As we often do, the other traders and I were kicking around some different trading ideas and thoughts on the current market conditions. In the midst of the conversation, Craig Russell mentioned an Advanced GET Scan he had been working with that was proving quite useful. During today's mentoring session, I brought it up and sure enough it was a hit with the class. I've been asked to post it here to illustrate and document the settings for posterity.
A little background on this setup, we are looking specifically for Stochastic Trades on a daily basis. To do this, we are also looking for clear strength or weakness on a weekly time frame. This can be done by using the Xref Filters on the weekly to search for XTL red bars and buying or selling with the trend on the daily timeframe. Add some volume and price parameters and you're set.
You can also set this up for Stochastic Buys by changing the parameters to "Buying with the Trend" and XTL Blue bars. For those looking for shorter term setups, try amending the time frame to 15 minute and 60 minute respectively. This is a highly effective scan for drilling down into solid trade candidates.
(Click the images below for a full view screenshot)
Trade Smart
~Duane Gott
Could only see the left half of the scanner on the example.
Posted by: Jim Reimers | April 20, 2008 at 11:53 PM
Left-click on the image and it should open a full view of the scanner so you can see the respective settings.
Posted by: Duane Gott | April 22, 2008 at 09:03 AM