welcome coug...
NGA doing very well lately... though, too extended for me here.
I am mostly on the lookout for fresh highs. Often, the scan results show many of the same stocks appearing day after day, and while I think it's a good idea to stay on top of those that keep on banging out new 52wk highs, my money is primarily reserved for the newcomers.
Another strategy is to take those stocks that are trending solidly, put them on a watchlist... and buy on pullback. When playing these I look for support near the 20day EMA, and failing that, the original breakout point.
I'm using some pretty cheap software for the scan, and so prior to posting, I regularly go thru the daily charts of the stocks on the list and cull about 15% of the results. For instance, the scan outputs stocks that hit a new 52wk high intraday, but I'm only interested in stocks that closed above their previous high. After I've done the additional screening and posted the results, I go over the weekly charts for each and every stock.
I did this for about a year using a free marketwatch.com page... had a ton of success with it. I think it's all about consistently having your nose in the charts. Eventually the process becomes intuitive: when a good opportunity in a good looking chart presents itself, the avid chartist has an innate ability to recognize it.
[note: on the days in which I did not post scan results, I simply didn't have the hour of time necessary to do so. my apologies in advance. regardless, folks should feel free to chime in with anything that catches their eye; dialog fosters critical thinking] |
