What can I do to improve? See picture.

[Likos]

Hi there. First, I want to say thank you to the community + BenTen for the awesomeness of contribution & improving my chart skills. That also includes the morning scans I do. Bellow, I would like to share what I do pre-market or opening market that I do try to catch a trend or big potentials.

• * Scanning mornings looking for double inside bids (large accumulation bids)
  
• * Large abnormal volume/bid shares
  
• * %change
  
• * Observing the chart for big bid indicators or possible insider buy catch
  
• * Observing triple or quad teal blue-green light positive day market popular trend (leads to explosive growth such as BPTH, HUNT, GBR got incredibly good catching these).
  
• * Helps hovering looking at the left column stocks turning yellow to blue/solid.
  
• * Column left helps me catch yellow sigils for press release catch.
  
• * Settings are set morning searches 10D5M to rest of the day observing at 1M analyzing direction where the charts are indicating.
  
• * Tend to buy if the gap between SMA (as shown orange and blue lines) has strong momentum & trending, then most likely it's going to go up small or high.

Things I've noticed from catching fake trends, fake out, or aka false breakouts hopefully these may be useful to you folks:

*Large volume may be pouring in, but bid/asks are low. Someone or a group are buying 1 x shares consistently pre-market at a larger price than normal making appear it's trending.

• * Large bids with no apparent explanation or PR (press release) possible pump/dump hype.
  
• * Fake-outs bids are made on poor PR, again hype or possible pump & dump.

I've nearly broken even & sitting at $650 (started at $500). Using Webull cash account avoided the terrible confliction of day trading restriction, fees, or commission. Robinhood I've lost $250, but now above my losses at $150 positive.

What can I do to improve? Or what am I doing right? What other features I could use that to constantly looking at multiple stocks or my left column colored squeeze bars?

 

[BenTen]

@Likos Thank you for sharing your story with the community. Looks like our trading is a bit different. I trade options on most FANG stocks and sometimes ETFs like SPY and IWM. I tend to stick to only a few names (around 4-6) so that it's not too much work to scan for stocks etc.



My process is fairly simple. Check pre-market for support/resistance along with checking longer timeframe for the bigger S/R. Since I only track a few stocks, there isn't much work to do. I just sit out and wait patiently (this is the hardest part) until a technical setup presents itself.



Hope that helps.

 

[Billy101]

Hi @Likos , may be the indicator I shared could be useful for you, is the Elliott wave oscillator with break out bands.

I´ve been looking for some time for some indicator to identify potential moves and label swing, if you dont mind sharing that code I´d really appreciate.

Thanks.

 

[Likos]

What would you say your opinion would be using an Elliott Wave Oscillator for TOS if there is a script for it ? It seems my procedure or practice is leading more or less into day/short term (not to confuse with shortening) trading and I hope what I expressed in my experience doesn't intimidate anyone but more or less as a learning experience. Still learning for the past month. I'll never forget my old first experience was playing with penny stocks (DCTH) clueless and wondering blindly whether it would make or break unknowingly. Funny enough investing $50 turning it into $700 experimenting where it would go and labeling down a target average (exit out I think 0.23).

 

[Likos]

@Billy101 Could you highlight or circle the indicator I've been using that was an interest to you that I have displayed ? I'll pull it up.

 

[Billy101]

Hi @Likos , thank you! I´ve marked with arrows the studie.

Regarding EWO It´d help you to identify wave 3 and wave 5 behaviour as they are the most profitable and "tradable" ones. Please take a look at this file, It helped me a lot in order to develop my own trading system (still developing) i look for ABC patterns and try to take advantage from 3/C wave.



https://drive.google.com/open?id=1LiHG_qzWDknyl1uQ7SlY2Eicpxh3Gpyf

 

[Likos]

First I tried this: https://usethinkscript.com/d/64-3-in-1-simple-or-exponential-moving-average-for-thinkorswim

The second one I'm trying for further testing is this: https://usethinkscript.com/d/69-harmonic-patterns-indicator-for-thinkorswim-zigzag-bat-butterfly-abcd

The Harmonic pattern I'm not sure what each meaning are, but from what I'm seeing the "Henry" is an incredibly strong forecast. The moment I see it, it booms up high.

 

[Thomas]

I would clean the chart up first, make it white back ground, black and white candles,...one bottom indicator you understand, all the rest are distractions that won't help you read price.

In your columns, two RSI's, one daily, second 30minute,....you will see the direction of the symbols. Support, resistance, and trend are your only focus, keep things simple...