Searching, Searching
One of the great things about the java applet is the search function, which I
use at the end of trading and during the session as well. With the amount of
alerts our scanners generate throughout the day, I like to make at least two
scans of all the alerts that were generated, which I then plug into a list and
make a quick look through the daily and intraday charts of the symbols on the
list for any interesting setups I may have either overlooked or just not had on
my hit list. Examples of the fruit of this exercise are a couple of setups I found this
morning.
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Micron Technology
(
MU |
Quote |
Chart |
News |
PowerRating) came over the applet at 9:35 after making a
new 60-day high. A look at the daily chart shows that MU has traced out an
inverted Head and Shoulders pattern, and has broken through the neckline in the
last two sessions.
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Momentum-based traders can now put MU on their watchlist for
pattern setups and continuation on the daily and intraday charts.
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Siebel Systems
(
SEBL |
Quote |
Chart |
News |
PowerRating) was alerted as going negative for the first
time earlier this morning. The daily chart I pulled up has it pulling back from
its low.
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This gives swing traders a setup, as it appears a retest of the
prior lows is in the cards. Nimble daytraders could have caught most of a 1+
point drop for 25 minutes of work.
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Make use of the scanning feature, if not during trading like I
do, at least at the end of the day. You can even break your scans down for
specific alerts, like 10% and 20% pullbacks, for example. If you do this then
pore over the daily and intraday charts for the symbols that generated alerts on
the applet, you too will be uncovering potential gold that you might have
otherwise missed.
Have a great weekend,
Duke