Quant Discret Trader - Adam Grimes PDF

The Quantitative Discretionary Trader:
Art and Science

Adam Grimes
Outline
 The Nature of the Market
 Toward a Critical Approach to Market Problems
 The Two Forces
– Mean Reversion
– Momentum
 Application
– Applying the patterns
– Tradeoffs in designing trading strategies
– The process of becoming a trader
© 2013 by Adam Grimes, LLC. All rights reserved.

Some Questions
 How do markets “really move”?
 Are there non-random, repeatable patterns in
markets?
 Is it possible to make money trading?
– We see successful traders. Are their results explainable by
chance?
The Market Tools for Analysis The Two Forces Application

The 800 lb Gorilla in the Room
 Extensive academic research questions whether it is
possible to make excess profits (above index
benchmark) from trading.
 Opinions are divided, but many researchers believe
that markets are highly efficient and that random
walks describe price movements well.
– Efficient Markets Hypothesis
– Random Walk Hypothesis.
 This is bad news for traders, if true.

The Efficient Markets Hypothesis
A capital market is said to be efficient if it fully and
correctly reflects all relevant information in
determining security prices. Formally, the market is
said to be efficient with respect to some information
set, φ, if security prices would be unaffected by
revealing that information to all participants.
Moreover, efficiency with respect to an information
set, φ, implies that it is impossible to make economic
profits by trading on the basis of φ.
– Burton Malkiel

Three Forms of EMH
 Weak form efficiency
– φ: includes only past prices
 Semi-strong form efficiency
– φ: includes all publicly-available information
 Strong form efficiency
– φ: includes all information, even secret, inside information
(Most researchers find strong form to be fairly strongly

contradicted by empirical evidence, and weak form
to be strongly supported.)
Poor Challenges to the Theory
 Non-normal distributions of returns and prices
– They are non-normal.
 Baseline drift
 Isolated examples of outperformance
– We can create “talented” coin flippers under the right
conditions.
 Inefficiencies due to microstructure or transaction
costs.
– In analysis, consider impact of stale quotes and illiquid
markets.

Credible Challenges to EMH
 The assumptions are flawed.
– All participants receive information at the same time
– No frictions or financing costs
– Everyone always acts rationally
– People never make mistakes (e.g., ticker confusion)
 There are overreactions and underreactions to news.
 Inside information
 Cost of information
 Long-term mispricings: booms, bubbles, and busts

South Sea Company
Share price 1719-1721

Credible Challenges to EMH
 Autocorrelation in returns
– Opinions differ, depending on the study and timeframe.
– Autocorrelated returns could = trending markets
 Volatility clustering
 Patterns in prices
– (More on this later)

EMH: One Trader’s Perspective
 Markets are almost always, but not always, efficient.
– Inefficiencies = potential opportunities for profit.
– Inefficiencies come in “spurts”.
 Price movements are usually random.
 Behavioral factors strongly influence price movements at
times.
 Market efficiency may be an evolving process.
 The bottom line:

– Price movements are mostly random.
– It is really hard to make money in the market, but…
– There are patterns in prices.
– Behavioral and psychological factors are important.

Randomness
 We have poor intuition and perception of randomness.
 Even well-educated traders suffer from this because it is
a fundamental element of human perception.
 There are more runs in random data than people expect.
– A trend in prices does not mean it’s non-random.
– The traditional “patterns” of technical analysis appear in
random price data.
 The feeling of “that can’t be random” often comes from a
poor understanding of randomness.
 Why do we care? Because if it’s random, you can’t make
money with it.
Coin Flips: Which Group is Random?
Group 1 Group 2
H, H, H, H, T, T, T, H, T, T H, T, T, H, T, H, T, H, H, T
T, H, T, T, H, T, T, H, H, H T, H, T, H, T, T, T, H, T, H
H, H, T, H, T, H, H, H, H, H H, T, H, H, T, T, H, T, H, H

Runs Tests for Random Data
Group 1 Group 2
4/2/3 [5 heads] 2/2 [5 heads]

2/2/3 [5 heads] 3 [4 heads]
2/5 [8 heads] 2/2/2 [6 heads]

Runs Tests for Random Data
Group 1 Group 2
Truly random Created by a human

(RNG using noise from (professional statistician) in a
nuclear decay.) best effort to appear random

Random Walk
 The classical “Drunkard’s Walk”
– Intoxicated man takes an (equal sized) step right or left
– Equal probability of either right or left.
– No memory of past steps
– The path he walks is a type of a random walk
– (Disciplined drunkard? Talk about a model not fitting
reality!)
 Can also generate from a coin flip
Pt = Pt-1 + x, x = -1 or +1 with 50% probability

Binomial Tree (Lattice)

Random Price Series 1

Random Price Series 2

Traditional Technical Analysis:
Support and Resistance Levels
 A price area which may offer sufficient supply
(resistance) or demand (support) to stop prices.
– Always think potential support or resistance…
 Usually zones, not exact levels.
– If drawing, think crayons, not an architect’s pen.
 Many ways to find these levels:
– Visible chart points
– Calculated levels (Gann, Fibonacci, Murrey Math, etc.)
– Opening range
– Volume analysis
Support and Resistance in Action
 These levels were calculated for Bidu, Inc. (Nasdaq:
BIDU) at the end of 2010 based on the daily chart.
 Consider intraday engagements of these levels with
the lessons of traditional technical analysis in mind:
– Broad zones, not exact prices.
– Support → Resistance and vice versa
– Gap through levels can be significant
– The more times a level is tested, the more valid it is.
 With calculated levels:
– If a level fails to hold, price usually moves to the next level.

The Levels on the Daily Chart

Intraday Levels

Intraday Retests

Moving Through Levels

…But Stopped at the Next Level

Equally Useful on All Timeframes

The “Math”
 On December 28, 2010 I generated these levels publicly
– http://youtu.be/5mPp7_fajvo
 I drew random horizontal lines on the chart!
– These levels are completely random.
– (There is no “file drawer” problem. This was only done for BIDU.)
 If you are using levels, are they better than this?
– Are you sure?
 The lesson:
– Any line(s) on a chart will appear to be significant.
– You cannot trust your perception.

Tools for Analysis
 Financial markets generate a tremendous amount of
data, most of it numerical.
 It is tempting to apply analytical tools from other
disciplines to market data, but be careful.
– Physical analogues (Newton’s laws, etc.)
– Tools from digital signal processing (radar, audio, etc.)
– “Quasi-mystical” approaches (ratios, astrology, etc.)
 Behavioral and psychological factors are important
– The social sciences have shown us that crowd behavior is often
amenable to statistical analysis.
 The market is not a math problem, but it looks like one.

Analyzing Market Data
 The goal is to be able to distinguish non-random
price action from the noise.
– “Hey, that’s different.”
– Significance testing may be flawed.
 Also need to assess economic significance.
 Consider risk and volatility.
– Sometimes it might be preferable to make less money with
more certainty.
 Markets are very noisy and have a high degree of
randomness
– Simple and robust mathematical tools are often better.

Simple and Robust Tools
 Basic statistics
– Ways to summarize a data set
 Measures of central tendency
 Measures of dispersion
 Simple statistical tests
– Linear regression
– Hypothesis tests (can be misleading)
– Checks for stability (e.g., stationarity)
 Test procedures
– Exploratory data analysis
– “Bin” analysis
– Event study methodologies

General Advice
 Do some work by hand. There is value in having close
contact with the data.
 Conversely, make sure you also look at large amounts of
data with appropriate tools.
 Avoid data snooping bias. Don’t “shotgun test” many
patterns. Have an idea.
 Understand why something should work. (Have an idea.)
– Every good market idea has a reason why it should work.
– It might not be obvious, but it is there.
 If something is too good to be true, you made a mistake.
 Consider economic significance in addition to statistical
significance.
 Above all…
Be careful of the easy answer.
Make sure you understand your tools deeply.

What is the Correlation?
A. Closer to 1
B. Closer to 0
C. Closer to -1
D. Can’t tell

What is the Correlation?
A. Closer to 1
B. Closer to 0
C. Closer to -1
D. Can’t tell
Correlation = -1.0

How?
Correlation of Daily Returns
 The process was:
– Day 1: Series A: +1.0%, Series B -0.5%
– Day 2: Series A: -0.5%, Series B + 1.0%
 Over any period of multiple days, both series
advance, but they
do so in perfect
inverse daily
correlation.

Correlation = +1.0

Tools of Traditional Technical Analysis:
Fibonacci Ratios
 Ratios are derived from the “Fibonacci sequence”
Fn = Fn-1 + Fn-2
 Whether or not a number is in “the sequence” is meaningless.
– Can generate the ratios using any seed numbers
– There is no value to using “Fibonacci numbers” e.g., as inputs for
indicators or bar lengths.
 Superstition and mathematical illiteracy?
 The ratios between numbers in the sequence are important in
nature, art, music, etc.
~61.8%, ~38.2%, ~23.6%
– Fibonacci traders also use 50%. Why? (It is not a Fib ratio.)

Testing Fibonacci Ratios
 Ralph N. Elliott reasoned that if these ratios are so
important in nature (they appear to be), they should
also be important in financial markets.
 Are swings more likely to terminate at or near
Fibonacci ratios?
 How to test?
1. Create a system for defining swings in markets.
2. Collect a large number of swings from different markets,
asset classes and timeframes.
3. See if they tend to terminate near Fibonacci ratios.

Defining Swings
 Many ways to do this, but these tests used a tool I
developed called AlgoSwings®
– Uses both price structure and volatility to define swings
 Example, to define an upswing, watch for the
reversal to a downswing.
– Highest point of the upswing is the “pivot high”.
– Basic swing trigger is a reversal that violates the N day low.
– Also require a swing to reverse at least X ATR’s (average
true ranges) from the pivot high.
– All of these inputs can be modified.

Algo Swings with Fibs

Algo Swings with Measured Swings
C
A

Retracement Summary Stats
 Added a simple trend filter
– Removed all retracements which were > 100% of the
“setup” leg.
 Other definitions of trend were possible (and the
work was also done with no filter), but this is the
simplest.

Testing the Ratios
 If Fibonacci Ratios accurately describe retracements
in markets, we should see a distribution of
retracement measurements that cluster near the
ratios.

Retracement Ratios
with Trend Filter

Retracement Ratios
with Trend Filter

Going Further:
Only the Best Trades
 Perhaps ratios are more significant in “good” trades.
– Length of extension > 25% of setup leg
 Assures adequate profit potential
– For a long trade, the low of the retracement must be higher than the
low of the setup leg.
– The extension must make a new high relative to the setup leg.

Retracement Ratios
for Qualified Extensions

Retracement Ratios
for Qualified Extensions

A Related Question:
 Do shallower retracements lead to stronger
extensions?
 Categorize extensions by the size of the preceding
retracement.
 If this is true, then shallower retracements should
have larger extensions.

Fib Summary:
Fibonacci Fibs?
 We see no evidence that Fibonacci Ratios describe
important structural points in the market, over a
large and diverse sample.
 The received wisdom that smaller retracements lead
to larger extensions is also strongly contradicted by
the data.
 Filtering for best trades or volatility did not do much
to affect results. (Not all tests are presented here.)

Fibonacci Lessons
 It is likely a serious mistake to use Fibonacci ratios as
entry points, stops, or profit targets.
 This challenges many beliefs and much of the literature.
– Much of the literature is based on superstition and quasi-
mystical appeals to authority. (E.g., the claim that the height of
the Giza pyramid, measured in inches, is a Fibonacci number.)
 These tests may have missed something. This is not
conclusive disproof, (but the burden of proof should lie
with those selling Fibonacci-based systems/products.)
 Look for retracements to terminate around 50% of the
extension, with a large margin of error.

The Tools of Traditional Technical
Analysis: Moving Averages
 Many different types of moving averages.
 Traders use moving averages in many ways
– As support or resistance
– As a trend indicator
 Questions
– Is there non-random price action around moving averages?
– Are there “special” moving averages?
 50 day, 200 day, etc?
– Do moving average based trend indicators “work”?

Moving Average as Support

Moving Average Value Changes
As the Bar is Formed

Moving Moving Averages
 The value of the average changes as the bar is
formed.
 More significant for shorter period moving averages
and for front-weighted averages.
 May or may not be a problem, but some of the best
tests of moving averages were not tradable in real
time if buying on the average.
 Will not affect failed tests, so this could skew results.
 A possible solution is to use the previous bar’s MA.

Event Study Methodology
 Define test universe.
– Represent all important asset classes
 600 stocks, by market cap
 16 liquid domestic futures markets
 6 major currencies against the USD
 Random walk simulations
– Consider historical period (1/1/2001 – 12/31/2010)
– Address several volatility regimes.
– Adjust for baseline drift.
 Compute summary stats for each asset class.

Event Study (cont.)
 Define a precise condition that will result in a trading
signal.
– Symmetrical for buy and sell.
 Work through each bar of the universe looking for
the condition.
 Record returns for each bar following the condition.
 Combine all N+1, N+2, … returns to get a composite
for each bar following the signal.
 Create excess return measure (signal – baseline) for
each bar.
Event Study Summary Output

Moving Average Touch and Hold Tests

Moving Average Fade Break Test

MA Fade Break, 50 SMA

MA Fade Break, 200 SMA

MA Fade Break Results
 Something interesting is going on here.
 Evidence that asset classes do not “trade the same”.
 In Equities:
– Statistically significant sell signal
– Buy signal that decays into a sell signal
– Effect sizes are not small
– Evidence that contradicts random walk!
 Results (not shown here) look basically the same for
different periods or types of averages.
 Results in Equities are also strong using random period
moving average.
– Wait. What?

Thinking About MA Breaks
 There seem to be no “special” moving averages.
 If all moving averages seem to work the same way,
why use them as support or resistance?
 There is an interesting pattern in the break test, but
what if we run the test without the moving average?
– For a buy, price has to close below the MA, and the
previous bar’s close had to be above the MA.
– This almost always means the entry bar’s close is below the
previous low.

Fade Close Outside Previous Bar’s Range

Moving Averages, Explained?
 Particularly in Equities, the effect of any moving
average is wholly explained by normal mean
reversion.
 Will see same effects with any or no moving average.
 Be very careful about how you use moving averages
– Support and resistance? No.
– As actual levels to enter and exit trades? Maybe.
– But what about the slope of a moving average?

Slope of 50 SMA as Trend Indicator

Uses of Trend Indicators
 Traditionally, we are told to buy and to avoid shorts when
a trend indicator is up.
 Many trend indicators allow a neutral condition as well.
 Often, we are told to use higher timeframe trend
condition as filter.
– This is smart marketing. (It’s a little harder to test.)
 Test procedure:
– Categorize returns by the previous bar’s trend condition.
 This is critical. Otherwise, you assume information you
would not have had at the time.
 Many mistakes are made here!

Slope of 50 MA, Categorical Returns

Triple Moving Average Trend Indicator
 Apply multiple moving averages to a chart.
 Only trade when they are in the “right” order. I.e.,
only buy when the faster period moving averages are
higher than the slower period.
 Can also use slopes of multiple moving averages.
 A common variant uses 10, 20, and 50 SMAs.

Triple MA Trend Indicator, Categorical Returns

Moving Average Conclusions
 There are no special moving averages.
 Moving averages do not provide support and
resistance.
 The slope of a moving average is not a reliable
indicator of trend.
 Trend indicators derived from the position of
multiple moving averages are not reliable indicators
of trend.

A Useful Construct: The Two Forces
 Price movements are shaped by
– Mean reversion
 Large movements are reversed
– Momentum (range expansion)
 Large movements lead to more movement in same direction
 Over a large sample of market action, these two forces
balance each other out.
– Random walks describe price movements well when the forces
balance.
 Is it possible to identify conditions that will show when
one force is likely to predominate?
– This is a quantitative way to address the trading problem.
– (The answer is yes.)

Mean Reversion
 Fading large single bars
– Volatility-adjusted measures are best
 Fading N-day runs
 Fading breakouts of N-day highs or lows
– Donchian channels
 Fading large excursions from moving averages
– Keltner channels or Bollinger bands
– Perhaps we should be suspicious of precise values?
 Different asset classes and timeframes have different

tendencies for mean reversion!

Fading +/- 3σ Closes
Close in top 75% of range, and Open in Bottom 25% (for sells).

Crude Oil with 20 Day Channels

Trading 100 Day Channels
(at least 5 days between entries)

Stocks at 52 Week Highs
 Many fundamental systems include some token
technical criteria.
 A common one is to only buy stocks that are at or
near 52 week highs.
 The logic is that a stock going up is supported by
buying pressure, and that the market has already
voted.
 This is very logical, but, unfortunately, also wrong.
 Buying stocks at 52 week highs puts you on the
wrong side of one of the strongest statistical
tendencies in the market: mean reversion.
Trading 260 Day (~52 week) Channels
(at least 5 days between entries)

Indicators: Standard RSI-14 (70/30)

RSI-14 Test

Momentum
 Volatility compression
 Pullbacks
 These tendencies can be captured in some

traditional chart patterns.

10 and 50 Day Historical Vols

Volatility Compression Test
 Most breakouts fail (mean reversion).
 Can we qualify breakouts with a volatility condition?
 Ratio of 5 to 40 day ATR is < 0.5.
 Current day’s range is >= 5 day ATR.
 Current day closes in top 50% of range.
 These are crude criteria, but good for general test.

 (Volatility evolves differently in forex, so sample size
too small.)

Volatility Compression Test

Pullback Test
 Buys are allowed after the market closes above the
upper channel.
 Entry trigger is a touch of the previous day’s 20
period XMA.
 Only one entry allowed per touch of the channel.
Condition is reset after entry.
 Rules are symmetrical to the sell side.

Keltner Pullback Entry

Keltner Pullback Entry Test

The Two Forces: Summary
 Mean reversion and momentum would balance each
other out in random walk markets.
 Certain trigger conditions can tilt the scales in favor
of one condition over the other.
 These are simple but robust tests.
– Avoid “full system” tests for tendencies. (These are
common but potentially misleading.)
 Understand the balance of these forces in your
chosen market and as they apply to your trading
patterns.

Now what?
 There is more to successful trading than knowing
what to do.
 Successful trading comes from the successful
application of correct principles of price behavior.
 If we know the right thing to do, why is it so hard?
– “It is not so much that the market is against us; it is that
the market sets us against ourselves.” (TAAS, 347)
 Most people are not prepared for the extreme
variability of trading returns.

Human Performance Varies
Babe Ruth’s Hit Rate, 1951-1968

Example: Hypothetical Trading System
 Wins 50% of the time. Wins are always 1.2R
 Loses 50% of the time. Losses are always 1.0R
 What is the expected value of this system?
(50% * 1.2) – (50% * 1.0) = 0.1
 (What does this mean?)
 Assume we trade 250 trades from this system, risking $2,000
per trade with a starting equity of $100,000.
 “Should” end up with $150,000
(250 * $2,000 * 0.10) = $50,000 profit
The Market Tools ©

for2013
Analysis The
by Adam Grimes, LLC. Tworeserved.
All rights Forces Application
Results Are Not Always What You Expect
The Market Tools for Analysis

© 2013 TheAllTwo
by Adam Grimes, LLC. Forces
rights reserved. Application
Learning to Trade: Two Mistakes
The Quest for the Holy Grail “Tell me about your Mother…”
 Always looking for a better  The idea that all your
indicator, system, or tool. answers are to be found in
 Reliance on gurus. psychology.
 Paralysis by analysis.  “Anything works” you “just
 Easy to blame losses on have to find what works for
imperfect tools. you.”
 Places the blame for losses
on imperfect psychology.

Building a Solid Foundation
 Both answers are right, but both are wrong without the other.
– Must have a system aligned with market reality.
– Must be able to apply it.
 Solid principles can be applied anywhere in the spectrum of
discretionary → systematic trading.
– The total gut-feel trader.
 Probably not many of these who work successfully outside of a
few specific environments.
– The nearly completely systematic trader
 If you are not trading 100%, purely systematically, you are partially
discretionary.
 Discipline is key
– The market has evolved because of traders’ mistakes.
– The difficult thing is often the right thing.

Two “Styles” of Trading
 With-Trend
– Seeks to enter a position in alignment with the preexisting
trend, or at the beginning of a new trend.
– Common structures are pullbacks and breakouts.
– Ideal entries are often around “centers”.
 Counter Trend
– Looks to take positions against the current dominant trend on
the trading timeframe.
– Is there any true countertrend trading?
– Hope is to be able to capitalize on a shorter trend against the
main trend.
– Trades often come around extremes.

Comparison of the Two Styles
With-trend Counter-trend
 Trades can often be held a  Trades tend to have limited
long time. expectation.
– “Ride your winners”. – Important to take profits
 Winners tend to be larger proactively.
than losers.  Losers are often bigger than
 May reward a more passive winners.
mindset.  Often require aggressive
(decisive) psychology.
– Immediate gratification
 More trades
If the Only Tool You Have Is a Hammer…

Trading Mean Reversion
 The concept is to trade large moves.
 Markets “probe” areas looking for stops (attempting
to generate volume.)
 Some traders simply fade large moves.
– May quantify many different ways.
– Requires scaling in.
– Invites emotional reactions.
– May work for years then blow up and lose everything.
 The Failure Test is a good alternative.

The Failure Test
 Price probes beyond a level, finds no conviction, and
quickly reverses.
– Can occur in a trending market or a trading range
– Consider relationship to higher timeframe trend.
 Objective entry pattern with a clearly defined risk
point
 Other names:
– Spring or Upthrust (Wyckoff)
– 2B (Victor Sperandeo)
– Bull or Bear Traps

The Failure Test:
Entry Trigger

The Failure Test: Trade Location

A Third Possibility

Failure Test:
Stop Location

EURUSD

S&P 500

Gold Futures, 2011

Soybeans

Be Careful of this Environment

A Sample Intraday Failure Test Entry
 Adapt Failure Test Pattern, but use HOD and LOD as the
reference levels.
– Could do this with awareness of important levels on daily chart.
– Could also consider the Taylor Rhythm.
 Do not trade in first half hour or last hour of the day.
 5 min S&P Futures bars
– Keltner Channels (2.25 ATRs +/- 20 XMA)
 Previous HOD/LOD must have been outside Keltner Channels.
 Must be at least 3 bars between entry bar and previous
HOD/LOD. (Avoid “sliding” trends.)
 Must have > .75 point failure back inside HOD/LOD.
 Wait for the close of the bar.

4/11/13

4/12/13

4/15/13

4/16/13

4/17/13

Trading Momentum:
The Pullback
 Trends tend to move in alternating patterns of with-
trend strength and retracement.
 The pullback captures this fundamental element of
price behavior.
 Uses market structure to limit and define risk.
 A pullback is a shorter-term countertrend move in a

larger trend.

Many Names for One Idea

Two Important Variations

Pullbacks

Pullbacks: How to Enter Trades
 Broadly speaking, two plans (for long trades):
 A. Buy failure tests near the bottom of pullbacks
 B. Buy breakouts after a pullback
 These two plans offer a tradeoff between trade location and
confirmation.

Stop Placement: Tradeoffs

Consider Profit Targets

Pullback: Sample Trading Plan
 Using Keltner Channels and Modified MACD:
 A long setup occurs after sharp momentum:
– Price goes through the upper Keltner Channel
– MACD makes a significant new high
 A long entry occurs:
– After price pulls back near the EMA
– On the bar that “hooks” the fast line of the MACD in the direction of the trend.
 Do not trade after a climax.
 Initial stop placement:
– At the point at which the pullback is violated
– Never moved in the direction of risk
 Profit targets
– Take 1/3 of the position off at 1X and 2X risk.
– Watch for failure around previous trend extreme.
(Examples show 10 minute S&P 500 E-mini futures, 24 hour data.)

2/20/13

2/21/13

2/22/13

2/25/13

2/26/13

2/27/13

This Is Only a Beginning
 Other patterns:
– Breakouts
– The Anti
– Other Pullback entries
– Pattern Failures
 Using multiple timeframes to refine entries and manage risk.
 Position sizing
 Trade management
 Understanding trading psychology
 Monitoring performance
 Ongoing research
 Developing the skills of successful trading

Author’s blog:
http://adamhgrimes.com

Waverly Advisors, LLC:
Research Products
Tactical Playbook
– Written for the active trader on the daily/weekly timeframes
– Exact trade recommendations
 Hybrid systematic-discretionary methodology
– In-depth technical “drill down” into a set of markets.
– Bigger-picture overview of all liquid asset classes.
Tactical Portfolio Outlook
– Written for the longer-term manager
 Addresses both the allocator and the longer-term active trader.
– Emphasis on executing with ETFs in a long-only and long-short environment
– Focus on Equities, Equity Sectors, and other asset classes
– Macro perspective on risk factors and major economic events.
Options Market Outlook
– Proprietary, quantitative analysis of options market
– Incorporates both volatility and directional analysis
– Macro risk factors and cross-asset perspective
– Actionable trade ideas

Contact Information
Adam Grimes
email: adamhgrimes@gmail.com
blog: http://adamhgrimes.com
Waverly Advisors
website: http://waverlyadvisors.com
phone: (607) 684-5300
Chris Noye, Managing Director, Head of Sales
noye@waverlyadvisors.com

Links
 Research samples
– Tactical Playbook http://bit.ly/1bsUwlI
– Tactical Portfolio Outlook http://bit.ly/1cmENFV
– Options Market Outlook http://bit.ly/GYkQef


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The Quantitative Discretionary Trader:

Art and Science

© 2013 by Adam Grimes, LLC. All rights reserved.

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