Frank Birch Veteran   Posts: 171 Joined: 3/25/2006 Location: UK  User Profile | Hi Bazz, Thanks for the update on your trading style. Since you’re focusing on daily stocks and confirming your signals with platforms like TradingView and VectorVest, I have a couple of plug-in suggestions that may be worth exploring for your swing trading approach. Momentum Pro: This plug-in is ideal for identifying stocks with significant momentum shifts. It helps pinpoint stocks that are moving strongly in one direction, allowing you to enter trades before the market fully reacts. Momentum Pro is great for swing trading as it helps you spot high-probability opportunities where momentum is already in your favor. This is a mechanical plug-in, meaning it will provide clear buy and sell signals based purely on momentum without manual intervention from entry through to exit. Momentum Pro Swing Trader: Specifically built for swing trading, this plug-in identifies stocks that are positioned in favorable buy or sell zones within a trend. It focuses on finding optimal entry points and exit zones, allowing you to capture medium-term price movements. Like Momentum Pro, Swing Trader is also mechanical, providing automated signals for entry and exit. However, since these plug-ins are primarily designed for the US market, their effectiveness in the Aussie market isn't fully known. Therefore, it's crucial to incorporate confirmation tactics when using them in your strategy. Swing Trader Confirmation Tactics: To ensure accuracy in your trades and to adapt these plug-ins for the Aussie market, I recommend incorporating additional confirmation techniques: Moving Averages: Use a combination of short-term and long-term moving averages to confirm trends. The 50-period and 200-period SMAs are popular choices to validate the direction of the market. RSI (Relative Strength Index): RSI can help confirm whether a stock is overbought or oversold, providing further confirmation of momentum and trend strength. This is especially useful when working with automated signals from Momentum Pro and Swing Trader. MACD (Moving Average Convergence Divergence): MACD crossovers can help validate entry and exit points, offering a second layer of confirmation for trades initiated by the plug-ins. Color Chart for Confirmation: To better visualize the strength and direction of trends, consider using a color-coded chart that highlights different market conditions. For example: Green: Strong bullish trend Red: Strong bearish trend Yellow: Neutral or sideways market This visual aid can help quickly confirm the signals generated by the Momentum Pro and Swing Trader plug-ins and ensure they align with the overall market sentiment. These plug-ins, combined with confirmation tactics like moving averages, RSI, and MACD, will help you refine your swing trading strategy. However, given that these tools are designed with US markets in mind, it's important to monitor their performance in the Aussie market and adapt your approach accordingly. Hope this helps. Regards Frank | |
