Daily Watchlist of Stocks Discussion for ThinkOrSwim

[MerryDay]

Frequently Asked Questions About Daily Watchlist of Stocks:
https://usethinkscript.com/threads/daily-watchlist-of-stocks-to-day-trade-weekly-options.1023/

Criteria:
Only a select and curated list of mostly large cap tech stocks are watched.
Here is the watchlist @BenTen and @MasterSteve use https://tos.mx/aulPuHR
The below scan is run after hours.


Timeframe:
This strategy is for scalp trading only. @MasterSteve says:

I expect to see a move the very next day, or I’m out of the trade.

Direction:
There is no expressed direction in the watchlist.
You need to use indicators such as Support&Resistance, Trend/Momentum, and Volume in your attempt to determine the sentiment.

Scanner:
To scan for the pattern called Blast-Off. Use the study found here:
https://usethinkscript.com/threads/blast-off-indicator-for-thinkorswim.621/page-8#post-119487
Scan for Arrow is true

We set up a scanner with that list and set the condition to be if the blastoff indicator is True. Then it'll print out a list of the expected movers for the next day.

Watchlist
For those just starting out, @MasterSteve recommends:
We come up with the watchlist every day using the blastoff indicator https://usethinkscript.com/threads/blast-off-indicator-for-thinkorswim.621/ on our tech watchlist (https://tos.mx/aulPuHR)

We've found that if a stock appears on this watchlist, it is very likely to move the next day. There are thousands of opportunities to make money every day in the stock market. Our goal was to make a limited watchlist with the most likely movers so it would be easier to make money. People could take this, watch just a couple stocks, and enter according to their own risk tolerance.

Yeah, a typical scalp trade I'll take either end of week or the next week expiration. I usually like to enter at the money and out of the money plays, usually for a quick 15 min- 3 hour play at the most. I don't much pay attention to delta at the time. I don't intend on waiting a long time for the play to develop, just looking for quick move.

I would keep with in the money or close to the money strikes with at least a couple weeks out to play it safe until you get more familiar with trading. I've found going too far out of the money on a subweekly timeframe can lead to account blow ups quick.

Read more here: https://usethinkscript.com/threads/daily-watchlist-of-stocks-to-day-trade-weekly-options.1023/

 

[tjlizwelicha]

Great call on MSFT!!!!

 

[BenTen]

https://imgur.com/igIecug

Great call on MSFT!!!!

Nice trade!

 

[MasterSteve]

Great call on MSFT!!!!

Nice hit!

 

[johnnyapplestock]

Watchlist for July 18th, 2023

SHOP
NVDA
MSFT
EA
HD

Look at MSFT go!

 

[roy123]

Steve,
Do you know which way they will trade?

 

[MerryDay]

Steve,
Do you know which way they will trade?

https://usethinkscript.com/threads/...3:~:text=of the trade.-,Direction,-: There is