Duh...

So TOS only allows scans based on End of Day data or current day's data.

So I think one way to circumvent this if you need to follow hourly signals is to break things down by how many days your signal is.

For example, a 30 bar %R period on an hourly chart is basically 30/7(bars per day)...or 4 days...

For CCI...60 bar setting...8 days

80 bar setting (bollingers)..11 days...this is rounded down (to compensate)

This could be a crude way of dealing with TOS's shortcomings with respect to scanning for hourly signals.

Setups today

OK since this is a new blog, I should say what the rules for the setup are...better still a screen shot of the rules in TOS:

Short setup code:

Long Setup code:

The rules are based on Price Headley's Methods in this case I am looking for %R retests outside of the acceleration bands. I have not backtested this specific part of his methodology, however, he states in seminars that these are the highest quality, lowest risk setups.


Every night, I will post the setups that have popped onto this scan. I will also post %R retests that are inside the bands. Especially when there are no setups outside the bands.

One final rule for my scans, all of these will be optionable, the underlying trades at least 250,000 shares that day (be sure to check the average volume), and finally be at least $15 in price. I am a believer in the IBD methodology as well so that's where these "arbitrary" filter rules come from.

If I post retests inside the bands I will be sure that the retest is valid. Which means that I will confirm that the %R setup is confirmed. I will not post Retests inside the bands if there are any retests outside the bands...I will only post retests inside the bands if there are no retests that come up outside the bands.

That being said...today's setups are as follows:

SHORTS:
EGN, RJF, GIS, DBO, CAJ

LONGs:
NONE outside the bands.

The following are %R retests inside the bands:
RGNC, SWSI, ODSY