Hi! I'm wondering about how you guys that trade breakouts from trading ranges find your potential trades. Do you use software to scan for stocks that are in ranges and then follow the stocks on this "watch list"? What software do you use in order to find what stocks to trade? I would like to have software find stocks that are in channels, becuse I find it too time consuming just looking through every charts. But don't seem to find any software that suits my needs. I don't know how to code this either, so any available code would also be appreciated, for any of the softwares. Thanks!
I don't trade stocks, but I remember looking at TC a long time ago. (http://www.worden.com/) Maybe that helps....
I am pretty sure you could code it yourself in Ami,but you would be better off just buying patternexplorer with Ami..Both offer great support(email only)...
How do I trade breakouts? Unless there's significant ( but not excessive) volume attached to these - I fade them as the volume dries up or there's high volume but no further price advances in the direction of the breakout.
What you are asking for is fairly standard on almost any software package.You simply define a "congestion range" by the high vs low for a particular time frame,and then code a breakout of a new high or low for that period for the last data bar. From there you may have a list of 30 stocks out of 1000 and you can draw in your own trendlines,as that can be very subjective. However,if you insist on having the channels automatically drawn,there are programs that do that,but i personally wouldnt reccomend it unless the programs draw the trendlines to your specs..
like h2o said...try worden bro"s free trial...you can write all the scans you want, and btw they already have a "breakout"scan in the software. its not free though..about 500/yr.