Day Trading & Forex Forum

Brogden

Hi Everyone, please forgive me if I'm asking a dumb question that has already been answered elsewhere.

How do you guys find the shares you are going to trade? I scan the FTSE 350 looking for chart patterns - continuation patterns such as consolidations, triangles and flags, so that I can trade with the trend but take advantage of pull backs and pauses. BUT even after cutting the 350 down to only those with average daily volume over 500k, which leaves about 225 shares, I still find this too boring and time consuming to do every day - after about the first 50 my mind wanders and I lose concentration, especially with so few shares actually trending at the moment. Do I just need to stick at it until I get used to the task, or is there a better way of identifying shares exhibiting tradeable patterns?

williadb

Consider relative strength between stocks, do not overlook the power of this analysis. You should focus on technicals for entry and exit. It appears that you are wasting a lot of precious time.

Brogden

Hi williadb, thanks for your reply. I agree with you about wasting precious time, but I don't understand your comment about relative strength between stocks, would you explain please, and what technicals would you use for entry and exit? I use ShareScope so I think I should be able to data mine for these.

williadb

PM me and we'll chat.

jonboy123

very good query.
thats alot of work to do everyday.
I think people just look at gainers lists everday, and look at whats moving
the most that day. then they choose certain stocks which they decide to follow,
regardless of patterns or chart characteristics. this is what you should also do, pick
specific stocks and stick with them.
Or pick a market or sector or industry and focus on that maybe.

williadb = relative strength index? or relative strength?

williadb

Brogden - relative strength will indicate which stocks are professionally being bought and sold. On the event of a major market swing you will want to know which of these stocks to enter. Fundamentals are important, however personally knowing the insides of each company is impossible. Let someone else do that work for you. I am interested in how you trade.

williadb

Hey Jonboy, i am willing to discuss this further. Nope not relative strength index. Relative strength. For example on 01 July i could have sold sold Forest Oil or Oge Energy. Which one would have produced the greatest profit and why?

jonboy123

you mean short sell? or you were holding already and then SOLD?

forest oil = berlin or usa?
i dont know dude. ...