Discount Buys for Swing Trade
The Filter give the user a list of stock which are in uptrend and has recently retraced. The stock picks out stocks which are negative on a given day so that the entry is done at a discount price. It is important to make sure that the trade is followed according to a strict stop loss on the breach of the support. In some occasions the stocks may break the support and continue downside so its key to keep stop loss. On entering any trade from this filter key is to see the nearest support line below the price and keep 1:2 profit and enter the trade. The Trade needs to be taken with approximately 3-5% stop loss for a profit margin of 6-10%. This is a general guide but will vary based on stock volatility. The Trader would be required to draw simple horizontal lines as support lines. Or use chartmill support lines for extra information to make sure the entry is done above the support and the support line is used as stop loss.
TA>=3
To have minimum 3 rating to exclude bad stocks
Setup>=3
To have minimum 3 rating to exclude bad stocks
Average Volume: 50 SMA > 200K
To have sufficiently large trading volume
Exchange: US Only
This is tweak-able based o
Price VS SMA: Price Above SMA(200)
To make sure long term trend is upside
Market Cap: At least Mid (2B+)
At least mid cap to avoid any market manipulation or huge gap downs
Price VS SMA: Price Below SMA(50)
Many times the stock retraces just below 50sma to trigger some of the stop losses and start to continue upside
(stochastics<14)
To make sure the stock is oversold enough before upside move
% Chg>=-7% AND % Chg<=0%
If the stock is dipped on a day thats a good catch to get the stock low. Ideally better to buy in the last 1hr of the day based on where the stock close.
Earnings/Dividend date: No Earnings in next 2 weeks
The hold period is around 1-3 weeks. So its better to have no impact from the earnings on the stock
Daily Chart for swing
Regional Run
Run this screen in your favorite region. You can always further fine tune the screen by changing the general settings after it opened in the screener.