OVER broke down in a similar pattern to PHSY at around 10:45am from a channel [between 23.00 and 22.75].
Babak, I see that. Did you capitalize? Is buying/selling a channel breakout like these a ligitimate strategy for the scan? I'm assuming that for them to be successful breakouts that the volume should increase. Both of these had low volume. Mike
Someone from Germany posted this dancing dude, and I was trying to see if I could use it also in a signature format. While playing around with it, my 4 year-old son was next to me. He loved that dude, so to make a long story short, my signature ended up being ... Jordan, Mommy and Daddy dancing and playing soccer. Every week day, I have music playing in my home office and Jordan plays the drums with me (hit the desk with pencils). After that we have a game of soccer (seven goals to win game, best out of three. He earns a nickel for every goal. He gets 15 cents bonus for winning a game and a dollar bonus for winning the tournament. We count his nickels after we are done playing. On Saturday, he gets 75% of his money to be spent as he wishes. He must save 25%. I guess this is a way for us to teach him about money, saving it, and spending it. I'm sure it is lot more than you wanted to hear, but that's how I ended up with the dancing dudes and soccer balls Tony
stock trader watch future for market clue and future trader watch Oz scan for clue, so now we know Tony move the market.
BullFighter had a good question about turning these scan trades into position trades. I wonder if any of you Wealth-Lab mavens have programmed these scans and backtested them as position trades? Also, is there any way to access the archives of these scans, so that you could pull out what turned up on various scans over the past few week or whatever? I appreciate the work Tony does here and enjoy it, but I am always a little dubious about examples showing that one trade that worked to perfection. Anyway, another good trade for the BullFighter.
Believe me, the scans all work to perfection. That doesn't mean the pattern will work when you find it. I use Oz scans every day. The scans themselves WORK because they find what they are supposed to find based on the scan criteria. However, you still need to use discretion for your trades based on your own knowledge. The scans just find possibilities. There are PLENTY that come up on the scans don't do what they are "supposed" to. That's where discretionary trading comes in. You can't just blindly take the scan results. You have to know what you are doing. Think of the scans as a guy sitting at a desk near you yelling, "Hey, check out XYZ!" Dave
davealex, well I accept your point but my question really goes to how many of the "possibles" would have worked out. Of course they all don't but is it better than random? If not, why bother? I suppose a reasonable answer would be that the ones that do work score big, but I just don't know.
AAA, In my limited experience, the scans present stocks that could represent opportunities. Many do not have good R/R ratios. However you can still minimize risk by using Tony's methods of entering. I'm getting a little better at identifing opportunities. I can only watch two stocks carefully at a time. When I look for setups without any scans, (including eod), I find it extremely hard to find good technical plays. I'm sure that this is partly due to lack of experience. The other thing to note is that all the scans use on pace to trade higher than normal daily volume. As you know, these stocks usually have good price action due to the amount of attention. I almost always see a stock on the scanners before it is mentioned on CNBC. I also write each stock that I'm interested in down and calculate the r/r on paper before trading. I'm also getting more patient before entering - waiting for confirmation of the move - not trying to catch the top or bottom. Mike Mike
That's it precisely, they are an excellent prospecting tool. I use them daily along with HotTrends, another interesting prospecting tool (with lots of overlap). Often when stocks come up on either scan they are in a high-risk precarious situation since they've already run a bit (which is why the scan got triggered). As I find "chasing" too dangerous with these mo-mo types, I usually wait for a pullback (for longs) or some kind of rest.