"When 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 determine entry point, and plan stop-loss point and exit plan (2:1 minimum).
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 determine entry point, and plan stop-loss point and exit plan (2:1 minimum).
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