1. Using the Down 3, 4 & 5 Days in a Row Scans

    These three scans: Down 3, 4, or 5 Days in a Row, are pretty straight-forward.  They do exactly what their names say -- find stocks which have closed lower multiple days in a row.

    I like to use these scans to find strong stocks which are in long or intermediate-term uptrends which are experiencing pullbacks.  I do that by sorting the results by Grade and then looking at those ranked highest -- A, B, or C.   As in the GIF below, after sorting, I'll use the hover/pop-up charts to get a quick veiw of the chart.  If it's one I want to explore further, I'll open it in a new browser tab and take a more detailed look after I've gotten through the entire list of scan results.

    hover over a ticker symbol to get a pop-up chart

    Combining with other scans

    As with most technical analysis signals, they can be enhanced by combining them with other signals/scans or eyeballing the chart for pullbacks to some kind of support (old resistance level turning to support, a trendline or a previous low). So I often look for a confluence of at least two indicators in my trading candidates:

    An issue that comes along in the world of pattern recognition is that one signal or trigger to a typical pattern may simply be noise and not an actual signal to an unfolding event. However, when signals begin to line up and you see multiple signals pointing to an outcome you can be more confident in an outcome. When multiple triggers begin to unfold, this is known as confluence and something that traders should look for, to have an edge before entering a trade.

    A quick way to find some confluence is to use the Combo Scan. SInce I prefer trading pullbacks, these "Down 3, 4 or 5 Days in a Row" scans are some of my favorites to combine with other scans.  Here are some ideas of other scans to combine them with:

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  2. Hover Charts Simplified

    (Updated with an animated GIF showing sorting by Grade and the hover/pop-up charts in action.)

    I just made a change to the way the hover charts are launched.  It is now easier to know where the charts are available and it should also be simpler to display them on Android devices.  You'll now see a little chart icon next to stock ticker symbols in many of the tables around the site.  Here's an example (If the image isn't animated, try clicking on it):

     

    hover over a ticker symbol to get a pop-up chart

     

    On a laptop or desktop computer you can simply hover your mouse pointer (cursor) over the chart icon and that stock's candlestick chart will appear.  On mobile devices you can just tap the icon to reveal the chart.  A second tap somewhere else on the screen will close the popped-up chart.

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  3. Reading Today's Technical Damage via the Scans Page and General Market Analysis Page

    Back on February 8th I wrote about the negative divergence I noticed in one of my favorite indicators - the percent of stocks above their 50-day moving averages.  If the market is having a healthy advance you should see a lot of stocks participating.  That inidcator should be making higher highs along with the indices.  The divergence in that indicator is a sign of a rally on poor breadth.  

    That divergence has been nagging at me since January but I've felt like I had to be a bull given the indices' stubborn advance.  Well today it felt like the music stopped in a game of Musical Chairs and people were scrambling to sell.  I thought last week's Fed decision to raise interest rates might have been the catalyst for a selloff but that didn't happen (and perhaps that was too obvious).  Thankfully my nervousness had me keeping tight stops and I shorted some QQQ ahead of the Fed meeting.  I was actually thinking about covering that short after this morning's gap up -- good thing I didn't!

    I thought I'd follow up on that previous blog post by showing again how one can get a read on the market's health via some of the site's features.  As I've mentioned, it's crucial to get a feel for the broad market's health & direction.  I'm often asked which scan/signal is the best one -- but there's no one anser to that.  Different things will work in different phases of the market.  (I wrote a bit more on that topic in the FAQ) So I've put things on the site to help me do just that.  

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  4. New Scan: Stocks Making a Cup-with-Handle Pattern

    I'm releasing another new scan / signal today.  This one finds stocks forming the handle portion of a cup-with-handle pattern.  If you're not familiar with the cup & handle, here's a quick overview:

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  5. Check Out: Chart Summit, a Virtual Conference on Technical Analysis

    I'm looking forward to watching some of the presentations over at Chart Summit, a virtual conference of technical analysis.  I've been a fan of Brian Shannon's for over a decade and I met Chris Kimble at Stocktoberfest a couple of years ago after watching his impressive talk.  So I already know their talks will be great.  Judging by some of the talk titles, those videos should be helpful to folks new to technical analysis in figuring out ways to use SwingTradeBot's scans & signals.

    Here's the email I got announcing the availability of the Chart Summit videos:  

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  6. New Scans: Most Alerts, Most Bullish Alerts & Most Bearish Alerts

    By popular demand, I'm releasing three new scans today  They are:

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  7. A (Possibly) Disturbing Divergence on the General Market Overview Page

    I've been noticing this while reviewing the Genreal Market Overview page for several days now and wanted to highlight it.  I've written several times about how I use the "Percent of Stocks Above their 50-Day Moving Averages" (similar to Worden's T2108 indicator) as an overbought / oversold indicator.  And I like it much better to signal oversold than overbought. 

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  8. A Look Back at the Signals Which Launched EVR's 40+ Percent Rally...

    The other day I was flipping through charts on the top percentage gainers scan and noticed the run EVR has had over the last three months.  It's pretty much been straight up (more than 40%) since late October.

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  9. New Scan: Stocks Making a Three-Weeks-Tight Pattern

    I just added a scan to find stocks making a 3-Weeks-Tight pattern.  This is a pattern that Investor's Business Daily / William O'Neil likes a lot.  As they describe it:

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  10. New Scan: Percentage Change Between Two Dates

    Here's another new scan: Percentage Change Between Two Dates

    You can choose whether you want to see the best or worst performers over the previous 5, 10, 30, 90 or 365 days.

     

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