"W hen trading bullish candlesticks, you want to get an entry when price breaks above the high of the previous day. The stop loss for a bullish candlestick is a close below the low of the previous day. " When preparing for the new trading days, this is what I'm gathering: - VWAP, SMA, and EMS should already be on charts. 1. Scan for 'stocks in play' and add them to the daily list. (incl. reading News for it as trigger) (make sure the ones you include in the list have shares available to short, if you're going short) 2. On each one, mark hi/lo of previous day . 3. On each one, mark the hi of past year. 4. On each one, mark the trend. 5. On each one, mark the levels of support and resistance. Intraday scanning: Trade Ideas in coordination with Benzinga: 1. Take a look at the stock and determine if ideal for trading. 2. If so, quickly mark areas of support and resistance, and look at 5-minute chart to determine plan 3. Use 1-minute chart to d
When first getting into something new preconceptions inevitably quickly give way to confusion and frustration. Having paper traded a few days I realize how quickly I give up many of the lessons I assumed formed a foundation and which instead were quickly forgotten in my desire to start the process. I feel that I'm approaching this with such baby steps that I'm not diving in deep like I was. I did join the Bullish Bears, but I haven't really done anything with it yet except watch some of their videos, and used a couple of their scans for ideas. I have not yet joined their community or talked to members live. Part of it is I'm battling with the thinkorswim platform and trying to understand how to use the tools properly. The gaps I see now. 1. Understanding and using the trading buttons properly. I have not yet mapped any hotkeys, so using the right trading buttons in the right way is important and still a gap for me. 2. Scaling the charts the right way is somethin