Best set up for current fluctuated market scenario
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Hi
I have been exploring a lot of screener and technical analysis to manage my short-term trades. As you may know since 2nd half of Feb'24 the market has been extreme. My set up of Point & figure is daily and by close entire the position hits stop loss. I had to toggle between daily and 2 hrs set up and this seems to make a mess, juggling between set up and close out.
Let me give an example - Solar Ind- was one of picks which has extreme swing high in the first half of the day and loses momentum by close of day. As a momentum trader, I couldn't hold and had to close out based on 2 hrs set up. Let me give another examples where stop loss hit which was a great momentum set up- ACI
- Natco Pharma
- Ajanta Pharma
- GPIL
- GPPL
- GSPL
- PI IND
- COLPAL
- ELGI EQIP
- JINDALSAW
- RAINBOW CHILDREN
- JB CHEM
My question is how do we adjust set up and what works well during this market condition. I tried all screeners available and applied fundamental and technical analysis. One common theme I arrived, although breakouts are good set up but with current condition, it reverses and is extreme reversal. when we look at retracement set up, it works and quickly reverses again.
I started looking at stocks to see where the momentum has just started, and as we know it is risky to see if it can hold the momentum and so far a) it takes a long time to identify stock b) there is no screener or tool to identify (created a custom screener based on RSI and moving average (stock trading above 14 and 21) .
I have seen it doesnt work.Please suggest how can we manage
