Using Oz Scans

Originally posted by AAAintheBeltway
Tony,

Don't you think the scans produce stocks that, on average, have more potential than the average stock? If so, a proper backtest should confirm that.
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AAA,

All the results of the scans are on pace to trade higher than average daily volume. These are the movers and shakers. Which way they are going to move and shake is left up to you to figure out.

Tony's method uses other INTRADAY support/resistance for entry and price target. Certainly it would be possible to write software that would point these areas out on a chart and calculate the corresponding r/r. Of course, one would first have to be able to identify these areas himself by examining the charts.

My advise to all that are interested/skeptical is to do like I am doing. Trade 100 share lots until you get it mastered. Post your trades here for the rest of the world to see. Others here will lend a helping hand.

Mike
 
Originally posted by AAAintheBeltway
Tony,

Don't you think the scans produce stocks that, on average, have more potential than the average stock? If so, a proper backtest should confirm that.
More...

Real-time testing will do the same thing and will be a lot more accurate for the discretion of the INDIVIDUAL trading system.

For example, my trading record shows good returns trading off these scans (these are real numbers in dollars and cents and not hypothetical numbers based on software backtesting), but does it suggest that anyone using these scans will have positive returns?

The answer is no. Therefore, although I have a positive track record trading off the scans, by no means it suggests that you will too. Since I think that real numbers are always superior to hypothetical numbers, yet I am not using them to suggest success, I will probably have the same opinion on any kind of backtesting anyone will apply to any trading tool.

Now, we can even be silly and take this debate a little further and say, "Does the use of Real-time quote data Vs. 20-minute delayed data have more potential in producing profitable traders?" All I know is that real-time data works for me regardless of what a backtest will show in this case.

So, again the only true test is YOU and the SCANS in Real-time for a lengthy enough period of time. The question is are you willing to give it a try and put the time that needs to be put in.

Good Trading

Tony
 
An analogy may be helpful here.

Your goal is to win as many games of
"jungle chess" as possible.

However, part of the game is to find
the hidden chess boards with chess players
sitting at them in the jungle.

If you find no chess boards with people to play,
you cant win.

The Tony OZ Jungle Chess scanner, locates
those chess boards with players for you.

However, you must still be a chess master
to win the game once you have found
the players and boards.


axeman
 
Well I must admit that I was watching BBBY before it showed up on the Bottom Fisher. I got a phone call and I had to leave my trading desk and pick up a sick child from school. When I returned BBBY was on the BF scan.

Entry 34.85
Target 35.71
Stop 34.65

Traded up to 35.15 and then got stopped out at 34.95.

This was a good exercise in managing my stop. The price turned south afterwards. Sometimes I want to short these stocks after they reverse.

Mike
 
I'm curious as to anyone's experience with NYSE vs. Nasdaq using the Oz Scanner - do you find any difference?

Also - Tony - which scans do you find to be "working" as of late?
 
Originally posted by vinigar
Also did you ever consider making a video of one of your seminars?
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Without making any promises, I will be happy to do so once the legal stuff with the publishers is completed. For those of you who do not know this, I only held ONE seminar in the US in the last 18 months or so. Over that same time period, requests for a seminar were in 4 figures. However, as much as I wanted to find the time and place, I had conflicts in my schedule and with the company who puts the events together, that I ended up not holding any seminars. Consequently, there was no event to videotape ...

What I may do is hold a two-week seminar at my house for 4-8 students and have that event recorded, edited and put together on a DVD or some multimedia product, so everyone can watch it on their computer screen.
 
Tony, two questions I've been meaning to ask you for a long time:

1] how many people (roughly or accurately) are using the scanner currently?

2]how many stocks show up in total on the scans (either in total or a breakdown NY/NASDAQ)?

thanks
 
Originally posted by BullFighter
Sometimes I want to short these stocks after they reverse.

Mike
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Oh yes, now you are talking advanced trading methods :)

Check out SCIO on Friday. New Kid setup in the morning. Reached resistance on 10-day 30-minute chart. I saw weakness...and I took a short. Placed a stop above the high of the day. And ... Kaboom, she tanked hard.

In other words, you got the run up on the long ... GREAT. You now found the intraday top ... take a short ... place a stop above high ... make some money on the selloff ... Now, you are the true MASTER TRADER.

Do I recommend doing so? Heck, NO! Why? Because the long term psychological damage of those that you lose on (make money one way, then get kicked in the ass the second trade), proves to be not worthy of the risk.

Consequently, find another chick to date :) However, the true MASTERS can do the above on the same stock and get away with it. Unfortunately, I'm not in their league.

I know my weaknesses very well, and I do my hardest to stay away from them. However, I do trade against the scans many times. But I only do so without trading in the other direction.
 
Originally posted by Babak
Tony, two questions I've been meaning to ask you for a long time:

1] how many people (roughly or accurately) are using the scanner currently?

2]how many stocks show up in total on the scans (either in total or a breakdown NY/NASDAQ)?

thanks
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1. I don't know, but last I heard it was well below 10000, although the number is growing every week.
2. I don't know, because every day is different and I don't know how many stocks come and go throughout the day. I can tell you that at the end of the day today, there were 64 stocks all together. But in all fairness, there is at least one good setup to trade once a week for most traders out there. Not bad for $5.00 a week.
 
Originally posted by mbg
Also - Tony - which scans do you find to be "working" as of late? [/B]
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New Kid has done well for me the last 6 months and also Sky Scraper, Knock Down, Usual Suspects.

I take NYSE trades maybe 2-4 times (days) a month.

But what really worked for me in the last 18 months, as I said in the meeting at Day Traders USA this last weekend, is simply being extremely selective. For instance, I did not take one trade today. Why? because nothing answered to my risk reward and comfort level. Did I miss some good opportunities? Yes I did.

Here are just the NYSE missed opportunities today.

HET bottom fisher (I didn't like the big gap)
MGG bottom fisher (Gapped and ran too fast)
MBG bottom fisher (same thing)

CNF new kid (same gap and run)
NUS new Kid (prejudice against the company. I don't trade that stock).

IBC Power Trader (over extended imo.)
PDZ Power trader (same thing)

MAN usual suspect & Power Trader (again big gap and early run)

CVC Knock Down (classic first day of move breakdown) Had a short at 21.98 once 22 was taken out, but no rally took place.

I hope this helps,

Tony
 
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