Hi Peter, over many years and many forums, the search for good reliable scans continues. If anyone has ever constructed the "perfect" scan, they have probably retired to some south seas island of their own.
I have a bunch of scans that I use. I am usually looking for a scan that will produce 10 to 20 hits. From those I cull the charts that look like aberrations or have a high unpredictable look to them. The ones that are left, I will usually take a quick look at the fundamentals and the sector fundamentals, and the sector chart.
Since I tend to hold for a few weeks to a few months, I will look at both the Weekly charts and the Daily charts for anything I like.
So - what do I scan for.
Well, when I started this I looked primarily for Moving Average crosses. Usually I wanted to see the 20SMA go above the 50SMA, and it was even better if they were both above the 200SMA. In the 90's that seemed to work ok, for me.
For the past number of years, I have been focused on the 20SMA and the DMI lines. I look for stocks that have just had a price cross above the 20SMA and a positive cross of the DMI lines. Sometimes I will scan for one or the other, sometimes for a recent cross of one or the other, usually supported by a previous cross of the other.
I have about 30 some scans, but those are the ones I most frequently use, and the ones that have rewarded me the most.
Cush