Hawk’s Scan Sentry Report March 12

In last week’s blog I discussed looking for pullback opportunities while the market is trending. And this past week was a good week for picking up a few more shares on the retracement… and for holding on to the shares I’ve already got. As always, my stock scans are oriented toward early trend identification (which is hard to find these days), and pullbacks within the trend. This week I am turning to one of our new tools, our market Wave Analysis indicator to help identify some of my trading opportunities. I am also looking for signs of trend exhaustion, distribution, and decline for my potential short-term short positions. The Arps Scan Sentry tools which accompany most of my indicators make it easy to scan a universe of symbols for the trading set-ups which these indicators identify.

Below you will find a few examples from my watchlist for this week. If you want an explanation of any of the indicators on these charts you can find a ‘legend’ at this link (I know that the link did not work last week, and I apologize… but I think that we fixed it).

_____Longs_____

LPS

(Here is a nice breakout of the downtrend line and of the Flag pattern. The W3 and W4 signals indicate which wave patterns have been completed. This looks like the beginning of Wave-5).

IRDM

(Here’s another trendline breakout preceded by an oversold pullback which was identified by Trend Exhaustion 1. The Triple Trender has just synchronized bullish and all three Radar tools are now bullish. Note the beginning of the Wave-5 in the Wave pattern analysis).

QEP

(A Pullback 23 signal after the first pullback into the bullish Triple Trender. I like to find Triple Trender synchronicity during the Wave 2 phase of the Wave analysis for early trend identification ).

_____Shorts_____

CHT

(A pullback into the Triple Trender accompanied by an overbought Trend Exhaustion1 signal as well as a Pullback 23 signal. Note the gradually increasing bearishness of the Radar1 Fear/Greed indicator).

CAVM

(Here’s an example of the Triple Trender turning bearish about the same time that the Radar3 Trend Strength does. This follows a retracement to the pullback signal on the downtrend line. Notice the recent weakness of the buyers and the increasing selling pressure identified by the Radar1 Fear/Greed indicator).

May the trend be with you,

Hawk

Jan Arps’ Traders’ Toolbox is not an investment advisory service nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities customers should buy or sell for themselves. Examples presented on this site are for educational purposes only. It should not be assumed that the methods, techniques, or indicators presented in these examples will be profitable or that they will not result in losses. There is a high degree of risk in trading. Readers using this information are solely responsible for their actions and trade at their own risk. Readers should always check with their licensed financial advisor and their tax advisor to determine the suitability of any investment.