In today’s session we covered current market conditions as well as further pattern recognition study and several watch list stocks for the week. We talked in detail about money and trade management. We talked about a few books as well. The Richest Man in Babylon and Trading in the Zone. We also talked about buy stop orders and bracket orders using webull.
Here are the settings the screens we have been using to look for these patterns. By using the reversal setting on Traderspro, then setting up these screen criteria, you will often find the kind of setups we have been discussing. I will usually turn the chart setting to candlesticks on the drop down of the charts for a better view of the chart patterns.
Confirmation Scan
https://www.investivtg.com/wp-content/uploads/2020/05/buytohold-reversalapp.png
Pattern Completion Scan (may not have any confirmation yet)
https://www.investivtg.com/wp-content/uploads/2020/06/itg-patternbuys.png
Adding stocks to your watchlist after you found them in a scan
https://help.traderspro.com/hc/en-us/articles/360025120952-How-Do-I-Add-Stocks-To-My-Watchlist
Here is some information regarding the Reversal Strategy setting on TradersPro
https://help.traderspro.com/hc/en-us/articles/360020518972-Reversal-Strategy-
For those that are new I have been using www.traderspro.com and www.tradingview.com for screen and charting tools. We use Tradingview for intraday charts as well as using the Long position drawing tool.
https://www.tradingview.com/blog/en/estimate-profits-new-long-short-position-drawing-tool-4239/
Trading Plan Reward to Risk example spreadsheet discussed.
https://docs.google.com/spreadsheets/d/1PmN6FLzyBO8TVE8g9acZIN9a94Eg37-GCVhAAYDguLE/edit?usp=sharing
Trading Plan Example
https://docs.google.com/document/d/1YnQptuub6jkre9mQqFe1bxFVR4GsrEIPVcHkjEbNB9M/edit?usp=sharing
I cannot find anything that will work for a swing trade nor can I find anything that looks like it has momentum and that is not already topped out.
It is a good time to sit on your hands right now. There is not good risk to reward on alot of trades. A market pullback would allow for some better setups.
Thanks Jesse. That is so so hard to do. I have been in and out of trades all week. I just want something to work for a swing but, it is not right now. You are right Thanks