im learning how to use scanner to find stocks before breakouts(following warrior trading and other similar strategies) or any other strategy that is based on finding stocks before big move. im well aware of the beef everyone has with literally every other strategy that doesnt work for them but works for many other people so please keep opinions to minimum. im not asking whether a strategy is shit or golden unicorns.. just trying to learn how to fine tune my scanner and nothing more please keep it on topic. im setting up the scanner and its always either too many results or none at all. and i have some questions.. just for the purpose of learning im using a single strategy from warrior trading so to make it simple and clear how many results on average should i aim at when fine tuning? lets say i have 10-15 results whats the process then? do i just sit and click through them constantly to see which one makes a move? im trying to understand what the whole process from setting it up to actually clicking the buy button on the stock that fits your criteria my brain is not processing that for some reason.(i have alot of sht happening in my life right now that i have no control over and trying to focus on trading the best i can) do i need to track each day runners from my scanner or is that unnecessary and ineffective? basically just trying to gather some information on what i should do and what is unnecessary steps in this process so i dont waste time doing something that brings no results
Before you start running scans and clicking the buy button, you must know exactly what you're looking for. If you’re trading breakouts, then the volume pattern is very important. What volume pattern? Take screenshots of the pre- and post-breakout (B/O) of stocks that successfully broke out. Do the same for a hundred stocks with failed breakouts. Also, classify them according to market conditions because B/Os fail a lot!!! Then, spend hours studying the price action and volume patterns in each category. Take notes and create a checklist. Once you’ve nailed this down on EOD charts, then do similar research on intraday charts of the exact same stocks during the breakout, and again note the price action a volume behaviour on intraday charts. Also take note what time of the day certain nuances occur, and how liquid the stock is, etc. Then collate all the info together. It will take many hours, but that’s how you’ll develop your own personal criteria, build a feel for the market, and most importantly gain confidence in knowing what you’re doing. There are no shortcuts to this.
Ross' scanner does not tell him BEFORE a stock breaks out. He hops in to the trade after it has broke out and he's hoping it will keep running. I use 3 free scanners,including my brokers and see the exact same stocks he's seeing. He takes such large positions even a .50 move in his favor and he makes a buttload of money on the trade. If you could find a scanner or indicator that would tell you when a stock is about to break out that would be the Holy Grail.
This is a great response ^ Bottom plot is volume, but it also could be: bar height, body height, body:height ratio, or the inverse of overlap… Trendline can be sloped or horizontal. better get a fire extinguisher in here asap. Volume was just mentioned Here’s another one: for longs, the BO bar should close above resistance and a bull bar should follow. Nothings textbook though
You can spend a decade studying past hindsight chart movement, but that doesn't mean you are one step closer to solving anything in the market. You are still blindly chasing surface movement without really understanding the foundational underlying reasoning and reasonable expectation. To beat the casino house you must really dissect things. And not just be another casual amateur happy gambler.
Sorry but the one who did the drawing definitely have artistic/art but not engineering/technical background. That's why the drawing is odd.
Yes, there are a lot of shortcuts to get a setup as Ross Cameron. 1. Pay Ross for his software, scanners, chart and news. And hookup with Lightspeed. 2. If he do not like that, then thy to replicate Ross s setup as far as he like, or can afford. 3. Take a pen and paper, and look at Ross s videos copy his templets for his scanners. 4.Hookup with esignal and copy *Ross s scanners are white lable of esignal.* 5. Or hookup your TD/Chares Swa/TOS account with DAS TRADER, were the esignal scanner is an ad on. Pay for it, get over it, done. WHEN IN ROME, DO AS THE ROMANS