This thread hasn't been active for some time, but here's an ETF trading version I like...
: The filter above is a starting point with a lot of potential IMO, but it has to be adjusted to individual trading styles and risk tolerance.
: I dropped upro and spxu.
: I use the previous day's high as my entry (cross above or below). Gap ups don't count unless price crosses below the previous day's high during the trading day. If it doesn't hit the previous day's high then there is no trade and you move on to the next day's candidate. Buying at or above the previous day's high would likely give you more profitable trades, but I like the idea of setting your entry the night before and not having to worry about trading at the open.
: I use a 5% stop loss...rarely hits that so far but you're glad it's there when it does.
: I use a close above the 70 rsi(2) as my exit the next morning at the open. From what I've seen this is a conservative approach and I'm happy with the results until I have a lot more trading history to work from.
What is your average trade duration? I ask because I have been reading a lot about using weekly options (mostly selling covered calls). A system that has a high win % might be a good system to use in this context.
*** Disclaimer *** StockFetcher.com does not endorse or suggest any of the securities which are returned in any of the searches or filters. They are provided purely for informational and research purposes. StockFetcher.com does not recommend particular securities. StockFetcher.com, Vestyl Software, L.L.C. and involved content providers shall not be liable for any errors or delays in the content, or for any actions taken based on the content.