What can I do to improve? See picture.

Likos

Member
2019 Donor
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.

Zgw4q6S.png


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?

 
Last edited:
@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.

 
Last edited:
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.

 
Last edited:
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).

 
Last edited:
@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.

 
Last edited:
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

yFaQUNl.png


 
Last edited:
Last edited:
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...

 
Last edited by a moderator:

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
510 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.
Back
Top