Jump to content

We have moved to Discord. Please click here to join us in the Trading Terminal Discord server.



These forums are read-only.

Leaderboard


Popular Content

Showing content with the highest reputation on 01/11/2022 in Posts

  1. 1 point
    @dmiles, glad to hear that you are having success with these scanners, and good to see this thread revived. I’ve had some similar success. I copied/pasted the original formulas that Matt C provided and have been monitoring the various alerts for the past four months. Here’s what I’ve seen: The majority of alerts come from the “S2-S3 Long” and “R2-R3 Short” settings. There are typically 5 or 6 of these a day, and I’ve developed a tradebook for these that works quite well for me- wait for the price to touch S3 or R3, get a 5-minute candle to close in the direction of the reversal, and simultaneously have two consecutive one-minute candles as confirmation. I’ll enter when a new 5-minute candle confirms the reversal AND the third consecutive one-minute candle continues the trend with conviction and volume. I set stop at the base of the previous one-minute candle (which is the second of the three one-minute candles). I find that forcing myself to wait for a 5-minute candle to complete itself keeps me out of some tests of S3/R3 before the reversal gains its ultimate momentum. I think of this as a conservative entry/confirmation with an aggressive stop that is justified by the consistency of the set-up. My trade management is still evolving, but I'll often get a full S3-R3 or R3-S3 traverse, and even if not, I'm able to follow the VPA to manage the trade with partials that typically yield a 2R to 3R return. The other alerts occur sporadically and I too have not been able to rely on them for a consistent set-up. For now, the base plays described above are suiting me just fine. I consider them to be a valuable tool in finding symbols that check the “Where” part of the Cam strategies, and my own entry/stop criteria serves as the “When”. The symbols that trigger are sometimes also on my Watch list and have catalysts, but quite often they come from “off the radar” as symbols that I would otherwise not be following. It appears that the volume settings in Matt’s scripts are quite effective at finding symbols that are moving. I’d love to see some renewed interest in this forum for these alerts, perhaps a new thread, and should the conversation evolve I’d be willing to participate.
  2. 1 point
    @MIGS @Javier Colon @Triple J @Another Peter @trader77 I know this is an old thread, I just thought I would throw out a post to see where everyone is at with their Cam scanners. Due to the issue @MIGS pointed out with the arbitrary labeling of formulas, I scrapped the idea of using the collaboration link, and started doing my own scanners from scratch, which is what I believe I should be doing anyway. I ended up with a scanner that works well for me, in fact it is what I use every day at the open. I look at an alert, and if it meets my criteria, I watch it for a pullback. I normally use VWAP for shorts, or a moving average for longs. My stop is always the open price, and I have found that if a short breaks above the open price and holds, then it usually turns into a good long. I believe the historical volume threshold is the predominant indicator in these scanners. I have noticed that the best performers are often ones that were on the gappers watchlist, or have a catalyst. Of course, nothing is 100%, and I don't have version of TI that includes backtesting. But the scanner I ended up with got me a trade book that I am able to use for consistent profitability. I guess you could say that I used the school of hard knocks for backtesting. I was never able to get any kind of satisfactory results from any of the "Open above" or "Open Below" scanners, and I stopped working on those. I would like to revisit those, and my current project is focusing on the R3 and S3 levels for breakouts or breakdowns. I'm thinking about a scanner that I can use with a symbol list, and just get alerted whenever any stock on that list hits R3, or S3. My plan would be to add that days watchlist, and then just leave them on a list of usual suspects. That way I would get an alert whenever any of those stocks hit those levels, without having to put in other factors such as volume, or float etc. As has been mentioned, using the collaboration links is not really practical, due to the way TI labels formulas. I did reach out to them regarding this, but there was no interest in making any changes in that area. I'm getting ready to start bootcamp, and I have a day job, so my available time to devote to this will be limited in the next three months. But if there is enough interest, I would be willing to work with anyone who is looking to take Cam scanners to the next level. Perhaps a new thread is warranted. Just an FYI, I put the New High or Low Bid or Ask scanner together that is used in chat. I submitted it for a BBT contest a couple of years back. I didn't win, but I am really happy that so many traders have been able to use it successfully. Thanks!
  3. 1 point
    I am new at trading too so this may not be the most helpful answer, however, I don't think there is necessarily one stock to watch. I think that the stocks in play change every day and that sticking to one stock would limit your strategy from reaching its full potential, because ORB's don't just occur for every stock, every day (based of the Andrew's criteria and BBT tradebook). I think when creating your watchlist watchlist, if your trading ORB's, you need to be looking at where the price action is compared to where VWAP and the MA's are. If they aren't close then take it off your watchlist and don't look at it. I don't know what type of screen space you have, and how many stocks you can watch at once but if you build your watchlist based off your strategy and then every once and awhile look at the chatroom, because they call out great stocks, you will be better off then just trading apple for a 1, 5 or 15 orb. Because AAPL may only work for your strategy once a week and it could be chop the other days. I could be wrong on my assumptions here and if anyone disagrees pls correct me but yeah, I hope that was helpful. I also recommend the chat room in the morning at 8;30 Carlos and Norm find amazing stocks in play. Also I recommend meditating it puts you in tune with your emotions and it may help you feel less overwhelmed, headspace is a great app that can help you get started too.
[[Template core/front/global/mobileNavigation is throwing an error. This theme may be out of date. Run the support tool in the AdminCP to restore the default theme.]]

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.