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TRADING #101 COURSE – PART II TWO: SUCCESSFUL TRADING PIE – WWW.TRADERSCOACH.COM
• Time-based conditions where you are only going to scan and trade
during a specified time period.
• Bar data–based conditions such as comparing the last three bar
highs or lows.
• Multiple conditions where you are scanning for two or more
conditions at once, such as high volume combined with a bracketed
market condition.
• Scanning multiple time frame charts such as 1-minute, 5-minute,
10-minute daily and weekly charts; can ensure that a trend is
strongly in place on more than one time frame.
• Scanning for bracketed markets that have been bracketed for more
than say 20-price bars.
Popular Scanning Tools
There are many effective technical and fundamental scanning tools and services
available to you that will save you time and enable you to take advantage of emerging
opportunities more quickly. Here is a list of tools and companies that offer scanning
features:
• TradersCoach.com®, Turbo Scanner, Elliott Wave Scanner, Trade
Confirmer Scanner.
• NinjaTrader, Market Analyzer.
• TradeStation, Radar Screen.
Do some research to determine what companies offer and see if what they offer
matches what you are looking for. The time you save in doing manual scanning will
certainly justify the cost of purchasing software to assist you with this. The key is to
determine specifically which scans you will be using, so that you are not subscribing to
services you ultimately do not need.
Looking for Bracketed Markets Is a Technical
Approach Used to Scan for Opportunities
Looking for a market that has been bracketed for an extended period is an excellent
technical analysis scanning technique.
You can do a scan to find such markets, which will have a high probability for a
breakout trend. As the bracket becomes longer and narrower, it becomes more unstable
and ready for a breakout.
For trend traders, this scan creates a watch list of trades that could move at any time.
The TradersCoach.com®, Turbo Scanner can scan for bracketed markets that have a
high probability of breaking out.
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