Day Trading Gap Algorithm
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Doji: When a stocks open and close are virtually equal. They show a indecision between buyers and sellers.
A doji after a downtrend is a potential reversal higher.
X on 2/11/16 met the above criteria for a Bullish Reversal Doji as shown on the daily chart below. Notice how X also pulled back to Parabolic SAR support, further adding to the bullish conviction if X traded over the doji high.
The 5 minute chart below shows the long trade triggering with the open over the doji high. Waiting for the pullback to the $6.98 previous day high increases the risk to reward ratio. X traded to an intraday high of $7.55, and hit $8.75 two days later. Bullish Doji's make great swing trades and day trades when they occur with an oversold condition.
Each day after the market close, we run multiple custom designed scanning algorithms that provide stocks for the next trading day swing trade list. If you would like to become a member of our swing trade service, the membership options are listed below.
Here are the Bullish Doji stocks on 3-23-2017 for trading on 3-24-2017
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