No. of Recommendations: 2
Using a spreadsheet watchlist, I'm finding out whether it is worth it to set up limits ahead. A stock goes on or off the spreadsheet by the fundamentals & technical as best they can be handled. But at the top, there are some numerical entries that apply to the overall situation, such as how much the SPY is above its average trend (courtesy of http://www.bmwmethod.com/screens/screens.php?side=buy) using the list stock feature, several ratios, etc. There is also a variable for buy and for sale. The latter is adjusted a small amount toward the current price if nothing happens, and a larger amount away if there is a buy or sale. The list is ranked according to a column that takes various entries into account from most likely to be a good buy to most likely to be a good sale. According to the ranking, a little is added or subtracted to the suggested buy/sell price to make a new buy/sell price. Entries are updated weekly.

The primary use is to make it harder to panic, or to follow a fad. By carefully setting up the ranking column, it does a pretty good job of suggesting what is probably reasonable on price.

I think of it as the filter and trapline method. You find out how the beast acts, and set out your traps where they might catch something.
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