(2013-07-20, 02:41 AM)anupam384 Wrote: Thanks for your insight. Seems like I missed the boat on this one too. I know every trader is different but still if you don't mind, could you let me and others know the scan that you run to find stocks that might break out and should be on our watchlist. The one that I use now clearly misses a lot of these breakouts and I catch them on the pullbacks.
I have an account at Stockfetcher and if you give me some parameters I can try to have a filter who would spit out some stocks for my watchlist.
The scan I use to find the daily breakouts and breakdowns in the S&P 500 looks for simple double top and double bottom point and figure breakouts using the traditional scaling method. I do this via stockcharts.com as it's a very simple one line of code scan on there, and I'm not sure if other services will be able to do the same as there are very few services that chart point and figure properly.
This then gives a basic list of all the breakouts and breakdowns in the S&P 500 which I post daily, which I then look through the charts of manually to see if any are suitable for the method.
You could get a similar result if you could code a way in your software to look for the most recent swing high, and then set it to identify any closes above that level. Which would then give you a small list to look through charts of manually, to see if any are suitable for the method.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
(This post was last modified: 2013-07-23, 02:02 AM by anupam384.)
RE: Watchlist - Investor method
(2013-07-20, 02:56 AM)isatrader Wrote:
(2013-07-20, 02:41 AM)anupam384 Wrote: Thanks for your insight. Seems like I missed the boat on this one too. I know every trader is different but still if you don't mind, could you let me and others know the scan that you run to find stocks that might break out and should be on our watchlist. The one that I use now clearly misses a lot of these breakouts and I catch them on the pullbacks.
I have an account at Stockfetcher and if you give me some parameters I can try to have a filter who would spit out some stocks for my watchlist.
The scan I use to find the daily breakouts and breakdowns in the S&P 500 looks for simple double top and double bottom point and figure breakouts using the traditional scaling method. I do this via stockcharts.com as it's a very simple one line of code scan on there, and I'm not sure if other services will be able to do the same as there are very few services that chart point and figure properly.
This then gives a basic list of all the breakouts and breakdowns in the S&P 500 which I post daily, which I then look through the charts of manually to see if any are suitable for the method.
You could get a similar result if you could code a way in your software to look for the most recent swing high, and then set it to identify any closes above that level. Which would then give you a small list to look through charts of manually, to see if any are suitable for the method.
isatrader - You were right. I dont think I can code a filter that would look for breakdowns using P&F chart. Do you use the paid service of Stockcharts to get your breakdowns? And can I look for breakouts in different sectors as opposed to S&P using your method.
Just wanted to post the stocks on my watchlist
Industrials:
MCP - Started to form a base after the Stage 4 decline
ESI - Started to form a base?
Medical:
VVUS: Started to form a base after the Stage 4 decline
EXEL: Forming a base since last year and a half
ITMN: Broke out a few days ago
RMTI: Still in stage 4 decline
HSP: Broke out a few days ago but Volume has not increased
CENX: Ready to break out?
Consumer Discretionary:
CVC: Forming a base since past 2 years
DWA: Broke out a few days ago and has pulled back
APOL: Started forming a base earlier this year after stage 4
(2013-07-20, 02:41 AM)anupam384 Wrote: Thanks for your insight. Seems like I missed the boat on this one too. I know every trader is different but still if you don't mind, could you let me and others know the scan that you run to find stocks that might break out and should be on our watchlist. The one that I use now clearly misses a lot of these breakouts and I catch them on the pullbacks.
I have an account at Stockfetcher and if you give me some parameters I can try to have a filter who would spit out some stocks for my watchlist.
The scan I use to find the daily breakouts and breakdowns in the S&P 500 looks for simple double top and double bottom point and figure breakouts using the traditional scaling method. I do this via stockcharts.com as it's a very simple one line of code scan on there, and I'm not sure if other services will be able to do the same as there are very few services that chart point and figure properly.
This then gives a basic list of all the breakouts and breakdowns in the S&P 500 which I post daily, which I then look through the charts of manually to see if any are suitable for the method.
You could get a similar result if you could code a way in your software to look for the most recent swing high, and then set it to identify any closes above that level. Which would then give you a small list to look through charts of manually, to see if any are suitable for the method.
isatrader - You were right. I dont think I can code a filter that would look for breakdowns using P&F chart. Do you use the paid service of Stockcharts to get your breakdowns? And can I look for breakouts in different sectors as opposed to S&P using your method.
Just wanted to post the stocks on my watchlist
Industrials:
MCP - Started to form a base after the Stage 4 decline
ESI - Started to form a base?
Medical:
VVUS: Started to form a base after the Stage 4 decline
EXEL: Forming a base since last year and a half
ITMN: Broke out a few days ago
RMTI: Still in stage 4 decline
HSP: Broke out a few days ago but Volume has not increased
CENX: Ready to break out?
Consumer Discretionary:
CVC: Forming a base since past 2 years
DWA: Broke out a few days ago and has pulled back
APOL: Started forming a base earlier this year after stage 4
Consumer Staples:
AVP: Ready to break out?
Note - ESI should be with APOL as it is a educational stock....
Of the above charts I like CENX and EXEL. But CENX is not in the strongest of sectors...basic materials. Bought ITMN on the breakout a few days ago so like that one too. Waiting to see if it follows through with strong volume etc.
Looks to me like EXEL broke out last week but if you missed it on the breakout the stop is a little far away. I can't quite read the RS. It is either level or barely increased - not really strong either way. But it is in a strong sector (healthcare).
Quote:isatrader - You were right. I dont think I can code a filter that would look for breakdowns using P&F chart. Do you use the paid service of Stockcharts to get your breakdowns? And can I look for breakouts in different sectors as opposed to S&P using your method.
I use the extra service, which about $20 a month I think, which give you access to the custom scanner, and more things on charts like the 52 week moving average on the relative performance line - which is the zero line for the method.
You can look for breakouts in any of the individual sectors in the US that they have on the site, as they are listed in the scanner. See attached screenshot of the scanner and drop down in the sector list.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
(This post was last modified: 2013-07-25, 05:18 PM by gbarbs.)
RE: Watchlist - Traders method
Interested in MY. Good entry? I poked around alternative energy, wind, solar, etc and this seems to be a sector having some breakouts out of stage 1. RS is a concern. Deep in negative territory but it increased slightly (almost level). But volume is so strong that I am willing to give it a chance because of that and the sector looks like it is breaking out.
Next see ZHNE. This one has taken off like a rocket. Only problem is where to set stops. I've moved them up to 1.97 and 2.43 - half at each stop.
Last I am watching JDSU. Set up a buy stop to try and catch it on a breakout. Same sector as ZHNE and EVC. Communications equipment. This looks poised with a nice base, RS is close to zero line, and the sector is taking off.
Forgot to add I was stopped out of NGD. Half at 7.01 and the other half at 7.51
(2013-07-25, 04:45 PM)gbarbs Wrote: Interested in MY. Good entry? I poked around alternative energy, wind, solar, etc and this seems to be a sector having some breakouts out of stage 1. RS is a concern. Deep in negative territory but it increased slightly (almost level). But volume is so strong that I am willing to give it a chance because of that and the sector looks like it is breaking out.
I've attached my weekly chart of MY for you, which uses a log scale and has the zero line (52 week RS moving average) on it. It broke above the zero line in May, and as you said volume has been very strong since then, so i'd personally rate it as Stage 1 or 1B as the technicals are improving and it's developing an expanded Stage 1 base after the initial failed Stage 2 breakout attempt earlier in the year.
(2013-07-25, 04:45 PM)gbarbs Wrote: Last I am watching JDSU. Set up a buy stop to try and catch it on a breakout. Same sector as ZHNE and EVC. Communications equipment. This looks poised with a nice base, RS is close to zero line, and the sector is taking off.
Attached is the weekly chart of JDSU, which shows that this moved into Stage 2A in December 2012 imo, and has pulled back and slowly moved higher again since then. The relative performance line is above the zero line, but is pulling back close to it and volume has been below average, so you'd want to see a Stage 2 continuation move above the February highs to make this one more interesting imo.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
(This post was last modified: 2013-07-26, 01:32 AM by gbarbs.)
RE: Watchlist - Traders method
Thanks isa. I somehow have been overlooking the fact that my RS indicator is not correct. It's not all that bad because it is the correct ratio and shows the direction but I was not plotting against the 52 week MA. So my zero crossing is off. I had it set up to use the beginning of the chart as the zero line. I found a formula to set up the indicator same as you in my thinkorswim platform, but the prophet charts I use don't offer custom indicators. I'll continue to use what I have been for scanning, and will have to check that zero crossing separately for my watchlist.
Also looking for JDSU to break the Feb highs, and will look for volume if and when it does.
ITMN up today on strong volume. Now that I am looking at the proper RS I see a zero crossing as well.
URA the uranium ETF has moved into what I think could be categorized as an early stage one base. It's broken above a long term trend line of an ascending wedge and is just at the 30 week MA with the 200 dma just above. I get the feeling if this one closes above the 200 dma next week it might not look back. What do people think?
UR Energy (URE) is already gone into an stage 2 and is lining up for a continuation buy, see my post in the trader thread.
