Screen for pullback opportunities in leading stocks
Screen for pullback opportunities in leading stocks
When the index hits a new high, I will look for stocks that also reached new highs on the same day or slightly earlier, then wait for them to pull back and buy on the dip, as they have a higher probability of rebounding quickly. Stocks with relatively high strength will rise faster than others.
I recommend short-selling stocks with moderate strength.
Complex screening functions are not currently available on TradingView, whereas TradeStation supports this type of screening.
I will explore whether it is possible to build a similar scanner using simple conditions.