Looking for potential trading setup / indicator to start


New member
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!!

How long have you been trading? Do you know the basics such as support and resistance, trading patterns, stop losses, etc?
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:
Identify entry / exits:
Breakout or breakdown:
Hope that helps.

Join useThinkScript to post your question to a community of 21,000+ developers and traders.

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
497 Online
Create Post

Similar threads

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.