Have been asked a few times how to find stocks that are in a nice steady uptrend across multiple markets.
A super simple way is to use the built in TradingView screener, add some moving averages to your chart, and then set your yearly, monthly, and optionally weekly performance values to filter the list down to a manageable number. Look through the results for stocks where the price and the moving averages are all running together nicely in parallel. The whole slow and steady approach.
Once you have a list of suitable stocks in your watch list you can then go through them and work out which ones to potentially buy based on your own criteria.
I typically look for stocks with an RSI pointing up but between 55 ( shows momentum) and 65 (not yet over valued) that have had a bit of a pullback recently, but look like they are heading up again.
Super simple strategy anyone can follow and understand. Try it and see what you find.
One of those the trend is your friend kind of things :)
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Couple of people below asked how I trade this, so just to repeat it is VERY simple. All I am doing is looking for quality long term runners (these are up over 100% per year - so they are pretty aggressive stocks) that have had a bit of a pullback and look like they are resuming their upward trend. To run that steady for so long means that both fundamental and technical traders see something in them that they like. I like to look at the RSI to see if the stock still has momentum / is recovering (ie pointing up and above 55), but has come back to a value area around 65 or below. (eg below 70 (universally considered in overbought territory) and closer to 55 if possible).
ie:
"I typically look for stocks with an RSI pointing up but between 55 ( shows momentum) and 65 (not yet over valued) that have had a bit of a pullback recently, but look like they are heading up again."
If you want a slightly more advanced way to buy, then rather than use a limit or market order, put in a stop order that is a few cents / dollars / percent above the current price. That way you will only actually buy the stock when it is moving up and confirming its direction is up. ie you are buying into strength.
Hope that helps.
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I made a follow up video showing how I can use a custom indicator that was built using TradingViews PineScript to provide still trending, but less volatile results than using moving averages alone and still 100%+ type return superperformers.
"...you can then go through them and find out which ones you can potentially buy based on your own criteria".
This is nice and sounds really simple.
But when you think about it, it's just like the advice, "buy only the stocks that will rise and sell the stocks that will fall, based on your own criteria"
What are the criteria?
zAngus
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@ReallyMe, I agree. 100% it is super simple. It is meant to be :)
Simple, doesn't mean that the stocks you can find aren't great stocks. If it is going up nice and steadily over a long period of time then it typically means that the market likes it - no matter your trading style. Wisdom of the crowds kind of thing. The moving averages running in parallel is something that people can understand simply and easily and best of all very visually. For more advanced traders they can then learn to apply other indicators in the columns such as RSI and ADX etc to further filter stocks. In terms of buying criteria, it was in the description above:
"I typically look for stocks with an RSI pointing up but between 55 ( shows momentum) and 65 (not yet over valued) that have had a bit of a pullback recently, but look like they are heading up again."
I'm a full-time momentum trend trader and this is exactly how I trade. I look for stocks that are in a steady up trend, and then buy on a pullback. I typically use the RSI to time my entry. Pointing up above 55 shows momentum. Less than 70 (closer to 60 the better) shows there is still some upside value.
I also have an indicator I created that I use to determine volatility and the range of a stock. This also helps with timing of entries and exits: tradingview.com/script/eH13A5ZO-SuperTrail/
Hope that helps a little.
ReallyMe
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@Angusmck, It does, a little. Nobody has a recipe to publish a formula, here and there you can make money, and I didn't expect that. I think it's great that you share your idea with the community. Thanks for that. Go on!
Tahawe
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@ReallyMe, Without stating the obvious, I guess, you shall have some sort of preferences.
ReallyMe
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@Tahawe, Yeah sure but what is the difference to acting on "gut feeling" then?
is all the TA fuss just a smokescreen?
Tahawe
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@ReallyMe, A bit fear coupled with bit greed goes a long way!!!
@ReallyMe, It’ll be then game over as ever. You see the beauty of TA; we have both arrived at the same conclusion.
ReallyMe
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@Tahawe, This is true. Exactly the same. You also get some inspiration and food for thought about the nature of TA when you read the book "Fooled by Randomness".
BMJo
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Fantastic presentation. Very informative and I learned a lot. Thank you for explaining everything and speaking at a steady and clear pace, which helps a newbie like me. Two questions:
1. You mentioned in the video that once you have done some initial screening that you will then look at RSI (14). Can this be added as a filter from the beginning to help with initial screening?
2. You demonstrated the use of moving averages. Do you prefer MA or EMA? What is your rationale for your preference?
This is nice and sounds really simple.
But when you think about it, it's just like the advice, "buy only the stocks that will rise and sell the stocks that will fall, based on your own criteria"
What are the criteria?