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Bottom fishing.

What is bottom fishing?



Bottom fishing is an exhaustion setup form a bear run. This is a primary play of a short term trader. It indicates short term bounce once selling exhausts itself. This is a high risk/high reward strategy.

The probable cause of the price reversal.



  • This situation could be triggered by shorts sellers covering their position.
  • It could also be due to value investors or position traders starts initiating their position and they are outnumbering the short sellers. The stock may simply appear to them as a value proposition. If it is the case then they may be able to draw the "line in the sand" and create the foundation for an end of major down trend.
  • Or on a larger scale, industry rotation may have triggered an end to selling, you must evaluate industry analysis to figure out how many stocks are showing the same kind of price action behavior in the same industry.


As a trend following trader or investor, you always start with what if the market proves me wrong scenario! You must calculate your position size from the must exit "at price" support level.

As per your anticipation, if the price action are escalating prices higher, keep on moving your trailing stop, and ride the trend and profit from it.

Trend Folllwing Bottom Fishing
Market
Selection
Selected Criteria LOB
Select Result View

Scan based on EOD data. Intraday data, last updated on 04/29/2024 @ 10:26 Intraday price impact is NOT displayed on the scan result

Short Term Analysis
Short Term Info
SYMBOL Price
Long Term Condition

This column indicates the Long Term Condition of the stock
 LT Condition		 Price Action Behavior Conclude Pattern
RSI Reading

This column indicates the RSI value
 RSI
Heavy Volume Trading Activities


 Heavy Volume
Short Term Momentum

This column indicates the current short term momentum. It could be bull momentum or bear momentum.
 ST Momentum		 ST Date Performance
TSLA 186.05 Lower Highs & Lower Lows Continuation Bear Testing resistance 185.96,268.04,171.66,210.49,136.44,145.84,186.05 51 3 BULL 20240424 -1.11
WBA 17.80 Contracting Triangle Battle Ground Battle ground 19.33,27.49,20.00,21.55,17.21,17.26,17.80 34 2 BULL 20240419 -2.85
ON 69.59 Contracting Triangle Battle Ground Battle ground 57.17,88.77,67.43,87.30,58.21,61.21,69.59 49 3 BULL 20240424 2.53
ILMN 124.80 Range expanding 3 Battle ground Bull teasing high 86.45,148.73,124.23,151.94,112.62,113.97,124.80 41 0 BULL 20240423 -1.48
IDXX 505.13 Expanding Triangle Breakout Attempt Bear Testing resistance 521.71,571.63,492.62,600.74,464.99,465.78,505.13 44 3 BULL 20240423 1.02

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My Scan : (Nasdaq 100) : $TSLA, $WBA, $ON, $ILMN, $IDXX Lets get social :

Lucid Trend Following System

Prepared for You, powered by AcuSTAR Tool© 2002-2019
**Past performance is not necessarily indicative of future results. See full risk disclosure for hypothetical limitations.
**End-of-day pricing data provided by Stockdio. For US equities Real-time pricing is provided by IEX Cloud (ifmp)
Data provided by Financial Modeling Prep Current Server Time : 10:32

Quote File Last updated : 04/29/2024 @ 10:26, EOD data will be updated today after 18:00
System Status1 : System updated on 04/27/2024, at 06:01

Trend Folllwing Bottom Fishing

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