Everything has been explained thoroughly in the chart. If you have a comment related to price action/Fibs/Trendlines it will not be replied to. This is meant to be a tutorial for semi-systematic traders only.
I have hidden my Keltner channel indicator to reduce an already cluttered chart but it has a very important place in my trading system. I hope to explain it as well.
Thank you for your valuable contribution to the TradingView community and keep up the good work!
Good clear chart with good clear explanation.
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I trade in a similar way where I use the TradingView screener to find:
1. Stocks breaking out above their upper Bollinger Band, but where they have had a period of consolidation (eg the middle 20 period MA on the Bollinger is pretty much flat) and contracting - little volatility.
2. Where the relative volume is above 1 (perhaps above 2) so I know buyers are coming in
3. Where the stock is up say 20% over the last 12 months (eg I want to invest in winners that are moving up over all - just to help put the odds in my favour a bit more)
4. Where 30 day average volume is greater than 100k (so there is real activity there and Im not the only one trading the stock)
I then just flip through the results and eye ball them looking for ones which I think best meet the pattern. You could refine it further by:
5. Selecting stocks between $1 and $50 in price (eg they are more likely to have bigger moves
6. Limit the stocks to say discovery stocks like technology or medical (again likely to have bigger moves)
7. Filter where earnings have occurred in the last 5 days (i.e. they are past earnings and have broken out - probably because of positive earnings)
All the above can be screened for.
zAngus
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Oh, and I do think Keltner Channels are probably as good if not a better idea than Bollingers. What you are essentially looking for is where something unusual is happening to the stock. So breaking above its normal trading range (ie Keltners are effectively an ATR indictor) combined with a volume surge means something is up...
I also like to use an OBV with a Moving Average on my charts so I can better see that buyers are in charge...
Munchkunster
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Thank you ...
Please do make another post explaining use of Keltner channel.. Will look forward to that..
vorayash05
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@samarthgupta1911, Sure. Give me a while to collect the required materials and I will get back.
viraniaman
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Hi. Thanks for sharing this information.
Tried to message you directly, but I am too new to do so. Saw one of your comments about statistical realities of people using trend lines on one of the featured posts where people were needlessly bashing you. I feel that was really uncalled for and you were right.
I wanted to chat a little bit about your journey so far and how to get started to be at a level where you are. Its perfectly understandable if you don't want to talk to an internet rando :P but I would really appreciate if you could.
Thank you for your valuable contribution to the TradingView community and keep up the good work!
Good clear chart with good clear explanation.
-----------------
I trade in a similar way where I use the TradingView screener to find:
1. Stocks breaking out above their upper Bollinger Band, but where they have had a period of consolidation (eg the middle 20 period MA on the Bollinger is pretty much flat) and contracting - little volatility.
2. Where the relative volume is above 1 (perhaps above 2) so I know buyers are coming in
3. Where the stock is up say 20% over the last 12 months (eg I want to invest in winners that are moving up over all - just to help put the odds in my favour a bit more)
4. Where 30 day average volume is greater than 100k (so there is real activity there and Im not the only one trading the stock)
I then just flip through the results and eye ball them looking for ones which I think best meet the pattern. You could refine it further by:
5. Selecting stocks between $1 and $50 in price (eg they are more likely to have bigger moves
6. Limit the stocks to say discovery stocks like technology or medical (again likely to have bigger moves)
7. Filter where earnings have occurred in the last 5 days (i.e. they are past earnings and have broken out - probably because of positive earnings)
All the above can be screened for.