I agree with HolyGrail, the initial scan of the weekly time frame is picking up the existing strength of the daily trend, in hindsight. And as you are discovering, rarely will the market provide a convenient pullback for entry on the daily time frame within a strong impulse trend move. You need a scan that will identify the impulse price move closer to it's inception. Then use the weekly as the master time frame for pattern validation and signal confirmation.
You just need to do a rolling 5 days scan, instead of weekly Monday to Friday scan. I doubt StockCharts.com can do that.
Hi Jimclark, I keep a list (Microsoft Works or Excel spreadsheet) of stock symbols that appear on my scan. Occasionally I examine the indicators and charts to learn if my buy rules are met.
Well, I do the same...currently my Excel is 2,850 (11MB) lines long, I've been documenting everything since April 2004 and I do revisit these on ocation plus I rarely remove anything from my QouteTracker screen.
Try scanning for a bozo bar (marubozo) that cuts through a shortish MA. If you use volume bars, even better. LC
Instead of doing weekly scan from Mon to Fri, you do it in this order daily: Mon-Fri Tues-Mon Wed-Tues Thurs-Wed Fri-Thurs Mon-Fri etc. rolling 5 days = moving weekly scan on a daily basis.
I posed the question to StockCharts.com to see if it's possible. I don't see the option in StockCharts.com's scanning menu.