A small multi time frame system to identify stronger stocks based on RSI/SuperTrend/EMA @Definedge
Conditions:
a) RSI > 55 < 70 in daily
b) RSI > 60 in weekly/monthly
c) Candle close above SuperTrend(10,3)
d) Candle close above 200EMA in daily and 34EMA in weekly/monthly
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I have published these scanners in TradePoint Web of @Definedge. These scanners can also be developed in TradePoint Desktop. 1) Run these scanners on Multi Time Frame Scanners
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Save the qualified candidates (score above 2) to a group for doing further analysis.
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Run FusionMatrix on this group to check stronger candidates, Sort on RS-Ranking score and select top candidates. Look for long entries based on your favorite systems.
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One example #TATAELXSI on daily charts
RS chart bullish ABC pattern and in Price chart probable bear trap and bullish ABC
(bullish divergence between price and RS charts also)
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Another way of doing further study is to run Heikin-Ashi bullish reversal scanner on the short-listed candidates. This scanner is also published in TradePoint.
I ran this scanner and the result as follows:
Example of #ONGC
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The thread explains my momentum scanner and how to build it in #TradePoint software. @Definedge
Conditions :
1)EMA 8 above EMA 34 and rising
2)Candle close above previous 5 candle high 3) RSI above 60 4) Volume above previous 5 candles 5) ADX above 30
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This thread will briefly explain my stock selection process for trading
1) At EOD, short list stocks which are in bullish formations or bullish patterns on higher box sizes or time frames. On monthly and weekly time frames or 1% 2% and 3% box sizes
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2) from this, short list stocks that are probable breakout candidates. Here I look for follow through to bullish patterns like super pattern , 💯 pole, turtle Breakout , rare occurrence , bear traps etc
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3) From this list check relative strength against nifty 50 and short list stronger candidates.
Check for price and volume breakouts in candlestick charts on daily timeframes for confirming the momentum
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