Finding good breakout setups | stockbee

11/13/2017

Finding good breakout setups

1 comment:

Tonio Moon said...

Hi Pradeep,

1/ Why don't you use in your scan a Stochastic formula like (Close - Low) / (High - Low) > 0.8 to filter out everything that does not close near the high ? It would be more convenient, would it not?

2/ Similarly, why not use a formula like Close > Open to easily get rid of useless stocks for a 4% bullish break-out scan?

3/ When you find a good setup intraday, I understand that you buy it 'on market'. But for people scanning at the end of the day, what type of entry order would you recommend? On market on next day open or a buy/sell stop to wait for more confirmation?

4/ When you put your trade on intraday, whether based on 4% break-out, low thresold b/o or anticipation, what conditions/circumstances would make you keep it overnight?

5/ Strangely, I see that you don't pay attention at all in your picks to support and resistance. Did I miss something?!

6/ Finally, do you account for market conditions to pick your shorts and longs, or do you take them as the setups come by?

Merry Christmas by the way :)

Tonio.

P.S. : you've done a lot of break-out/anticipation videos recently and I'm very grateful for that. That said, I've asked Santa Claus for a video on Market Monitor (how to build it and more importantly, how to use/interpet it). Let's see what he's up to ;)