A Simple Day Trading Strategy for Beginners For ThinkOrSwim

[Thomas]

https://imgur.com/a/iE3vTOx

this is how it appears on a 5m. Price action simplicity

Study this, same pattern as your example, here daily, no indicators,...just trend..,....my buy point was not really marked correctly,..it is where price broke the trend, and pulled back to support, it the corner of the two trendlines......

 

[tenacity11]

Study this, same pattern as your example, here daily, no indicators,...just trend..,....my buy point was not really marked correctly,..it is where price broke the trend, and pulled back to support, it the corner of the two trendlines......

Thanks for the example. The lines you see drawn are highs and lows from each day going back 90 days. I use no indicators also. I found adding the volatility stop a good addendum to what I do.

 

[Thomas]

Thanks for the example. The lines you see drawn are highs and lows from each day going back 90 days. I use no indicators also. I found adding the volatility stop a good addendum to what I do.

Good,..it's what I have suggested to most of these traders. You know, bypass the indicators,.....but since we are here in the indicator site,..there must be something that all find useful ,-) Volstop is extremely useful on all timeframes,...mix that with trendlines.... I would encourage anyone reading this,...... search out "Candle Bible" pdf,....and learn to read price.....

 

[tenacity11]

Good,..it's what I have suggested to most of these traders. You know, bypass the indicators,.....but since we are here in the indicator site,..there must be something that all find useful ,-) Volstop is extremely useful on all timeframes,...mix that with trendlines.... I would encourage anyone reading this,...... search out "Candle Bible" pdf,....and learn to read price.....

How do you find that this differs from Steve Nisson's candlestick books? In my own journey I also got caught up in indicators only to find eventually that simple price action trumps it all. Support and resistence are reality.

 

[Thomas]

How do you find that this differs from Steve Nisson's candlestick books? In my own journey I also got caught up in indicators only to find eventually that simple price action trumps it all. Support and resistence are reality.

Nisson's book is vast explanation, "The Candlestick Bible," is a little pdf written by a trader who pointed out a few important candle patterns and directs a deep dive on the charts......exercises,..... deep dives are the only important exercise on anything. Someone can listen to Bigalow and his descriptions of candle patterns,...... You've digested my points, now its up to the new retailers to discover this thread....the video to knock off "years," in the curve.

 

[scott69]

Interesting discussion. I read Nison's book about 25 years ago and still refer to it. I keep it next to my desk, and it coincidentally is next to the most important book that I ever had, "New Concepts in Technical Analysis" by the grand master, J. Welles Wilder, Jr. Oddly, two "red" books, lol.

 

[tenacity11]

Nisson's book is vast explanation, "The Candlestick Bible," is a little pdf written by a trader who pointed out a few important candle patterns and directs a deep dive on the charts......exercises,..... deep dives are the only important exercise on anything. Someone can listen to Bigalow and his descriptions of candle patterns,...... You've digested my points, now its up to the new retailers to discover this thread....the video to knock off "years," in the curve.

Since I've read Nison's books and studied Bigalow I downloaded the pdf and will be interested to do my due diligence on it.

 

[Thomas]

Since I've read Nison's books and studied Bigalow I downloaded the pdf and will be interested to do my due diligence on it.

Deep dive now and then can supercharge. My charts are open to deep dive all day, amazing how many patterns appear.

 

[floydddd]

is this the book you're referring to?

 

[Thomas]

is this the book you're referring to?

Yes, this is the simple pdf,.... good focus on a few important candle set ups,... less involved than Bigalow, truly less involved than Nison,... but if identified with practice can change everything.

 

[Thomas]

Yes, this is the simple pdf,.... good focus on a few important candle set ups,... less involved than Bigalow, truly less involved than Nison,... but if identified with practice can change everything.

Attached is series of simplicity,... a direction for new or experienced.....

watch these or not,.....Sharing with you I took a plunge and committed in the chat with Doug to learn options. I learned simplicity, how options enhance positions simplistically, nothing complicated, rules to implement, and simplistic trading. I found no matter what you know there is always
something another trader may share with you that can enhance your success. Forget all the referrals to title, and website, focus on the lessons.

 

[SoonerTrader]

Attached is series of simplicity,... a direction for new or experienced.....

watch these or not,.....Sharing with you I took a plunge and committed in the chat with Doug to learn options. I learned simplicity, how options enhance positions simplistically, nothing complicated, rules to implement, and simplistic trading. I found no matter what you know there is always
something another trader may share with you that can enhance your success. Forget all the referrals to title, and website, focus on the lessons.

I also have a copy of his EMA 34 chart indicator. Very simplistic strategy that is easy to understand and execute at a custom pace. However, I was wondering if you can find a TOS thinkscript custom scan filter that mimics his custom code definition of "34 EMA Trending Up 20 Days"? It would be very helpful to have a scan as a starting place to get particular trade ideas. Thanks in advance.

 

[SoonerTrader]

I also have a copy of his EMA 34 chart indicator. Very simplistic strategy that is easy to understand and execute at a custom pace. However, I was wondering if you can find a TOS thinkscript custom scan filter that mimics his custom code definition of "34 EMA Trending Up 20 Days"? It would be very helpful to have a scan as a starting place to get particular trade ideas. Thanks in advance.

I'm a newbie to thinkscript and here's my start at the custom scan filter code. Not sure what to do from here?


# (XAVGC34.20 < XAVGC34.15) AND (XAVGC34.15 < XAVGC34.10) AND (XAVGC34.10 < XAVGC34.5) AND (XAVGC34.3 < XAVGC34)

def ema1_len = 34.20;
def ema2_len = 34.15;
def ema3_len = 34.10;
def ema4_len = 34.5;
def ema5_len = 34.3;
def ema6_len = 34;

def ema1 = MovAvgExponential(length = ema1_len);
def ema2 = MovAvgExponential(length = ema2_len);
def ema3 = MovAvgExponential(length = ema3_len);
def ema4 = MovAvgExponential(length = ema4_len);
def ema5 = MovAvgExponential(length = ema5_len);
def ema6 = MovAvgExponential(length = ema6_len);

def EMA34 = If(ema1 < ema2 && ema2 < ema3 && ema3 < ema4 && ema5 < ema6, 1, 0);

 

[Thomas]

I'm a newbie to thinkscript and here's my start at the custom scan filter code. Not sure what to do from here?


# (XAVGC34.20 < XAVGC34.15) AND (XAVGC34.15 < XAVGC34.10) AND (XAVGC34.10 < XAVGC34.5) AND (XAVGC34.3 < XAVGC34)

def ema1_len = 34.20;
def ema2_len = 34.15;
def ema3_len = 34.10;
def ema4_len = 34.5;
def ema5_len = 34.3;
def ema6_len = 34;

def ema1 = MovAvgExponential(length = ema1_len);
def ema2 = MovAvgExponential(length = ema2_len);
def ema3 = MovAvgExponential(length = ema3_len);
def ema4 = MovAvgExponential(length = ema4_len);
def ema5 = MovAvgExponential(length = ema5_len);
def ema6 = MovAvgExponential(length = ema6_len);

def EMA34 = If(ema1 < ema2 && ema2 < ema3 && ema3 < ema4 && ema5 < ema6, 1, 0);

Scan,... https://tos.mx/NRZOgEq

 

[Thomas]

Scan,... https://tos.mx/NRZOgEq

The 34 is simply pointing to a trending stock, 17, 24, 34, 50, 63 whatever timeframe you like, they have been tested....
# (XAVGC34.20 < XAVGC34.15) AND (XAVGC34.15 < XAVGC34.10) AND (XAVGC34.10 < XAVGC34.5) AND (XAVGC34.3 < XAVGC34)



def ema1_len = 34.20;

def ema2_len = 34.15;

def ema3_len = 34.10;

def ema4_len = 34.5;

def ema5_len = 34.3;

def ema6_len = 34;



def ema1 = MovAvgExponential(length = ema1_len);

def ema2 = MovAvgExponential(length = ema2_len);

def ema3 = MovAvgExponential(length = ema3_len);

def ema4 = MovAvgExponential(length = ema4_len);

def ema5 = MovAvgExponential(length = ema5_len);

def ema6 = MovAvgExponential(length = ema6_len);


Plot EMA34 = If(ema1 < ema2 && ema2 < ema3 && ema3 < ema4 && ema5 < ema6, 1, 0);

 

[atcsam]

I stumbled upon the video and this post.... Try adding this as a custom scan script... add fiter custom edit copy paste..

ExpAverage(close, 34) [20] < ExpAverage(close, 34) [15] and  ExpAverage(close, 34) [15] < ExpAverage(close, 34) [10] and  ExpAverage(close, 34) [10] < ExpAverage(close, 34) [5] and  ExpAverage(close, 34) [3] < ExpAverage(close, 34)

Shared link to scan

http://tos.mx/Uej7eIC