you are correct. I just found out OP does not use level2. thank you. I followed lescor's post since 2006 I knew the existence of this website.
When scanning for ideal trades with Trade Ideas or any other scanning tool, most of the opportunities that I observe seem to favor a breakout strategy instead of a reversion to mean strategy. If I recall correctly, Dustin, as well as other successful traders, have stated that it's easier to make money in the equity market than in the futures market because intraday trending opportunities are more frequent with stocks than futures. Personally, I favor RTM because I'm a contraian. Intuitively, I believe that S&R levels indicate potential price points to buy low and sell high. However, based on the market scans, it seems that oftentimes when a stock has picked up momentum, it's hard to determine WHEN it will reverse. Empiricaly, it seems the best thing to do is "ride the wave" for a few ticks (sometimes many ticks), then exit will a modest gain. Any thoughts... thanks, Walt
Lescor, what other sources besides market scanners do you use to find setups? Do you, for instance, have an end-of-day prices database on your computer so that you can search there and stuff like that? Or trade-ideas has everything you need?
Days like these make one appreciate just why you named this thread... "Grinding it out...." Trend, Patience, discipline. Hope you are having a good trading week. Cheers.
You don't know when it will reverse. But you might be able to guess what the odds are of it reversing at a certain point. You will never make money trading if you are afraid to lose. You'll also drive yourself crazy trying to make perfect trades.
I have used Telechart for a long time for eod charting and running scans looking for stocks that meet my criteria or filtering for swing trade ideas. I think it's a great product for the price.
Would be an awesome week if I hadn't run into MXB yesterday. RTM destroying grind up from hell. Was up $12,000 early in the day, ended up losing 50 bucks overall, all due to that stock.