Stocks are all grouped into major market sectors and then further categorized into groups. These sectors can trend one way or another, either bullish or bearish, and provide many opportunities to find a seat on that train.
So, if some of the work is already done for you, meaning a sector is trending and within that sector there can be numerous stocks of all price ranges that are trending also, why not build a watchlist from a specific trending sector?
If this is where the masses are putting their money this equates to more consistent volume during the day or week(s) which can give us a cleaner chart (patterns) and possibly even more predictable results. The more traders that see price at the same support or resistance area, overbought or oversold, etc. then chances of the majority of them reacting in the same way which means a price reaction in the charts.
The video is a quick and easy introduction to get you started if interested. It is too long to post here in the thread but you can watch it here: The Penny Stock Quest Sector Scan
Trade smart.
Palmer
Palmer:
I watched your video, thanks, in TOS Shares are not float
@wannabestocktrader i just feel that if price ticks down then to my original price I see that as a psychological, oops, I'm wrong thinking it;s coming back down. but you are correct...i should 'finish' the order since it is part of the original plan
@nirvanaghk it's not exactly the float, it's a little higher, but it is not outstanding shares either. if you look at shortsqueeze.com, yahoo, google, they are all different also but close enough to get some kind of number. i think it depends on the date of the data
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