I have been working on perfecting the "Bounce Strategy" I am most comfortable with this strat. Now I believe that we are all different and hence see and sense things differently so my way of looking at a bounce play may be totally different than anybody else's.
Currently when trying to predict the future movement of a ticker I like to find 3 levels of possible entries, a very aggressive level a moderate level and very conservative level.
Aggressive=This price level is very close to what others may consider a continuation level because it's relatively close to the previous days high. I find this level from looking back months and years. I also consider recent activity and news/pr. I generally will not consider trading this level but I do monitor it for price action.
Moderate=At this level price has bounced a few times in the recent past but price has gone both ways also, up and down. If price hits this level I will wait for a continuation sign i.e. price may hover and dip a little but will pop back up and go higher.
Conservative=This is my favorite entry level because it's the one I see as having the higher chance of being a winner trade for me the bounce is normally small maybe 0.10 to 0.20 gain but I have gotten out of trades that have run up over a $1 and of course I cry like a baby when that happens.
Each night after the market has completely closed and there is no longer any trading possible I will run my 15 custom STT scans. Each of my scans has different search elements but similar. Some of my scans won't pick a single ticker because the search requirements are very strict or what I like to call very tight. And there are scans that will grab several tickers.
Some tickers will be repeats meaning the ticker was picked by more than one of my custom scans. I will make up a master watch list from all of the tickers and then quickly scan each tickers chart and if I don't like the look of that chart I immediately cut it from my list. I will repeat this process until I reduce the list down to a manageable number usually 4 to 6. These are the tickers that I will spend hours reviewing. Years and days, hours and minutes, candles and lines. I look at each chart and will lay out my possible trading levels, which of course are just support lines.
Nothing extraordinary simple support/resistance lines the real magic is in the scans, without my specialized scans trying to find a tradable ticker would be like finding the difference between a snow flake in Maine and a snow flake in Siberia. It's my scans that searches through the 6K or more tickers and finds only the tickers that I have ask my scans to look for.
I have not found the Holy Grail of scans but I will continue looking for one that might come close and that is all I need, just a slight edge above the other guy. As we all know there are two sides of every trade, the winner and the loser, the one who leaves with more money and the one who leaves with less.