TrendSpider Software Update: New “Pattern Profits” Custom Scans Added, Drawing to Right Improvement
Today we are happy to announce some very popular custom scans from our friend and Certified Partner Ben – PatternProfits as well as support for more space to the right of your chart. Read below for a full description of each scan and watch the video for a deeper understanding of what each offers. Enjoy this addition and feel free to send us an email or support message if you have any questions!
New “Pattern Profits” Custom Scans
PatternProfits: Weekly SMA 10 Pullback
Position traders often use an easing volume price pullback to the 10 week moving average for entry and add on opportunities. This area is known to be a favorite spot to find institutional support in quality stocks. This custom scanner highlights easing volume price pullbacks into potential 10 week moving average support. As an additional filter, this screen only includes stocks trading above their 40 week moving average.
PatternProfits: VWAP Pinch
Strong stocks will often run up 25% or more before starting to build a new base. During the base building process, price often finds support at the anchored VWAP from the recent low, while finding resistance at the anchored VWAP from the recent high. This creates a tradable range for swing traders within the pinch, as well as an early entry opportunity for breakout traders as price moves out of the pinch. Stocks in this scan are filtered for only those trading above the 50 and 200 day moving averages.
PatternProfits: SMA 10 Pullback
Strong stocks often ease back to the 10 day moving average on declining volume and present low risk swing opportunities. This scan highlights easing volume pullbacks into potential 10 day moving average support while also trading above the 21 day exponential moving average, as well as trading above the longer term 50 & 200 day moving averages.
PatternProfits: Power of 3
When a stock is consolidating… the 10 day simple moving average, the 21 day exponential moving average and the 50 day simple moving average will occasionally get coiled tight as price trades around those three moving averages. On strength, price will move aggressively above the 10ma bringing the 21ema and 50ma into trend alignment. Price expansion usually follows, as the moving average alignment provides potential layers of support on a trending move higher.
More Chart Space to the Right Added
Today you will notice a quality of life upgrade many have been asking for. TrendSpider now supports 3x space to the right of your charts leaving more room for projection and planning your trades.