This is a bit complicated to explain (and we're already several hours into the session), but when I'm looking at my scans right after the open, I'm looking for several key things:
1) The fact that it's even in my scan means it's breaking through the upper bollingerband, which is the first thing bringing it to my attention.
2) Next, I want the 20-day ADR to be greater than the 1h or 30m bollingerband width. In other words, I want the intraday BBW to be compressed relative to the stock's normal volatility. If the BBW is greater than the ADR, then I know it's too loose and I can usually skip it.
3) Then, I want the volume buzz to be showing strong volume - preferably as high as possible or at least not limp dicking along. Strong volume tends to lead to strong moves.
4) I want a green checkmark in the "tradeable" column. That tells me the stock is not up more than it's average daily range yet. No checkmark, I usually pass on it, since the reward to risk math is now off.
Sometimes, the stock is tight and compressed, but the volume is limp. Usually a pass. Sometimes the stock is compressed, breaking out, but no green check mark. Darn looks like I missed it.
What this does for me is it removes my attention from bullshit that I don't care about and it focuses my attention on things I need to be caring about. It helps me sift through the thousands of stocks in the mkt and key in on the ones that are actionable now. If nothing meets my criteria, I do nothing. If there are a bunch of things meeting my criteria, then I'll have to use further selection criteria to weed down the list - maybe looking at sector/industry. But I can't underestimate how important this process is for me to narrow my focus and streamline my processes - that way I'm in execution mode, rather than trying to think about 50 different things.
Elon reportedly send this mail to Tesla employees:
1) Avoid large meetings
Large meetings waste valuable time & energy
- They discourage debate
- People are more guarded than open
- There’s not enough time for everyone to contribute
Don’t schedule large meetings unless ...
@CatherineGoodj1 @JuliaHB1 The issues are the retention and recruitment of key staff. Nurses and doctors are the issue. After Covid nurses are just walking away- the pay over the last 15 years is causing this. In private sector if you want more/better staff for a job you pay more
Jeff Bezos said:
“There is no way to write a six-page narratively structured memo and not have clear thinking.”
Here’s the writing framework Bezos uses (that you can too):
Boris Johnson thought it was right to have a party to thank people who were leaving their job, whilst at the same time telling you your relatives had to die alone in hospital. If that doesn’t wake you up nothing will 🤷🏼♂️ #questioneverything