Finding the bottom - Pincher charts?

[MrBigz]

Hey SA

Here is a new Pincher Scan I created that has been working extremely well - not sure if it's because the scan is good or the market conditions we are in. LOL

anyways, u can adjust volume and price range to suit your needs

Penny scan

[type = stock] and [country is US] and [volume > 2,000,000] and [PPO Line(12,26,9) <= -5.0] and [ADX Line(14) > 20.0] and [stoch RSI(5) >= stoch RSI(10)] and [Close < 0.19]

Big Board

[type = stock] and [country is US] and [volume > 1,000,000] and [PPO Line(12,26,9) <= -5.0] and [ADX Line(14) > 20.0] and [stoch RSI(5) >= stoch RSI(10)] and [Close < 5.19]and [Close > 2.99] and [Plus DI (14) > yesterday's Plus DI(14)]

[obnoxious2]

Hey SA

Here is a new Pincher Scan I created that has been working extremely well - not sure if it's because the scan is good or the market conditions we are in. LOL

anyways, u can adjust volume and price range to suit your needs

Penny scan

[type = stock] and [country is US] and [volume > 2,000,000] and [PPO Line(12,26,9) <= -5.0] and [ADX Line(14) > 20.0] and [stoch RSI(5) >= stoch RSI(10)] and [Close < 0.19]

Big Board

[type = stock] and [country is US] and [volume > 1,000,000] and [PPO Line(12,26,9) <= -5.0] and [ADX Line(14) > 20.0] and [stoch RSI(5) >= stoch RSI(10)] and [Close < 5.19]and [Close > 2.99] and [Plus DI (14) > yesterday's Plus DI(14)]

Thanks for that! I'm going to go try it out. BTW, when say you say:
PPO Line(12,26,9) <= -5.0 do I type in the "<= -5" in the same box with the 12,26,9?

edit* I tried typing it in the same box as the default 12,26,9 but it said invalid parameter. Is this only for premium users of stockcharts?

[MrBigz]

hello obnoxious.

yes I believe only paying stock memebers can create their own scans.

Free members can only use their predefined ones (I think) - I've always used the advanced interface and not the standard interface.

[MrBigz]

Here is a screenshot of a scan that a friend of mine uses.

I've never used this one but he is one of the best "pincher" players I've ever met, so I am sure it'll work fine.

The image doesn't seem to display clearly but the left hand indicators are: RSI, RSI, ADX, DI+, and WM %R


Charger's Pincher Scan

[Naamplao]

Post removed as I am leaving due to incompatibility with the moderators of this website.

[MrBigz]

Hey naamplao.

I personally don't have a hard set definition of a pincher play although I am sure there are die hard pincher players that cringe at the sight of imperfection. LOL
My only goal is to find stocks that are ready, or almost ready, to change trend. hehe

I actually prefer to avoid pinchers, and play stocks in a pattern (double bottom, ascending triangle, etc) and use a cross of EMA(5) up thru EMA(13) as a buy signal, but in this current market environment I play the cards I'm dealt and pinchers seem to be what's working these days.

My guidelines even differ slightly from the ones I am listing below but for people who read this thread it is still an excellent starting point.
In addition to what is listed below, I rely heavily on a sharp uptick from DI+ on the daily chart for confirmation

Pincher Trading Guidelines

1. Study the PPO/ADX pincher charts

2. Find the major MA's 10, 20, 50, 100, 200 (32MA and 64MA)if 20MA to 100MA have a big spread!

3. Find the RSI's, always look for a 30/30 cross on these. It's a buy signal for the PPO/ADX pincher. To confirm this buy signal, look on a 15minute chart with a 200MA...it must cross the 200MA. So the 30/30 rsi's cross in conjunction with a 15min 200MA cross is the pincher buy, with volume!

Note: on subs, (below a penny)...wait for a Psar or 20MA break and hold as a buy signal. If they break back down the Psar, sell. Note: if the RSI 14 breaks the 50MA, the PPS will more than likely go higher!

4. Find the Psar…is it below or above the 20MA? If the Psar is below the 20MA ...buy as it crosses the Psar. If it does not break and hold the 20MA...sell. If they back off the Psar...sell.

5. If it holds the 20MA...well, now it’s a turn chart. The 50MA will be up next…sell if it backs off the 50MA.(32MA could be placed between 20MA and 50MA if spread to big)sell if it backs off 32ma!

6. If it holds the 50MA ...we are now in uptrender territory. Up next is the 100MA …if it backs off the 100MA...sell.(64MA could be placed between 50MA and 100MA if spread is to big)sell if it backs off 64ma!

7. If it holds the 100MA …up next is the 200MA…sell if it backs off the 200MA.

8. If it holds the 200MA, dont let it fall below the 20MA...take some profit.

9. Never buy back until it again breaks and holds the 20MA.

10. An RSI 14 break of 70 to 90 is a sell.

11. 15min chart rule: an RSI (2,5) cross of 50-70, as the MACD histo crosses 0 with better then normal volume, is a great buy signal'…especially for bottom busters...it works best when the MACD and PPO are turning up off the bottom of the daily.

[MrBigz]

Here is a static image that I hope explains what to look for when considering buying a Pincher

[MrBigz]

I ran a scan for ya with Canadian stocks

not sure how they will do since we just had 5 up days (I am a Canadian as well BTW)

anyways, though u might wanna put 'em in a watchlist:

AGF/B.TO, ALS.TO, AX/UN.TO, CCI.TO, SIF/UN.TO, GMP/UN.TO, HW.TO, HBM.TO, NAE/UN.TO

[Naamplao]

Post removed as I am leaving due to incompatibility with the moderators of this website.

[MrBigz]

hey naam

thought I would add more food for thought.

Take a look at the weekly chart for GMP/UN.TO

GMP/UN.TO Weekly Pincher Chart

also look at the bollies on the 60 min ALS.TO chart

The daily chart might not meet your criteris but IMO it's a pincher and PPO/ADX`are starting to separate now, DI+ is upticking and RSI and Willie have started to come up from oversold

ALS.TO 60 Min chart