=0&volatilityPeriodUnit=2&volatilityPeriodWeight=0

General Discussion · Gossett Trading & Mentoring - 2/12/22 - Review of last week's stock trades & potential stock trade set ups for the upcoming week
davesaint86
msg #158806
3/13/2022 8:31:49 PM

Thanks for taking the time to respond.
Hope you get what you're after from the one on one training.

Ed S.


Time will tell if it's worth it or not. He said once I'm done with the one-on ones he will be inviting me to be a (no cost) of a professional traders forum that he is a part of. It is my understanding that Steve Burns and Rayner Teo are also members along with many other professional traders.

https://www.amazon.com/Steve-Burns/e/B00LMKQPUQ%3Fref=dbs_a_mng_rwt_scns_share

General Discussion · Gossett Trading & Mentoring - 2/12/22 - Review of last week's stock trades & potential stock trade set ups for the upcoming week
davesaint86
msg #158805
3/13/2022 8:22:20 PM

Cheese!

The Deep Dip Buy is just one approach that I'm supposed to learn. I personally think the value of his approach is not what to buy and his entry rules, but his approach to position sizing and scaling out of trades.


@davesaint86 and @Nibor100

Both of you seem to be very keen on the Gossett approach.

I honestly couldn't see its distinct competitive edge. In my simple mind, it is a collage of
various other popular concepts.

I hope you don't mind I ask this:
What are some of the major features of Gossett approach
that loudly distinguish his approach from the crowded competitors' space?

General Discussion · Gossett Trading & Mentoring - 2/12/22 - Review of last week's stock trades & potential stock trade set ups for the upcoming week
davesaint86
msg #158802
3/13/2022 5:15:43 PM

Nibor

Here you go. Answers below your questions.

These questions are regarding the TradingView Deep Dip Buy trade simulation chart that you posted a link for:

1. On the left upper part of your chart you have a line that starts with "Ratings" and further down you have a line that starts DaveSt RSI Trend.

I assume those are your indicators and if so could you briefly describe them?
Correct! Ratings is a TradingView Indicator, not something I coded. The DaveSt RSI contains SMAs and MAs. Also, it also contains an option to color the candles based on a RSI 14/21 cross or any other cross one specifies.

2. It appears from the 2 days of Profit Target executions you have described in the text boxes that the 2nd day Sold 10% of remaining shares after the first day sales and not 10% of the original shares purchased. Is that correct?
The second day of the trade 2 profit out of the 3 profit targets were hit, so that is 20% of the 105 original shares purchased. 85 shares are remaining as of the close of day 2. One would set three new profit targets based on the close of day 2 for the next day. Profit targets are adjusted daily based on the close of the day. On day 4 of the trade one the 1st profit target set based on the close the day before was hit and 9 shares out of the remaining 85 were sold. The next day (day 5) the close closed below the previous day’s low. Also, the RSI closed below the 50 level and price closed below the 50 SMA. All the remaining shares were sold at the close on this day and one would be completely out of the trade.

3. I can't tell which colored wavy lines are which moving averages, could you explain which is the 50day etc.?
The light blue is the 5 ema. The grey/silver looking line is the 50 SMA. The blue/orange line is the 20 SMA. The lower orange line is the 300 SMA. The fuschia line is the 250 SMA. The black line is the 200 SMA.


4. When I look in the bottom section below the main chart for the rejection of the 50 RSI level I see an RSI section with a descriptor RSI_X3 (Close,5,14,21).
This is one of my custom indicators. I’m only showing the RSI(14) which equates to any standard RSI(14) level. The level will not exactly match the level in StockFetcher due to me having the TradingView adjustment for Dividends turned on.

Is that Gossetts RSI and parameters, or yours?
His parameters – see the explanation above.

Since the ATRs are based on 20 days why isn't the RSI being used based on 20 days?
I don’t know. There are 20/21 trading days in an average month might be the reason for the ATR being set to 20. The ATR is base on the 20 SMA.

5. In a lot of his videos that I've watched he normally would sell only 50% when the close is below the previous day's low, is the reason he sold all was because of the combination of rejected indicators?
There are rejection of the RSI 30 level trading rules rejection of the RSI 70 trading. Please review the trading rules again. To answer your question in a nutshell, the answer is yes.


6. The 3 profit targets are .45 ATR in succession which by my math is .45ATR .90ATR and 1.35ATR.
His Trailing Stop level is 1.5ATR.

Is there a some specific reason he just doesn't use the same !.35 ATR level for his trailing Stop mode since the .15ATR difference is so minor?
Sorry, I have no idea.

7. Looks like the MACD in the bottom section is using the standard 12,26,9 settings, instead of using the 20 day in any setting position, is there a specific reason for that?
He did mention in one of his videos that he uses the MACD to gauge the strength (based on what Alexander Elder taught him), looking at the current support levels vs the previous time price hit the same support level. He looks at the bars on the MACD go see if price is stronger.

and a Bonus question related to his one on one instruction you are participating in:

Is part of your practice/homework is to watch his weekly recap video for last week and this week to see if you would have made the same trading decisions?

He records our sessions recommended that I listen to the recorded session which I’m doing right now. I also listened to his weekly podcast. I went through his Udemy trading course three times and read his class notes before each session. I only had one session so far. The next one is Tuesday night.

Thanks,

Ed S.


General Discussion · Gossett Trading & Mentoring - 2/12/22 - Review of last week's stock trades & potential stock trade set ups for the upcoming week
davesaint86
msg #158797
3/12/2022 3:37:24 PM

Nibor - Sorry. You are correct?

General Discussion · Gossett Trading & Mentoring - 2/12/22 - Review of last week's stock trades & potential stock trade set ups for the upcoming week
davesaint86
msg #158793
3/11/2022 11:39:03 AM

There is not Lower Keltner(200,1). The Keltner channels are set at (20,1), (20,2), (20,3). There are many ways to skin a cat in trading if you use proper risk management and back test your strategies. I already thought to myself can I incorporate the risk management position sizing/and profit targets when buying over the Ira Epstein strategy. I think one could. Currently, I'm going to learn all of his systems (since he is my mentor) and look to make tweaks her and there if I think they are needed. I asked him for example about being constantly whip-sawed in a market like the one we have now. Meaning, I think personally I would take current market conditions into whether I'm going to take trades that day. He did make a good point. He stated that the using the ATR for the emergency stop, trailing stop and profit targets do adjust to the current volatility. He even proved the point by showing me how the positions sizes are much now then they were months ago.

3/10/2022 10:06:38 PM

https://www.stockfetcher.com/forums/General-Discussion/Gossett-Trading-Mentoring-2-12-22-Review-of-last-week/158585

davesaint86 3/10/2022 9:01:45 AM
Deep Dip Buy Trading Rules
Position Sizing / Emergency Stop
==============================================

@davesaint86

Maybe a simplified Deep Dip Buying approach for small swings could be something like this?

Example $1,000 (1% Maximum Loss based on account size) / 18.41 (2-ATR) = 54.31 shares to purchase
Set Emergency Stop $18.41 below the entry price - If prices goes down $18.41 from your entry,
exit the trade immediately for a $1,000 maximum loss

1. Start with: Determine how many shares to purchase and how far below our entry price will we place our emergency stop
● Determine maximum loss (Example 1% of our total capital)
● How many shares to buy based upon our maximum allowed loss / value of 2-ATR
● Set the Emergency Stop (Risk = 1% of Total Capital which is $100,000. So risking $1,000 / 5.35 (2-ATR) = 187 shares to purchase)


BUY if any of these occurred
● close crossed above MA200 from below and stays above
● RSI crossed above 30 and then stays above 50

SELL if any of these occurred
● price has moved the value of 1.5 ATR from the entry price
● RSI rejected around 70 level
● Sell whenever price moves the distance of .45-ATR from the previous day's close
● Sell whenever price moves below Lower Keltner(200,1)
● exit the trade immediately for loss of 1% of Total Capital or higher

Thank you in advance for sharing your thoughts and experience.

General Discussion · Gossett Trading & Mentoring - 2/12/22 - Review of last week's stock trades & potential stock trade set ups for the upcoming week
davesaint86
msg #158792
3/11/2022 11:10:31 AM

Cheese -I agree. I don't haven't created an improvised approach. I want to learn his strategies first. He stated to me that he trades all timeframes (monthly, weekly, daily, 5-min). What you see on his videos what he actually does.

3/10/2022 6:34:39 PM

https://www.stockfetcher.com/forums/General-Discussion/Gossett-Trading-Mentoring-2-12-22-Review-of-last-week/158585

davesaint86 3/10/2022 9:01:45 AM
Deep Dip Buy Trading Rules
Position Sizing / Emergency Stop
==============================================

@davesaint86
The Gossett approach seems quite complicated, and may be more appropriate for bigger trades,
where scaling in and scaling out would make more sense.
Do you have any improvised fast track Gossett approach for smaller swing trades?
Thanks.


General Discussion · Gossett Trading & Mentoring - 2/12/22 - Review of last week's stock trades & potential stock trade set ups for the upcoming week
davesaint86
msg #158791
3/11/2022 11:07:22 AM

Nibor - Where do you see the Keltner(200,1) at? It is not correct. He told me personally that he takes at least one trade per day in his personal account based on his analysis of what he thinks has the best risk-reward based on a confluence of multiple buy signals. He told me he risk 1/2% since he has a larger account. He said at age 21 he sold a Chewing Gum company to some investors who used his technology in his gum to produce Zycam. He said he lost over 1 M in six months back in 2001. He said he is pretty conservative when it comes to trading. He is working as a professional trader also and he said in that job he averages 100 trades per day. Just FYI - he is providing me one-on-one training and mentoring (5/3 hour sessions). I completed the first session Tuesday night. He told me his personal mentors have been, Dr. Alexander Elder, Steve Burns and Kelly Lovvon. He said also, he has trained under Larry Williams.

About the sell rules conflicting, please explain. The Deep Dip strategy is just one of his strategies. I asked him when he buys. He said most of the time seconds before the market closes.


3/11/2022 1:21:28 AM

@Cheese,

1. I've watched quite a few of Gossett's videos on his execution of that strategy and it definitely is the way he trades his positions.

2. He makes a point of trying to limit himself to 1 trade a day following that strategy.

3. Many advisors on proper risk for any single trade state: at most risk 2% of trading capital on any one trade but preferably limit it to 1% since no approach is impervious to a string of consecutive losing trades. So scaling in and out is what many accomplished traders do, now that zero commissions exist.

It is also the preferred way to ride a winner as long as possible so you end up a few large winners and most likely a larger number of very small losers.

4. Some of your Sell rules seem to possibly conflict with others due to limited explanation of the Buy points in relation to prior day's close.

5. Is Keltner(200,1) a typo?

Thanks,
Ed S.

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