...asx limited...must appear on hotcopper....., page-13

Hi mojo239,

IMO - the best scanner is the human eye and the candle stick chart - lots of them. I built my own chart package in C++ and that allows me to view up to 50 charts per screen. So the whole asx300 would take me only minutes to visually scan. The last day data period on the chart is taken directly from the market - (ie live, by the software if the scan is done during the day). So the last period is today's data before the market closes. The thing to look for are stocks that have come down some way and are developing tails on the candlesticks. (Dragonfly preferably, but any substantial tails indicates upside potential.)

It is also possible to do this scan live with WebIress. Just open an ASX100, 200 or 300 watchscreen and just drag any stocks that either look green in the trend column or seems cheap onto the day chart. This is a quick way to display the day chart with current market data. If the stock looks bouncy (tails) then confirm the upside potential by looking at the minute chart and the market depth activity. If it looks like there is competition going on among buyers then it is a strong candidate for a bounce. (I consider Iress an essential tool for determining this buy indicator.)

That means you buy it - but it does not mean it will definitely bounce tomorrow. If it does - sell half (maybe). If not (eg dow or metals fell), buy again. But when you buy more or hold you have to reconsider the upside potential again? Same rules apply!

Buy quality stocks that you know are bound to go back up. Or stocks you have reason to believe will go up. How do you determine that? The trend! Also, I use a number of stock reports to find out what they are recommending. This saves me some research time. Reading about stocks on HC is a big help too.

The biggest enemy of a daytrader is accumulating or holding too many stocks. Because watching these occupies too much of your time and emotions and that prevents you from scanning and taking on better opportunities in the market. So be impatient on taking profits and be patient on waiting for the bounce. Give any duds the flick! Never trade more than you can afford to loose.

If you practice this you quickly learn to identify buying opportunities in any type of market and reap the rewards. Works for me!

cheers...