I was given the privilege to test run the chart trade scanner offered by ETP Trading System in Mar 2013.
On 5 March 2013, Mr Marcus Lau, Co-Founder of the ETP System, described some of the unique features/trade indicators of the chart trade scanner that can help traders make better trading decisions.
The chart trade scanner filters out stocks / commodities which match the particular criteria (trade indicators) determined by traders. This help to save tremendous amount of time for fellow traders to just zoom in on those specified trades that he or she wants to study further before trading.
I've particularly like the Gartley Harmonic indicator offered by the chart trade scanner. Marcus explained very comprehensively the origin about this particular trading indicator and its usefulness in helping a trader makes a trading decision.
As for me, I am interested to use the Gartley Harmonic indicator mainly to check the overbought, oversold, resistance or support Fibonacci level(s) determined by this indicator.
As I trade mainly US options, I set up a watch list of a few US stocks in the chart trade scanner and monitor their Gartley Harmonic indicator levels occasionally.
I've observed that the US stock IBM has been hovering around the 200% Fibonacci level just before it's earnings announcement on 18/4/13.
Thus, I took the opportunity to sell a 205/210 bear call credit spread for a credit of $280 per contract on 18/4/13 just before the earnings announcement which would occur after the US trading hours.
On 19/4/13, IBM plunged more than $15 when the company announced a rare miss on Wall Street forecasts on both revenues and profit. I collected the full credit of $274 on 19/4/13, after deducting the commissions.
Well, that's one way on how I have used the Gartley Harmonic indicator to trade US options. But I did use other trading tools too, to help me made this particular trading decision too.
If you want to find out more about this chart trade scanner, you can visit their web-site at : http://www.tradescannersystem.com/
You can also attend a preview session of this chart trade scanner by contacting Tel : (65) 9011 8670 or email to : preview@TsMobile.com.sg to find out more about the chart trade scanner.
If you're from Indonesia, the contact info would be : Tel: (62) 21 2567 5922 /
pertanyaan@TsLite.co.id
Yours Truly,
Tony Chai
ETP Batch #8
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