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WYCKOFF FILTERING AND SCANNING
Post your scanning thoughts and questions. As always, scan well, trade better!
hey all ,
working on a screener wich filters out the strongest to weakest sectors using the SPY as a benchmark against its sector ETFs like XLRE,XLP,XLK,XLV etc. and then also compare each individual stock within each sector based on relative strength against each sector.. daily,weekly ,monthly,, etc.
the last week´s the energy sector XLE was pretty much always on the bottom and one of the weakes sectors allraound ,
as of june 2nd on the daily scan XLE marks the number two spot on strongest sectors .. which was for me time to dig a lil deeper and watch where the money is coming in on individual stocks..
which got me these on the watch list:
they pretty much all started to rally at arround 24th of june whereas XLE remains fairly flat.. also they pretty much held the lows of 19th of may
while XLE trade slightly below it…
could this be a change in behaviour in the making on XLE with the mentioned symbols beeing the leaders ?
Nice analysis. You may want to consider running a secondary screen on the sectors that you like. The search engine lets you put in sectors as well as industry groups for your scan. You can use capitalization and relative strength filters to narrow things down.
Wzrd, this is a neat approach and I’m sure it works because you will potentially catch the leading stocks during rotations in market leadership. You will no doubt get some false signals as well… The thing to do is backtest enough to get an idea of the system’s probabilities so you can figure out your risk management. Your approach is different from mine, but there are many ways to make money in the markets!
And I just noticed this is in John’s section of the forums and I’m sure he has a lot to add!
Writing a Scan to find recent historical absolute minimums is quite straight forward.
Would knowing this have any applications of Wyckoff Principles?
Great question. Knowing what is approaching recent minimum levels can provide significant information, including:
1. What is testing support;
2. What might be building cause, such as an accumulation; or
3. What might be setting up for failure on a break of support and potential distribution.
Market context and relative strength can help decide what to make of the move. Generally, however, interaction with support is pretty critical and a scan that looks for price returning to minimum levels can be helpful to review this interaction.
The beauty of Wyckoff is it’s a holistic approach; not exactly coupling well with scanning.
When one is satisfied that enough pieces are in place then one can decide to execute.
The challenge For me is identifying candidates one by one; and they are at different phases.
Perhaps Group candidates in the various phases and scan as the Wyckoff process develops.
Longer Term View
Hi John, I’ve got a couple of chart lists I’m trying to make sense out of. Wondering if you can help??? Thanks! Frantz
Happy to help. Let me know what opportunities you are looking for and we will work through it together.
Sure. Can you give an idea about the chart list?
John, it’s actually two different lists I produce each week from the IBD MarketSmith screeners. This week one of the lists contains 163 stocks and the other 85. I need an efficient way to come up with the stocks on the lists that are actionable based on our Wyckoff rules… Can you help?
Happy to help Frantz. What kind of issues are you having?
I’m trying to identify structures in charts in my lists that may produce trading opportunities. I’m doing it visually and it’s very time consuming!
Welcome to the filtering and scanning forum. Johniscan at your service. Let’s get the ball rolling with thoughts about how to scan in the current market? What to look for?
Look forward to hearing from you.
Wyckoff Filtering and Scanning
Trade With (Not Against) Large Institutions.