Brooke and Sean
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Why trade only in stocks with "relatively low price"? Oftentimes, the higher priced stocks perform better over the short term and long term, and aren't as risky. Yes, you can have spectacular percentage gains in low-caps in a short time, but you can have spectacular losses, too. Why not consider stocks at any price?
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My experience tells me that it is easier for a lower priced stock to rise 30% in a week or two than a higher priced stock. As far as risk goes, my experience tells me that any stock can fall like a rock overnight. This particular scan is targeted at "flip" type trading .... dart in and dart out with a quick profit of somewhere between an 1/8 and perhaps $1. I have other nice scans which are more suitable for trading longer term issues regardless of price, ie "oversold" and "overbought" scans.
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Secondly, why should the breakout occur at a "low ebb" in the chart history? Stocks at new highs often move up to newer highs. Sometimes it's true that the strong get stronger, and the weak get weaker.
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My experience is that there is a greater % of a hard / fast falls from a loftier position, especially if one is playing tech issues. When these dudes miss the "whisper numbers" by a penny or two, it's bad.
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And thirdly, why must every scan posted here be nothing less than profitable, and tied to a trading strategy? This is a place where we can also learn from others about how to create scans, how to formulate different ideas. A profit is the final goal in TA for all of us, yes, but there is much to be discussed along the way.
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This is also in response to Sean's message:
I don't have a problem with posting whatever kind of scan anyone wants to post. I'm a dedicated Q+ scan user, but my primary thrust is trading, not programming scans. I'm not a TA specialist. I deal with support, resistance, breakouts, and I like the MACD indicators. I have neither the time nor the desire to analyze complex scans others have written to try to determine if there is any applicability to my trading preferences. As such, I've been looking for a chat area which contains some thread re. the profitability, or trading effectiveness of Q+ scans. I don't know where else to look besides here. Haven't found much of it here, but thought that perhaps it might be acceptable to try to introduce it as an enhancement to the board. I'm definitely not trying to cast dispersions on any activity in place. If there's no room on the board for this type thread, that's OK .... I certainly don't want to be intrusive.
Best Wishes and Prosperous Trading to All ....... Fred |
