07/09/2018 |
Best Practices: Our Recommended TrendSpider Workflow for Traders to Scan for Trade Opportunities
TrendSpider is an incredibly flexible tool that can be used on any timeframe chart to identify key price levels, trendlines, indicators, support & resistance zones, chart breakouts & breakdowns, and more, automatically. But how do you put it to work for you? What’s the best way to work it as a user? We recommend you approach it as a process.
Technical Analysis Workflow
When trading with any software system, it’s best to have a workflow in mind. Not all software products guide you into a workflow, and even if they do, it is probably generic and, at least in some ways, not applicable. Here is how we recommend you use TrendSpider technical analysis software to find chart setups you like faster and with greater accuracy.
Our Recommended Technical Chart Setup Search Workflow
Step 1: Setup Your TrendSpider Chart Analysis Software
In the above diagram, the first step, Configure Your View, only needs to be done once. All this means is select how many charts you want on your screen, configure your indicators, and customize your automated technical analysis settings and options so that the system does what you want it to do. If you are using any other system, this step is the same. Just make sure you set it up right, the first time. So when you look at other charts, you don’t have to change your view around.
Step 2: Upload Your List of Symbols into the Technical Analysis Program
In TrendSpider, it’s easy to copy and paste your list of symbols into a custom watch list. You should do this instead of typing each symbol in one at a time because it will save you time and speed up your work down the line.
Step 3: Start the TrendSpider High-Speed Technical Analysis Cycle
In TrendSpider, it’s easy once you’re setup. All you have to do now is just press the up or down arrow on your keyboard while your watch list is open. TrendSpider will switch symbols when you do this, and automatically do all the analysis for you, using the settings and layouts you configured in step 1 above. This analysis will include trendlines, indicators, fibs, SR zones, and more, across multiple timeframes.
Step 4: Look for Interesting Charts and Setups
Step 5: Right-Click on Trendlines and Indicators that You Like
Any automated trendline or indicator can be used to create alerts. All you have to do is right-click on them.
Step 6: Set Alerts and Move On to the Next Symbol
Remember that TrendSpider Dynamic Price Alerts are not your typical price alert for three reasons:
- They NEVER need to be adjusted. Instead, they will automatically follow the indicator or trendline you create them on.
- You can CUSTOMIZE how they fire. Your choices are on Breakout, Bounce or Price Touch.
- They wait for a FULL candlestick to form before going off, but you can configure which one.For example, you can create an alert on the Daily trendlines while on the 60-minute chart, and set them to only fire when a 5-minute candlestick closes that matches your firing criteria.
See TrendSpider in Action Searching for Technical Chart Setups
We made the following video to demonstrate how the above process plays out with real charts and real patterns. This will show you the same process described above. The video is about 10 minutes long, but it’s worth it!
