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10/08/2012 Weekly Stock Scans

10/08/2012 Weekly Stock Scans

Postby Cobra » Sat Oct 06, 2012 9:39 pm

Total 18 stocks for the next week.

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 (only DSCO became bad actually) are not listed here anymore because they're no longer Base and Breakout setup the weekly scan is about. It doesn't mean they're bad, actually some of them may still not be too late to chase high or worth waiting to buy pullback.

Except SHFL which is pullback to the breakout point thus might be the 2nd buy opportunity, all this week's picks are Base and Breakout setup.

If you have question about why particular stock got selected, please do not hesitate to ask.

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    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.
    For buy pullback setup, I'll write another post as soon as I found a good example.
    All stocks must have 3 month average volume above 500K and the current day volume above 200K.
    No consideration of the broad market trend, the ER time. Those strong stock would sell off hard if the broad market corrects.
    It's auto scan. Not a stock recommendation, trade with your own risks!

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Re: 10/08/2012 Weekly Stock Scans

Postby Cobra » Sat Oct 06, 2012 9:43 pm

I know lots of people don't even bother to look the link I give, so here again, the very important topic about Base and Breakout setup, which is the major principle the most stocks are chosen. The most importantly, it's not a buy if no breakout from the current consolidation area.
Attachments
BaseAndBreakoutSetup.png

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Re: 10/08/2012 Weekly Stock Scans

Postby Cobra » Sat Oct 06, 2012 11:46 pm

Short picks, still based on Base and Breakout setup. Yes, lots of them are Double Top breakdown, then consolidates below the neckline which simply makes the Double Top breakdown as real as it gets, except DECK which is a clear bear flag and RIG a possible Descending Triangle.

All stocks must have a 3 month average volume larger than 1M, then current day volume above 500K and price above $5.
Attachments
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Re: 10/08/2012 Weekly Stock Scans

Postby poulsbotrader » Sun Oct 07, 2012 12:43 pm

Nice setups! :)
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Re: 10/08/2012 Weekly Stock Scans

Postby richer » Mon Oct 08, 2012 12:52 am

It is great setup. Thanks. even though I do not trade on individual stocks.
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Re: 10/08/2012 Weekly Stock Scans

Postby Cobra » Fri Oct 12, 2012 11:41 pm

OK, not a great week, the index was down so the strong stock didn't perform well. I see 3 broken pattern which should be eliminated from the long watch list. And 3 breakout failure, although may still worth watching for awhile. The reset are still OK, can be in the next week's watch list. The only question is: If the index keeps going down the next week, maybe it's time to pay more attention on short list?

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The short list had 2 stock broke on the downside. 1 pattern broken so should be eliminated from the short list. The rest 3 still looks good, can be in the next week's short list.

2.png

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Re: 10/08/2012 Weekly Stock Scans

Postby Maple Lead » Sat Oct 13, 2012 2:31 am

Cobra, any chance you can focus on Canadian stock picks as well? :roll: Either venture or the grown-up ones. Thank you.
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Re: 10/08/2012 Weekly Stock Scans

Postby Cobra » Sat Oct 13, 2012 9:58 am

Maple Lead wrote:Cobra, any chance you can focus on Canadian stock picks as well? :roll: Either venture or the grown-up ones. Thank you.


that's a good idea. Let me think about because the search criteria needs adjustment, so not sure if I can easily do that.

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Re: 10/08/2012 Weekly Stock Scans

Postby Cobra » Sat Oct 13, 2012 5:09 pm

Maple Lead wrote:Cobra, any chance you can focus on Canadian stock picks as well? :roll: Either venture or the grown-up ones. Thank you.


I tried add Canadian stocks, too few selections, so, yes, I'll include Canadian stocks but don't hope much, not many chances. Say, I can find 150 US stocks then pick 20 but can only find 10 CA stocks, and it's really hard to pick 1. You'll see in this week's picks.

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