What in case you needed simplest around 45 minutes in keeping with day to manage your open trades and scan for brand spanking new opportunities to make money? Enter: Finviz and the choices Stock Market.
I’m a traditional technical analyst/chartist. Always have been, always may be. I also have usually been a daytrader, however I am transitioning more and more to longer-time period buying and selling Stocks on the choices Daily charts.
Why? Because this has usually been my ultimate goal, I simply didn’t have enough money but that trouble has solved itself through the years.
I am jogging round 30 open positions in the mean time and I need to expose you the way I use Finviz to test for setups.
Right now, I simplest test for technicals. I will make bigger my use of Finviz to descriptive and essential criteria within the future once I have achieved a few research.
My studies basically seems like this: I change each exquisite technical setup I see. Then I song the choices descriptive and the choices essential records in my Edgewonk buying and selling journal and some months later I might be able to glance through my database for profitable indicators/filters that go along with my technical setups.
When you go to Finviz, click on on Screener. Then make certain you visit the “Technical” tab.
Here, we have more than one options. Firstly, word the “Signal” filter on top as a way to experiment for possible setups based on classic charting principles or overall performance signs.
I don’t use this filter out, and neither the “Pattern” filter out, due to the fact I choose to draw the ones myself as quickly as I found my preferred Candlestick formations, but perhaps you want them.
What I am in particular interested in here are the “Change from Open” and “Candlestick” filters. Let’s observe the “Candlestick” filter.
Here, we’re inquisitive about every single filter out – we go through them one after the other and then check whether or not the choices charts display us Pinbars or fashion-continuation bars within the case of Dojis. The Marubozus help us discover engulfing candles.
The other filter I am inquisitive about is the “Change from Open” – genuinely pick “Up 3%” and “Down 3%” successively in an effort to discover engulfing candles, as properly.
After applying a filter, it’s miles critical that you switch your chart view for faster scanning due to the fact you’ll simplest get a listing of capability exchange applicants, however no longer a visible display of them.
Here, we filtered the 7000 shares that Finviz has on its radar for 260 Hammer bars. Now we can fast scroll thru them and notice if any of them catches our interest.
The scanner is via a ways not ideal and presents loads of trash which I can visually quickly kind out. Going via those 260 charts takes me roughly 2 mins. Then we really circulate on to the next clear out.
So let me quickly go through the filters till I discover something that looks good enough..then we flow directly to the next step.
Aaannd…we got one. Take a look at the p.c underneath – a long wick to the disadvantage, maybe a degree broke or were given faked out…it is clearly a swing point.
Let’s open a bigger chart to peer what we will locate (sincerely proper-click the choices mini-chart and open it in a brand new tab so you don’t must leap to and fro all of the time. I try this with all ability charts first before going through them one by one).
At first sight, I can see a downsloping channel which we simply got rejected from, we are certainly going counter-fashion here. Not my favored setup, however appropriate enough for me to take an even closer appearance.
This chart now comes into the choice of viable setups for the choices day. After scanning thru all of the stocks with all the filters and manually going thru the Futures, Indices and the Forex market markets that Finviz does not cover, I will analyze these types of candidates plenty nearer on TradingView.
This is our setup from above. We faked out one of the most stunning degrees I have seen in a long time, but I see a few problems with this one.
This is the beauty if you have masses of choices. Out of 7000 Stocks and around a hundred Forex and Futures devices every day, I can without difficulty select the two-three pleasant setups and simplest change the ones without feeling awful. Passing on setups has in no way been this easy for me.
However, I still see capability in this trade if it makes a neighborhood structure and trendline smash, as as an instance a Head&Shoulders.
So this will be put on my watchlist and I will take a look at it over the coming weeks to peer what occurs to this. Also, out of interest, I want to look how this setup performs out. Trades not taken need to be analyzed as well regarding their overall performance.
After I went through stated system with all capability applicants, I take a look at how a great deal margin I actually have left in my threat-control plan after which allocate finances to the choices various eventualities, relying on the strength of the setups.
All this takes me more or less 1 hour each day, on occasion more, frequently much less, after which I input my orders and don’t take a look at my buying and selling station once more till the next morning.
I want, Finviz might cowl greater markets however for now, I am really satisfied with it. Also, in case you pay for the choices Elite account, filtering will be a great deal extra convenient and you will shop even extra time.
This approach to the markets can easily be trained and examined while still daytrading or pleasant other responsibilities, which makes it so appealing.
Due to the sheer mass of change setups, we can change with a minimum danger and still achieve the choices equal rewards as with daytrading.
That’s it for now with the second one article about my Stock trading, more to comply with.
I will want to thanks for the choices high-quality manner to find without difficulty shares setup.
We share over 20+ years of blended experience in Forex trading.
Originally from Germany, we are now living generally in Hong Kong and Thailand.
We offer unfastened trading suggestions on our website weblog and our YouTube channel.
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