Sorry for this long message but I’m despite. I’ve been using Trade-Ideas (great scanner) to find low-float momentum stocks every day for 3 years now and I’m just draining my account away. I need to find a different scan setup soon before I give up on trading. Here is my main TI scanner set up:
Alert for: New high, premarket high, running up, 5-minute-high, 5-minute opening range breakout.
Filters: Float: 0-30Mil, Price $0.80-$50, Change 5 minute: 3%, Volume today: 100k+, Volume 1-Minute: 700, Volume 5-minute: 400
This seems to find stocks that have large volume for the day & making big moves, but looking at the day chart they’re always trending down and look like terrible stocks to go long. I’m under PDT so I can only go long.
Im looking to build a new scan that finds stocks that are trending up on the daily chart. Stocks where I can go long and not have to worry about so many bull-traps and a more consistent trend. I’m guessing those types of stocks are higher float and move a lot less % wise, correct?
Can you point me in the right direction for the type of (alert) & (filters) to find these types of stocks?
I feel like I’m good at TA, reading the 1M,5M,1D charts but with trading these low-float stocks I notice the exact millisecond I enter in a trade it goes the other direction sometimes. I also feel like the algos stop-hunt me. I have a feeling its because interactive brokers free account is selling my order flow to these market making algos and since the float is so low its easy for them to manipulate price to get me to stop out.
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