Looking for potential trading setup / indicator to start

[maddy]

Hi All,

I am new to trading, but an investor for a long time. I am trying to learn technical analysis(I know a little bit) and I enjoyed reading posts in this forum. I made few setups(ATR, M3 consolidation etc) and failed almost all trades(lost money too). I am trying to set up my dashboard and failing on the execution. I would like to request to provide a suggestion on below for my set up for intraday and short term stocks.

1) Scans for the day or potential stocks to watch before the start of the day and get alerts to trade
2) Continuous scan and alert on stocks?
3) How to identify entry-level and exists levels for security?
4) Breakout and Breakdown scans?
5) How to find momentum stocks that I entered to mitigate the loss?
6) Any options indicators.

Loss case I made using M3 Consolidation: As per the description on the indicator, I took weekly options when I see an indication for long after consolidation, but this I waited until the end of the options expiration and I lost the premium. I was wrong with this strategy.

I would like to collaborate with the new strategies that I come across in the future, but with an initial set up would help me to kick start.

Thanks in advance for your help on this!!

Thanks,
Maddy

 

[BenTen]

How long have you been trading? Do you know the basics such as support and resistance, trading patterns, stop losses, etc?

 

[maddy]

@BenTen

• I am trading since September this year
• Yes. I know support and resistance, stop losses. Patterns I haven't tried before.

 

[BenTen]

Here are some recommendations based on your requests:

Use the following indicators to scan for stocks with consolidations or indecision. Do this when you prepare for the next trading day:

• https://usethinkscript.com/threads/...ipts-to-detect-periods-of-consolidation.1159/
• https://usethinkscript.com/threads/blast-off-indicator-for-thinkorswim.621/

Identify entry / exits:

• Use Support / Resistance levels, moving average, and/or VWAP: https://www.investopedia.com/trading/support-and-resistance-basics/

Breakout or breakdown:

• Check out the Opening Range Breakout indicator. You can also look at its scanner here.

Hope that helps.