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07/29/2013 Weekly Stock Scans
07/29/2013 Weekly Stock Scans
There're 18 long watches. Some of them are inherited from the last week's scan. Those last week's picks that had breakout or the chart pattern became bad are not listed here anymore because they're no longer Base and Breakout setup, in which the weekly scan is focused. It doesn't mean they're not worth trading anymore. Also the scan includes Canadian stocks, they're rare though.
Non-Stop Model is now on the bull side, so this week's scan includes only long watches.
The major criteria for picking either long watches or short watches is base and breakout setup. So again, let's be crystal clear, before the breakout or breakdown, it's not buy or sell. For more detailed discussion about how to trade, I've provided a sample strategy HERE. Also an Excel Sheet is provided to help you calculating the position size and target, you can download the sheet HERE.
LONG WATCHES:
SHORT WATCHES:
N/A
HERE explained why most stocks chosen are at or near 52-week high. Generally you should buy 52-week high not 52-week low. HERE is my simple explanation if you don't want to read the lengthy link I provided.
HERE explained how to determine your position size. Generally you cannot simply all in on one stock.
HERE explained Base and Breakout Setup and how to trade, which is the major criteria most stocks were chosen.
All long watches must have 3 month average volume above 500K and the current day volume above 200K and price above $2.
All short watches must have 3 month average volume above 1M and the current day volume above 500K and price above $5.
No consideration of the broad market trend, the ER time. Those long watches may sell off hard if the broad market corrects, those short watches may rebound sharply if the broad market rallies. So when trading those stocks, be sure always bear the trend of the broad market in mind. Stocks a tiny wave while the trend is tide, there's no way a tiny wave beats the gigantic tide.
It's auto scan. Not a stock recommendation, trade with your own risks!
Non-Stop Model is now on the bull side, so this week's scan includes only long watches.
LONG WATCHES:
SHORT WATCHES:
N/A
HERE explained why most stocks chosen are at or near 52-week high. Generally you should buy 52-week high not 52-week low. HERE is my simple explanation if you don't want to read the lengthy link I provided.
HERE explained how to determine your position size. Generally you cannot simply all in on one stock.
HERE explained Base and Breakout Setup and how to trade, which is the major criteria most stocks were chosen.
All long watches must have 3 month average volume above 500K and the current day volume above 200K and price above $2.
All short watches must have 3 month average volume above 1M and the current day volume above 500K and price above $5.
No consideration of the broad market trend, the ER time. Those long watches may sell off hard if the broad market corrects, those short watches may rebound sharply if the broad market rallies. So when trading those stocks, be sure always bear the trend of the broad market in mind. Stocks a tiny wave while the trend is tide, there's no way a tiny wave beats the gigantic tide.
It's auto scan. Not a stock recommendation, trade with your own risks!
Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
Re: 07/29/2013 Weekly Stock Scans
Good week as usual.
Long Watches:
11 real breakout, 3 false breakout, however 2 of them (LYV, ALGN) the pattern still are perfect so could be in our next week's picks, Also CSIQ actually is flat, the pattern isn't bad, can be seen as a back test of the breakout point, so either flat out or hold to bet luck the next week. In short, a perfect week.
Only 1 elimination.
Short Wathes:
N/A
The rest, the chart patterns not bad yet, will compete with our new scans in order to be listed in the next week's list.
Green circle means a successful breakout/breakdown, so the pick won't be in the next week's list anymore.
Red circle means a false breakout/breakdown, the pattern in this case may not go bad yet, so still could be in the next week's list.
X means the pattern is gone bad, so the pick won't be in the next week's list anymore.
Long Watches:
11 real breakout, 3 false breakout, however 2 of them (LYV, ALGN) the pattern still are perfect so could be in our next week's picks, Also CSIQ actually is flat, the pattern isn't bad, can be seen as a back test of the breakout point, so either flat out or hold to bet luck the next week. In short, a perfect week.
Only 1 elimination.
N/A
The rest, the chart patterns not bad yet, will compete with our new scans in order to be listed in the next week's list.
Green circle means a successful breakout/breakdown, so the pick won't be in the next week's list anymore.
Red circle means a false breakout/breakdown, the pattern in this case may not go bad yet, so still could be in the next week's list.
X means the pattern is gone bad, so the pick won't be in the next week's list anymore.
Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.