Daytrading Stock Picking Advice

[cpatte7372]

Brad,

This is excellent mate. I'm going to study this and test it over the next few weeks.

Cheers

Carlton

[cpatte7372]

Brad,

I have a quick question. Can Stochastic be used effectively with intraday charts?

Cheers

[Doji3333]

Stos for Intra-day..

Carlton,

I'm working on some code for you to see how this works. It is a pretty complex system (to code).

Can they be used, sure. There are faults with the Stos - as discussed earlier. But generally, many people use Stochastics as a timing tool. I use them all the time to gauge market conditions.

Today was a little off (in regards to market action). I'm also not sure this is the perfect system for you, but I offered it as a suggestion (potential candidate).

I'll let you know...

Brad

[cpatte7372]

Brad,

I'm looking forward to testing Stochastic with Bar Replay or playback tonight when I get home. I also look forward to checking out your code.

Cheers

Carlton

[cpatte7372]

All,

Please keep it coming with your comments and suggestions on daytrading. I'm a real newbie and I want to hear the views of others on daytrading techniques.

I would like to ask a question on the kind of money that you guys and girls are taking out of the market intraday. I understand that its a bit crass to ask someone how much money they take out of the market each day so I understand if you don't want to answer that question. However, I would like to hear from successful people who daytrade.

I appear to be learning so much from this forum.

Its great.

Carlton

[cpatte7372]

All,

Quick question. Active Traders scan the markets either early in the morning or the night before. If trading intraday would it make more sense to scan during the day?

For example, I'm scanning stocks using cbs marketwatch screener, until I can afford to use esignal's power scanner, and I'm scanning stocks between $1 to $10 and those that are up 3% or more in "TODAYS SESSION" The keyword hear is "TODAYS SESSION"

Therefore, I would like to hear from those that trade intraday but scan the night before. I would like to know if that method of scanning is better than scanning the day you're trading to find good opportunities.

I hope what I have written makes sense.

Thank you in advance for your comments

Carlton

[FibbGann]

If your going to scan intra-day (which many do), You better have a good scanner. If you look in my posted charts for my weekly picks, watch and see what those stocks do tommorow. (or next few days) That is if we don't have a bad day, which is learking oooh so closely.

When you scan intra-day you better know what your looking for.

Fibbgann

[cpatte7372]

Fibgann,

Where can I find your posted charts.

Thanks

Carlton

[FibbGann]

It's right below this thread. here

Fibbgann

[cpatte7372]

All,

As this forum is hosted by esignal would it be wrong to ask for opinions on other trading sites such as Stockcharts.com. I would like to get the opinions of those who have used Stockcharts.com or know of it.

Cheers

Carlton

[cpatte7372]

Please explain,

Hi, I submitted a scan with the followin criteria;

PRICE: Stocks trading from $1 to $11 per share, up in price by 3% or more during the last hour.
VOLUME: Stocks with a current trading volume between 1000000 and 10000000 shares.

I got back the following result;

WAVX Wave Systems Corp

Price: 2.16

Change: +0.41

Change percentage: +23.43%

Volume:2,204,771 .

I wonder if someone could help me understand what price is the scan referring to? My guess is that its the open.

I also don't understand what is meant by "change" Does +0.41 mean that the price was at $1.75 and has increased to $2.16? If so that can't be correct because the price was not at $1.75 within the hour. Or does it mean the price has increased to $2.57? Again, this can't be correct because the price never increased to $2.57.

Also, can someone please explain the change percentage: +23.43%

Thanks

Carlton

[cpatte7372]

Linus,

Thanks for the explanation.

Cheers

Carlton

[cpatte7372]

Hello All,

I have a question on selecting stocks and preparing for a day of daytrading. Can some of you please let me know how you go about selecting stocks to daytrade for the following day? What do you look for in a stock? When you have found what you're looking for how do you go about selecting stocks based on your criteria? etc….I know a lot of you uses Esignals power scanner, etc. however I can't afford power scanner or turbo scanner at the moment.

Please, I would really like to hear lots of comments, suggestions and advice.

Thank you very much.

Carlton

[FibbGann]

You have to decide what type of trader you want to be. Playing break-outs, formations, 52 weeks highs.

Here are some of my plays for the day.

All longs: SNDK, CSCO, SCMR, JDSU, AMD, JBLU, WEBM, TLAB, JDSU

Look at the charts... today was a break-out and momentum, 52 week high day for me. It all depends on the day

Fibbgann

[cpatte7372]

So,

Did you do well today?

Therefore, should I decide what type of trader I want to be on any given day?

Cheers

Carlton