RE: UK Stocks - Watchlist and Discussion
Hi, Isatrader,
I didn't know where to post this...maybe it is worth having a section 'User ideas' or something along those lines.
I know I have raised this before, and hopefully we could all get together and maybe come up with something.
What would be good is if we had a screener which would identify stocks that have put in a saucer bottom and whose price is just slowly nudging up along with the 30 week MA. I am looking for equities using the full Weinstein approach to maximise all gains, and I believe accumulating at the basing phase on new breaks higher and on the retests of the MA would provide the best opportunity for greater gains.
Look at the chart of IOF, which you have recently flagged as a stage 4 continuation, if you go back before it had a breakout and massive bull run from late 2012 to mid 2013, it had a textbook saucer bottom. I have labelled the initial breakout as '1' (not to be confused with Weinsteins stage 1). This looks to be a breakout, so i'm guessing a screener should be able to pick this up. The MA is just turning up too, so another variable to tweak the screener with.
I have then added a label 2 (twice) as the retests of the 30 week MA, again I think this shouldn't be too difficult to set a screener against as this stock is moving up with its MA after a recent saucer bottom so a bit of logic in the screener to work out whether a 30 week MA is being tested also shouldn't be to difficult
I am currently assembling a few charts that are saucer bottoming so that I can pick out common theme's so these can be factored into the screener.
(I am a software developer, so I'm quite confident I can program something once I can determine all the variables needed)
Any comments/suggestions on how we can go with creating a screener would be great.