You start let’s say you got into 50 shares here. You do have to get into these trades even when the volume’s not there. Volume does play a good role in these trades.īut sometimes prices will move even without volume. Look at how it lined up here right there.Īll of them confirmed and combine that with an explosive of bearish volume. There is my kind of executional part right there. If you start looking at more the daily, the hourly, the 30-minute and then combining with like a ten and five minute, now you start getting into more of the nitty gritty of the execution part. The other ones help confirm and give you the bigger picture.īecause if you only do the one minute, you’re really trading with the robots and the algorithms. This is where you make your trade decision, right? The micro view is where you make your final decision. If the stock’s moving right here, it’s breaking. Now you can see here I’ve got that line lining up. I’m looking at right here and I see if all that lines up. I look at the daily lineup, there’s a 30-minute line up and then I look at the 15-minutes. That was not the time, right? Because it broke out. If I’m interested in shorting this stock we’ve had two failed attempts. Here’s my resistance and now as I look into this it’s like That dotted line relates to that same dotted line on my mouse which is just replicating it on that screen. I put my mouse here on this one you’ll see there’s this dotted line that’s created. Let’s go 30-minute on this one just because it’s a little more zoomed in. So here I’ve got my daily, my 15-minute and 5-minute. The point is, to see if the probabilities will work in your favor. If we were shorting something and it started to go down but then it reversed on you, that’s a loss, right? Then you reattempt things a second or third time. So let’s say you did short something here Just take and peel things off and not all of these will work out. You’re trying to get into the probabilities of the trade in your favor. The whole point behind the technical analysis is not that it fully works. If I only have two out of three or if I have one out of three, I might be a little less ambitious. This means that I’d be a little more cautious. Here I had a weekly and a daily that was going down or is that resistant. My 30-minute actually in this case we were going higher. Let’s say my weekly and my daily said it was at resistance att my 30-minute look at what happened over here If I only have two out of the three time frames then that means it’s a little less reliable. Then you can zoom in to maybe a 30-minute time frame and does that still confirm all the other things? What’s my daily telling me? Or what’s my weekly telling me? Weekly’s telling me I’m at resistance. When I look at this, I’m basically flipping between a big picture time frame, which could be like a weekly. I typically film with candles because it’s easier to see but usually I use actually the other mode. It’s a little bit easier because when it opened and when it closed and it’s tighter. So the important part here is we’re looking at things in a bar mode. Here’s what I look at when I’m looking at day trading thing.įirst, I look at it from a big picture standpoint. I’m just going to demonstrate this example here. It is a paid software but I just like it because it’s been reliable over the years. You could check that out also on our resources. If you don’t have a platform like this you could do anything on trading view or any other platform. If you’re worried about how do you create this, well if you have a charting platform like ThinkorSwim and you create this into three charts like this Again, personal preference.ĭon’t get too wrapped up into the nitty-gritty details. Now could I change this daily to a three day? This from 15 to 30 minutes?Īny time frame you want. The way that I look at day trading is I have three time frames.
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