Contrarian thinkorswim Scan
First let's talk about what to expect in the final trading week of 2015. Typically at this time of the year there is a mix of tax loss selling and window dressing. Tax loss selling is when investors sell their beaten down stocks for the year in order to take their tax loss for 2015. Window dressing at the end of year happens when stocks that have done well over the year are bought so they appear on year end statements.
Next let's talk about scans. Why look at charts all day long when all you need to do is scan for whatever you're looking for? Doesn't matter if you're looking for a particular MACD cross over or a stochastic level. Make your life easier with scanning. In tonight's example I've built a contrarian scan.
For the shared scan query in this video use this link:
http://tos.mx/FpStne
8 Comments
Geoff
December 28, 2015Don, can you do a short demo of how to open this scan? This feature has never worked for me at all. Here are the details.
When I click the link in the email, I get a new tab in Chrome which tells me this:
Click 'Scan now in thinkorswim' to view this dynamic scan in thinkorswim. If thinkorswim is not currently running, it will load and prompt you for your username and password.
Well, there's no button or link on the page with the text "Scan now in thinkorswim", so these instructions evidently were not QA'd before the page was published. Undaunted, I click the only obvious link on the page, which is titled "Install thinkorswim and view Scan Query". Now that's a bit silly because of course I already have ToS installed so why would I want to install it again? But that's the only link on this page that could conceivably run this scan, so I click it...and it does nothing. BTW, I tested this in Firefox and it misbehaves identically. And I do not use IE.
So can you do us all a favor and flash up a couple of screenshots that show how to open these shared scans? Otherwise, we'll all have to recode them, which isn't fatal, but I have a feeling that you may be sharing more complex examples with us as time goes on, so let's solve this issue from the get-go so we won't be stumbling into 2016.
Thanks and Happy New Year,
Geoff
Dan
December 29, 2015Hi Geoff,
I had a similar problem. The "Scan Now in Thinkorswim" link below the "Open shared Scan Query in thinkorswim" did not work. I had TOS running at the time. I tried mutltiple times yesterday and again today and the link is still doing nothing.
Don, I think you have a great website and really offer direct, superior quality information without hype--much as you did in your many years with TOS. I hope there may be a fix for the above. At any rate, thanks for your service to the trading community over the years!
Jeff
December 30, 2015Hi Dan & Geoff,
Sounds like an issue with your thinkorswim. Try doing this:
1) Copy the scan link: http://tos.mx/FpStne
2) go into TOS then SETUP (upper right hand corner of TOS)--> Open Shared Item
3) then paste the copied link into TOS via hitting CONTROL V. If pasting doesn't work you will have to type in the link above.
Please let us know if that works for you.
Dan
December 30, 2015Hi Jeff,
Thanks for your reply. Everything worked as advertised. Best Wishes for a Happy and Successful 2016!
Jeremy
December 28, 2015Thanks for sharing the contrarian scan and providing some useful insight as to what happens at the end of year trading.
Greg
December 28, 2015One of my go to scans. I've used this scan since your Vertical Spread class in July. Opened a position in First Solar last week. Already in profit but even if it blows up I'm not worried because I set and already forgot about it.
Ted
December 28, 2015Don, thank you for the scan and eoy insight. I have a feeling TheoTrade is becoming a big hit.
Don Kaufman
December 28, 2015thank you for tuning in! Many more videos to come!