Intraday Scanning

I often get asked about my intraday scanning routine. I thought I would address what I do in a blog to help some of you guys out. As you know, we trade a lot of momentum stocks in the Bulls chat room. The morning is jammed packed with trades that were on our watch list the night before, earnings gappers, and red to green moves. However, the thing that I am addressing in this blog is how exactly do you find the stocks in play during the mid to afternoon session?

I have two different things that I do intraday to help me with idea generation:

1. FREE finviz scan. For those of you who are just starting out trading and still working on turning a consistent profit, you want to keep your monthly overhead down. Therefore, you are going to start off by working with every free website that you can. Here is a very helpful pre-built Finviz scan that you can run during the day and help you find those momentum stocks. The way I handle this scan is that I refresh the scan every hour, enter the symbols produced from the scan into my intraday charts and look to see which ones are possibly flagging intraday, pulling back to a bounce spot, etc. This scan is built to look for the momentum stocks on the day that have great relative volume. For example, you will notice that many of the stocks we mentioned today are listed on this scan ($YOKU, $OCLR $P, $GOGO, etc)

The $P chart from today, provides us with a perfect example of an intraday flag setup that you are looking for when you are running this scan.

2. Once you are a seasoned trader and able to make consistent money, it’s time to invest in some helpful tools that will make your life easier. One of those tools is a great intraday scanner. The one that we recommend at Bulls is Trade Ideas. The TI platform is excellent for building your own scans with the criteria that you like. Bulls has created its own scanner that we are more than happy to share with you. The Bulls scanner helps you to find the same stocks that the Finviz scanner does but in a more timely fashion 🙂 As you can see, Trade Ideas scrolls through the criteria of the stocks and is constantly moving throughout the day as new ideas come in. Trade Ideas also links to your trading software so that you can pull up a chart of the stock in question with one simple click!