Williamsburg, VA
Experience: Intermediate
Platform: ThinkorSwim
Trading: Stocks
Posts: 522 since Mar 2010
Thanks Given: 259
Thanks Received: 791
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I trade stocks using the thinkorswim screener as well. Check out my trading journal if you're interested.
In my opinion, the best way to use the screener is to find a set of criteria that can at least narrow the universe of charts you need to look through. Take a close look at the kinds of setups you're looking for and see if they have something in common besides the trendline. Trading above a certain moving average; current price is at least a certain percent lower than yesterday's close; low of the last 15 bars is lower than the current low; whatever. You can use the thinkscript language to create custom filters, so you can get creative.
The screener will never give you a complete answer but if you use it effectively then it can save you a lot of work. Maybe it will give you 20 stocks and you'd really only be interested in five of them, but that's still a big step in the right direction. If you're like me then the setups are fairly obvious once you look at the chart, so you can dismiss the ones you're not interested in pretty quickly.
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"If you must forecast, forecast often."
-- Edgar Fiedler |
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