Screening For Stocks Using Fibonacci Retracements Using Ramp

You can download the RAMP software by clicking on the following link:
RAMP Software Download

Marketclub Fibonacci Trading Educational Videos

Analyzing Crude Oil and Gold Commodities with Fibonacci Retracements

Hello, this is The Trade Detective, and today I wanted to show you a free trial of a stock scanning tool with a very powerful and unique feature set, and that has the ability to run a fibonacci retracement level stock screen. I’m making this video on the back of the video that Adam Hewison at Market Club did today about fibonacci retracements in the market.

For those of you who are unfamiliar, the fibonacci retracement levels are used for several things. It can be used for setting profit targets, and stop losses, and entry points and looking for areas of support and resistance in the price pattern of a stock.

So, it would seem to me that if you had the ability to scan for stocks using the fibonacci retracement levels, bearish and bullish, that you would have yourself a very powerful trading tool. So, I did a little research on the Internet and what I found was this tool here.

Let me make it so you can see the web page. The name of the tool is “Ramp”, and the URL is here. I’ve highlighted it on the top of the screen. It’s very easy to install. You just click on the “download now” button, and just follow the instructions on the page.

This is a trial. Obviously it will run out at some point and you’ll have to pay for the tool. But, at least at first you can give it a chance to use it and see what the capabilities are.

So, what I’ve done is I’ve already installed the tool. This is what it looks like here. What you can see is that you can do several things with this particular tool.

There are some settings you can set to refine what really is a fibonacci retracement level and the pivot points that are associated with retracement levels. You can ask it to search on and display the 38, 50 and 62% retracement levels as well as extensions.

You can do a search for bullish and bearish retracement levels by clicking these find downward or find upward retracements or extensions. So, what I’m going to do is I’m going to run the upward retracement and I’m going to hit “run/scan”.

OK, the scan is run. Just real quick, what I wanted to show you is that this data is the closing price data of the stocks in the S&P500. I haven’t looked to see if you can add a different data source or add symbols that are not in the S&P500, but I’m fairly sure that you can. It gives you the option to select a symbol list. So, my guess is that you should be able to select whatever you want.

In either case, the scan has run. It has found several stocks. You can see the list here, and what happens is, is it produces a list of stock charts. You can see the retracement levels. Let me make this a little larger. OK.

So, you can see the retracement levels. This is AFL, and you can see that it is just broken through the 38% retracement level. Typically, when you see something like this, it means that the stock has got some room to run. You want to look at other factors, but this is just the price pattern.

There’s not a whole lot to see in this particular one right now, but depending on what the pattern is you might see it go to 62%. If it breaks 62%, then you could say maybe this downtrend is now reversed and is becoming a bullish trend. You can do that for all these other stocks.

Here’s another one that’s hit the 38% level. Here’s one that has broken all the way up to the 50% retracement level. So on, and so on. Here’s one that looks like it may be trying to, this is Maskill Corporation, that’s trying to get out of this long term down trend and go bullish.

If it were to break and hold above this 62% retracement level, you could ride this thing from about 15; in fact it’s at 14.99, so about 15 all the way into the 20′s. So, that would be a really nice game there based on a simple stock scan.

There are many ways to use fibonacci retracements. I highly recommend looking at some of the videos that Adam Hewison has done on MarketClub.com, and I will include those links below the video. So, go ahead and take a look. Take care.