Buy when the resistance level of the range is broken upwards. The stop is placed below the support level of the range or below the local support level within the range if the support level is near the accumulation level. The minimum target is the size of the range, postponed upward from the point of breaking through the resistance level. This corresponds to retracement levels of 0-50-100%.
What's your process to identify the stocks with these setups? Are you reviewing a specific screen or a long list of liquid/long-term uptrend stocks at oversold levels (to identify when near short-term support?
Gelium
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@spurious_result, I took stocks from the S&P 500 index and Nasdaq 100 and looked through all the stocks from these indices. I am planning to make an automatic scanner to scan more stocks.
If you're curious, there are more ideas that are hot at the moment. Only I designed them as private. I can send you links to them here.
spurious_result
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@Gelium, awesome. I tend to cast probably too wide a net and try to constrain via specific screener criteria, but being near S/R levels is unlikely to be picked up by any specific screener criteria. Curious about your other ideas, for sure!