Wednesday, July 05, 2006

Coaching Call Week 3

Rob Craig and I had our weekly call. This week we adjusted my historical chart settings in The Trade Center software. We switched the timeframe from 6 months to 1 year and adjusted the Moving Averages so my colors will match the standard coaching color scheme. After making the adjustments we looked at some bullish trending stocks. Unfortunately there aren't that many in the current market.

To identify the bullish stocks we used some select Trade Seeker scans and then looked at the chart (no secondary indicators) and took 1-5 seconds to identify if they look like a good trend. My assignment is to get 20 to 50 of these strongly trending stocks into my watchlist. Of course, bullish trending stocks aren't that common at the moment, and it seems silly to trade against the market. As much as I understand the motivation to start with the simplest direction (bullish) in order to identify trends, I'd just assume start with bearish setups given the current market conditions.

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