I am still intrigued by the possibilities of what could be done with an effective scanning tool, coupled with an effective mechanism for responding to what it returns... If I had the tools (maybe something like Eric P's system) I'd love to try to exploit this pattern.
Dan:
If you had this kind of system, what else would you want to scan for? I am just finishing the features of the Pristine ESP scanning system (release date, late November) and am looking for ideas of what additional features to include. I've already configured instant alerts for:
1) 52 week highs/lows
2) Approaching within 1/4 point of 52 week high/low
3) Block trades of 100k+ shares above ask or below bid
4) All of the Pristine taught systems
....=> About 15 in all, including their daytrading, guerrilla trading and swing trading systems
5) Stocks breaking out of a long intra day base.
6) List of stocks gapping up/down prior to open.
7) Etc.
These alerts are all one click away from being loaded into the RT3 Level II and charting displays of your choice to enable rapid trading decisions.
Another feature are the scans, which will be continuously updated and integrated into RT3 market minder displays. Scans have already been configured for:
1) Percent gainers and losers
2) Point gainers and losers
3) Most active stocks based on volume
4) Most active stocks based on trades in the past one minute
5) Stocks hitting new highs or lows during the day
6) Stocks nearing the trigger point for a Pristine trade opportunity
7) Etc.
As you point out, it is very interesting to have immediate alerts the moment any stock breaks to a new 52 week high or low. I have configured additional screens to eliminate stocks if their previous 52 week high is within the last two weeks or if their average volume is less than 150k shares. In addition, all of the alerts are 'scored' based on how well they meet certain criteria. New highs can gain 'points' in the scoring if they had met resistance at their previous high on two or more occasions. The scoring is also affected by current market criteria such as the TICK, TRIN, etc.
Obviously, the intent is to provide the active trader with as much information as possible in a very timely and efficient format so that they can make fast trading decisions. In addition, the scans provide a very helpful list of stocks worth watching closely.
The Pristine ESP package goes a step beyond merely the delivery of a glut of information to the user, it actually filters and sorts the information to identify tradable opportunities.
I would welcome any thoughts or comments that anyone could provide. I'll even 'toss' in a free trial for a few weeks for any new ideas that I can implement into the alerting/scanning package. Other than the Pristine methods, what other 'setups' or 'systems' are popular for day trading and would be useful to have instant alerts for? What additional scans would be helpful?
Thanks,
-Eric
P.S. The following post contains information that may be included in an upcoming press release about Pristine ESP. |
