What can $5 do? Read about "Good Karma" and RJ.
vp3434 (I assume that is not his real name!) asked this question in "Comments":
"Now that you trade 10m charts, I'm wondering how you do things logistically. For a trade like ENER today, did you run your gap scans at 9:40, start scanning the results at 9:41, spot the ENER trade sometime before 10:00am, and then get your order ready as 10:01 rolls around? My TradeIdeas scan this morning came up with 60 gap downs and 149 gap ups so I was hoping you could talk about the timetable over which you scan and how many charts you scan. Thanks!"
My charting software is RealTick. For my watchlist, I use their Gap Up and Gap Down preset lists (the RealTick data and lists are real-time). There are other sources for Gaps, and if you look under "WELCOME AND LINKS TO KEY POSTS" at the top of the page, you will find several discussions.
Trade-Ideas is a great tool - I have not looked at it in several years, but have thought about evaluating it again (Trade-Ideas people - send me an email!). The pre-market ticker on CNBC is a good source as well. Yahoo! has a screener, though I assume it is based on delayed data (can you pay to upgrade to real-time?). Readers can list what they use and make suggestions in "Comments".
Back to my routine - the RealTick Gap lists are in real-time (as noted above), and at 9:35 I pull the data from NYSE Gap Up, NYSE Gap Down, NASDAQ Gap Up, and NASDAQ Gap Down and combine them into one list. That list is sorted by volume, so I am always looking at the most active stocks on a real-time basis. I scroll through the list and remove any stocks I don't want (for example, I [usually] remove issues trading over $100, issues that I don't like to trade based on experience, gaps that just don't appeal to me when I look at the charts). I complete this exercise by 9:45 at the latest.
From that point forward, I am scrolling through the list looking for potential setups. By the time the third 10-minute bar completes, I am comfortable and relatively familiar with the list and have several probable setups noted. I have Fibonacci lines plotted on charts where applicable (some I plot, some I "eyeball"). I keep a spreadsheet open where I make quick notes that I can refer back to on a continuous basis (my memory isn't as good as it once was!).
Though my watchlist may contain 100 or more candidates, I usually focus on the top 20-40 based on volume (which, as I noted earlier, is continuously updating). I may go deeper into the list depending on time, setups, open positions, et cetera.
9:35 - start building watchlist
9:45 - watchlist complete
9:46 - scrolling through watchlist looking for setups, plotting lines on charts, and making notes
Below is the ENER trade vp3434 referred to in his comment. Price gapped up and printed a strong first bar. The second and third bars narrowed and rolled over, with the third bar forming a textbook hammer on support at the halfway point between the morning's high and the 50% retracement.
The fourth bar exploded and hit the FE target, where I closed the position. Price continued to rally and probably came close to hitting the FE from the previous day's low to the OR high (for those of you still trading the classic setups).
Trading 27-April-2016 (+ $66)
22 hours ago