This post will help newcomer/beginner/amateur traders who do not use screeners or tools like Amibroker, MetaTrader, etc.
The tool I am about to introduce you to will help you figure out trending stocks both on the way up or way down.
Also, you should use this tool n trending days. It will not work in a choppy market.
Step 1: Install TX3, a software published by Edelweiss Broking. After installation, you will have to enter your mobile number and Edelweiss will SMS you a code. Once you validate the software by entering the code, it will start functioning.
Here’s a screenshot:
Step 2: Click on Tools and select “Market Eye Live”( see screenshot above).
You will get a dropdown, and out there, you will have to select filters. Uncheck all filters EXCEPT
R1, R2, R3 Breakout on the Bullish side (R = Resistance)
S1, S2, S3 Breakout on the Bearish side (S = Support)
I’m writing this on a Sunday, and therefore you cannot see any stocks. In a live market you will get many stocks breaking out or breaking down, and throughout the day.
That’s all there is to it – BUT REMEMBER – the stocks that are thrown up will work on a trend day. These days the market is choppy and you will likely lose money if you follow these recos.
Be patient, and wait for trend days. You don’t have to trade daily, and you must stay on the sidelines in a choppy market.
Till the market is choppy, the suggestion is to paper trade and check the efficiency of the auto recommendations. Good luck.