UPDATED Trading Strategy for 2024 🧠💭

Just in case this update got lost in the shuffle as it was part of an earlier post, here’s a copypasta of my new scan that I’ve been using to find my latest positions:

Excerpt from “Big Announcement” post:

Speaking of money, I know the economy is shite and inflation is friggin bonkers, so I recently cut back on my StockCharts subscription and went from the EXTRA package to the BASIC package. Sadly they really funk you on the basic package by only giving you ONE Alert and ONE Scan. But to combat that injustice, I’ve concocted a formula that gets you more bank for your buck!

What I did was take the two formulas I’m using the most right now and combined them into one. In theory you can do this with more than just two (as long as it’s under the 8,000 max character limit) but I’ll be using the K.I.S.S. method on this one — Keep It Simple Stupid.

All you need to do in order to combine formulas is use the OR code and have the right amount of brackets around each formula.

Here’s my current formula:

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As you can see, the first part is my formula for finding stocks on my master watchlist that have found Support (orange box) and the second is my formula for finding stocks on my master watchlist that have been under 30 RSI for a few days (blue box).

The important thing to note, as I mentioned above, is that this will show results for two SEPARATE scans in one thanks to the OR command (pink circle). Now, if this said AND instead of OR it would only show stocks that are both under 30 RSI and have found support which is too narrow of a target to hit. But by all means use that if it’s what you’re looking for.

I was also considering including a command to limit these to stocks whose price is also under the 200 SMA, but for now I’ll leave it as is.

Here’s the copy pasta version of the above formula…

[[todays EMA(5) < todays SMA(20)]
and [todays MACD Hist(12,26,9) > yesterdays MACD Hist(12,26,9)]
and [todays Elder Bar Red is false]
and [yesterdays Elder Bar Red is false]
and [todays close > yesterdays close]
and [todays close < todays EMA(10)]
and [favorites list is 1] // Default
OR [[RSI(14) < 30.0]
and [yesterdays RSI(14) < 30.0]
and [2 days ago RSI(14) < 30.0]
and [favorites list is 1]]] // Default

I current use this for my 1 scan and my alert which is setup to email me at Market Close and continue running the scan each day. Here’s the settings for this option:

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EXAMPLE

In my previous entry on $ADM you can see how beautifully this strategy has been working so far. Here’s the chart when I found ADM with the scan on February 7th 2024…

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And here it is today, up over 18%…

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The stock is still slowly climbing (with small ups and downs) towards the target of the 200 SMA at about $70. While I can trim some shares and take a little profit since the RSI is over 70, I decided to continue to hold until the price gets closer to my Target.

A few other setups like this that I have mentioned in other posts (see below)and also started positions in are $DBX (Dropbox) and $LUV (Southwest Airlines).

WATCH LIST (2/23/24) 👀

Show me some LUV 💙

Trade long and prosper!

🖖

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** This is my personal opinion and not investment advice. I am not a Certified Financial Advisor. **