Monday, January 28, 2013

Scanning the market for setups..

I'm still here trading away, hopefully people follow me on twitter as I post pretty much every trade I take (win or lose) on my twitter feed. I also post them almost immediately after I take them so hopefully that has enabled someone to make a few dollars following along with one of the trades if they want. So how do I decide which stocks I'll be looking to trade during the day? It is 90% based on market scans that I run prior to each trading session. 10% is based on what's happening during the day eg. if a news event comes out and causes a stock to move I might look for entries there as well. I have 3 scans I look at and pull stocks from them based on how the charts look. Once I have a list of stocks to look at during the day, then I watch the 1 minute charts for my preferred patterns to set up and if they do, it's action time :) Here's my scans for today, I hope to go into detail on what each scan is looking for in a future post... Ryoli scan (look for possible long patterns intraday): RSH, CPWR Offshore scan (possible long patterns intraday): RSH, OCZ, CHK, DECK, QLTY IL Daily scan (possible longs): CRUS, MLNX, MCP, UNXL (possible parabolic s/s): CIMT So those are the stocks on my watchlist going into the market open. Check out my twitter to see if any of them give a setup on the 1 minute chart during the day...time to focus!

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