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tjlizwelicha

New member
VIP
2TZEUYB.jpg


I hope this image opens. Lol

For the newbies and veterans. I was overwhelmed with all the knowledgeable information the site provides. I spent hours after hours reviewing all the information that could be useful (and it was a lot) until I looked at my charts and became even more overwhelmed. Lol. So I decided to take baby steps to see what works for me and advance as needed. I have been trading since the "Stay at Home" order in March. Nonetheless, I learned more from being a member here than I have learned in the past. I posted pics of two of my trades since being a member, and I must say I was delighted.

FYI:
  1. This is the first time that I used a 1 hour chart. I was always under the impression that a lot can change in an hour concerning the marker.
  2. I didn't use my built watchlist nor scanner; I didn't want to be overwhelmed. Lol. So I used the two chart grid open fully.
  3. As @BenTen suggested, to build a watchlist. I used Ben's and added some that I have used in the past.
The Indicators that I used.

1 Hour Chart

  1. Swingarm
  2. Hull Moving
  3. SMA 50 & 200
  4. Buy the Dip (BTD)
  5. Advance Market Forecast
1 min Chart
  1. Swingarm
  2. Trendline
  3. Hull
  4. SMA 50 & 200
  5. Enhanced reversal
  6. Elliott wave
  7. Hot Zone RSI
  8. Aroon Indicator
I was trying to make this short. Lol. Any constructive criticism I am accepting.

I purchased: SPY: Paid $335 Closed with $685 and CCIV: Paid $490 for 2 contracts and still open.

With the 1 hour chart, SPY stayed bullish each hour, while my 1-minute chart was going all over the place. The 1-hour chart was in bullish mode until the market close. Is that the direction the stock will go regardless of the 1 minute going up and down?

As I mention, the 1-minute chart was going from bullish to bearish to include many pullbacks. I would take profit at $584, but the RSI was just below the 50 lines that I decided to stay, which I am glad I did. What indicator will help me to avoid pulling out of a stock too soon?

I really appreciate any help you can provide.
 

BenTen

Administrative
Staff
VIP
Congrats on the gains. Well done.

So I decided to take baby steps to see what works for me and advance as needed.

This is extremely important and I'm glad you were able to realize that. Everyone trades differently, it's okay to learn from others, but you still have to figure out what works for you at the end of the day.

For new traders, I don't recommend the 1m chart. I have never been a fan of it, even when I was day trading back then. I use the 5min chart at a minimum. Ever since I switched my trading style to swing trading, I learn to appreciate the beauty of the Weekly, Daily, and 1HR timeframes. They help to keep my perspective intact.

Keep it up!
 

tjlizwelicha

New member
VIP
@BenTen Thank you so much. I will definably try the 5 minute chart. For some reason I feel as though the market is going to change or crash during my wait time. I have PTSD from loosing big with TSLA during the split. I guess I was being greedy until Elon talked about the battery the night before released date and the stock price dropped. I will also get familiarize with other time charts.
 
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