I'm sharing an email exchange I had earlier today in hopes that it will help others to find ways to get exactly what they want when using the site to scan for stocks. A friend sent me this:
I was looking through your hammer scans on SwingTradeBot to see how Zillow stacked up on the grading curve. I was surprised Zillow (Z) only got a B. I looked at the A rated puppies and felt like Zillow (Z) should be higher rated. Then I realized what I really want is a modified hammer scan. I want hammers that come at the end of a period of selling, even better if it is an oversold hammer or a hammer coming off a high. The preceding selling has to be at least three straight down days. Did you already read my mind and create such a thing, or do I need to put a suggestion in the idea box? :)
Here's my answer:Read More ➞
This will cover how to make use of all the Bollinger Band Squeeze-related scans, including:
- Bollinger Band Squeeze
- Bollinger Band Squeeze Started
- Bollinger Band Squeeze Ended
- Bollinger Band Squeeze + Lower Band Touch
- Bollinger Band Squeeze + Upper Band Touch
As you may be able to tell by the names, the last four scans are subsets of the first -- the plain old Bollinger Band Squeeze Scan. So those other four scans will have shorter lists of stocks. We'll see why you might want to use one of those scans instead of the primary BB Squeeze scan.Read More ➞
Recently I've had several people ask me about MACD scans. Well I'm glad to announce that I've just added a few to alert/find MACD crossovers. They are:Read More ➞
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.
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:
- 50 DMA support
- 200 DMA Support
- Calm After Storm
- Doji Bullish
- Hammer Candlestick or Lizard Bullish
- Lower Bollinger Band Touch
- Multiple of 10 Bearish ( could be a bullish setup if the stock snaps back above that multiple of 10 -- or a bearish setup if it follows through)
- Multiple of 10 Bullish
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:Read More ➞
By popular demand, I'm releasing three new scans today They are:Read More ➞
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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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.
Here are two new scans I released the other day:
These should be useful to combine with other scans when using the Combination Scan.Read More ➞