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    Expansion Pivot Buy Setup End-of-Day Signal Discussion

    Rules (via 'Hit & Run Trading'):
  • Today's trading range must be greater than the daily range of the past nine trading sessions.
  • Either yesterday or today, the stock is trading at or below the 50-day moving average and explodes higher.
  • Tomorrow buy 10 cents above the explosion-day high.
  • Our initial protective stop is 1 point below the explosion day's close.

      • Go to the Expansion Pivot Buy Setup scan
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    SwingScalp over 1 year ago

    From 6 March 2023 end of day scans I took ACMR this morning and was filled at the open, using the Hit & Run playbook for Expansion Pivot Buy buying 10 cents over the prior day high.  So far the trade is working (as of 12:24 ET) using the stop below the prior day low.  The stop was almost hit, on a pullback mid-morning, but then the trend higher re-accelerated.  I bought the Hit & Run Trading book as well and read it over the weekend.  This setup is one of the bread-and-butter setups described in the book.  And as far as I know only SwingTradeBot has a filter to find these setups.

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    TraderMike over 1 year ago

    I'm glad you avoided the stop out in this choppy market!

    As you can tell, I really like the "Hit & Run" setups.  They're so simple & (so far) timeless.

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    SwingScalp over 1 year ago

    Seems they are timeless, since the book is 20+ years old.  What is so cool is that your end of day signals provides a smooth and easy way to get the setups fed to traders the night before and thus plenty of time to work out which one's to take.  Thanks for developing your platform.

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    TraderMike over 1 year ago

    You're welcome & thanks for all the feedback you've given me.

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    SwingScalp over 1 year ago

    By the end of the session the stop did get hit.  In this instance, I did not have a stop programmed in the market, just a mental stop.  I like the setup and put on 1/4 position-size so that I could add lower and will monitor today to either increase size or exit if it drops another 2%.

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    TraderMike over 1 year ago

    Tough day with the Fed yapping.  Chop-chop...  I probably lean too far to the side of doing nothing when some Fed event is on the calendar.

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    SwingScalp over 1 year ago

    I plan to do a flight of 20 trades using this setup, playing small size, and to make sure I have the mechanics down and to get some sense of how well this setup works given current market conditions.  The author of the book wrote that he used a mechanical setup entry and protective stop-loss settings, but he used discretionary take-profit exits.

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    SwingScalp over 1 year ago

    Now it is a risk-free trade as the trade went back in my direction this morning and I set a trailing stop-loss to make sure I did not turn a winner into a losing trade.

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    TraderMike over 1 year ago

    Gotta love a risk-free trade! Moving a stop to break-even is such a mind-easing thing.

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    SwingScalp over 1 year ago

    Well, the trade went to completion as the trailing stop took me out with a 4.6% profit in a little less than two trading sessions.  I will look for another Expansion Pivot Buy (or Sell) for tomorrow.  Yes, gotta love risk-free trade!  I also have to consider re-entry tomorrow in this name ACMR.

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    TraderMike over 1 year ago

    Here's an interesting development -- there are TONS of regional banks and other financial stocks making this signal today.  Looks like the market's worries about regional banks may be over.

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    SwingScalp over 1 year ago

    Interesting insight Mike.  What did you do with that KRE / KBE trade after the SVB meltdown?

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    TraderMike over 1 year ago

    I didn't want to hold over that next weekend so I took the loss and moved on.

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    SwingScalp over 1 year ago

    Good move.

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    SwingScalp about 1 year ago

    Mike, sometimes I feel that I'd love to be able to click on a button to create a Watchlist from a Scan (up to your symbols limit of course).  In the row of buttons for Find Stocks, As Charts, Export to CSV, Save To Routine; would it be feasible to add an Create List function?  I use this Expansion Pivot scan a lot in my process, so would be a time-saver to auto-generate a Watchlist from it.

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    TraderMike about 1 year ago

    That's something on my to-do list. I'm leaning towards having a check boxes on each stock and allowing adding all selected ones to a WL or creating a new WL with the selected ones (for people on the plans that allow unlimited WLs).  I'll move this up to the top of my project planner & get it rolled out ASAP.

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    SwingScalp about 1 year ago

    Awesome.  I like very much the check boxes or the adding-all options.  Superb approach Sir.  Enjoy your day.

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