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Day Trading Basics

Discuss about day trading basics: price action, orders, candlesticks, indicators.

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  1. 1 Minute Candlesticks

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  2. Day trade Asian market

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    • actually it is "not a new higher high on 2min while the price being far from 9EMA on 2min and 5min chart" but let him describe it
    • Day 58 - March 31, 2020  23 Tickets  5  Symbols Red Day Watchlist: AAL - Short - 1min and 5 min - Failed Pop (-1 Adjusted stop) DID NOT FOLLOW MY MORNING GAME PLAN Was watching AAL wanted to short the previous breakdown but too extended. Waited for consolidation with MA's Tightening, Took it short as I saw the asks pile up at 12.38 and seemed like seller was stepping down. Stop just above previous high - got stopped out. Looking at it after -  clear double bottom, why am I shorting this? Improvement: Making a watchlist with a game plan, and completely ignored it (Long at 12.2). Need to be stepping back and thinking about this. AAL has potential positive news, sold off hard into premarket level, and previous day close and consolidating.   ABT (1) - Long - 1min - Technical Breakout (Ascending triangle with VWAP as support) ABT was holding just under VWAP making a tight range and holding above MA's, took it long as we started to get some volume coming into the breakout with stop just below consolidation. 1st Target hit, and adjusted my 2nd stop (2R) as I didn’t like the rejected of MA. Left the rest ride and got stopped out ad my stop loss, below MA and VWAP. Good: Had the right idea for a scalp Improvement: This could be a quick take profit and let 1/2 ride as its momentum.     SPY (1) - Short - 1min - Failed Pop (Sub: Double Top) Watching SPY reject off the 263 level, looking for the double top. Finally started to make lower highs and lower lows with MA's tightening. Ended up taking it short as it rejected 9,20 and 50MA thinking we could test VWAP and potentially end closer to LOD. Absolutely terrible trade management, and got hunted on my stop loss..got top tick and missed the whole move. Improvement: Need to have a better game plan here - trade management was brutal. Covering for no reason multiple times? Why am I so scared..     SPY (2) - Short - 1min - Failed Pop (-1 Adjusted Stop) Top ticked on my stop loss right before the big drop and Avoided chasing SPY all the way down, was thinking to ad the VWAP but thought we would see a bounce into Previous day close. Then ended up getting in at the very bottom - figures…Very poor control. Adjusted my stop as realized how stupid this was. Change or character as buying came in. Still short biased - but looking for a test into VWAP. Adjusting stop was actually a good idea here as this was a terrible entry. Improvement: Poor self control, waited all the way down and then FOMO'd at the bottom. Too extended from 5min and 1min - wait for them to curl up, tighten up and then break for a much higher probability play.     ABT (2) - Short - 1min and 5 min - Failed Pop (extended on the 5) Lots of selling into previous day close, looking like we might have a dead cat bounce and make its way to yesterdays LOD with stop above previous consolidation. Ended up being an absolute chop fest, scaled out slowly and just took off at the end as Looks like it was turning up potentially.   CCL short - 1min and 5 min - Failed Pop Sold off hard with rest of market and found support at previous day resistance. Was waiting for it to consolidate, took it short as it rejected the 50M and broke down through the 9 and 20. Stop just above previous candle and target at previous support. Ended up getting in to early and got stopped out. Good: Tight stops Opportunity: Great opportunity to re-short here after getting rejected by the 200 and making a double top on the 1min., also kept trying to push higher but couldn’t close up. Perfect breakdown, brining it down to my target. SPY - Short - 1min and 5 min - Failed Pop SPY was moving back up off the bounce, thinking we could see a further move down as selling volume coming in was pretty heavy. Took it short as it couldn’t get through 20MA on 5, and looks like couldn’t get through MA's on 1, short as it failed to make new high and broke down. Started taking partial pretty quick as there wasn’t much time, ended up getting out on drop and stopped out on the big wick up. Good: Tight stop and quick partials Trade Review: Feeling a little more confident, but still making the same mistakes. 95% of the day I am in control, no FOMO, waiting for the setups to come to me, then the other 5% I seem to absolutely lose it and it costs me...Another thing I notice is I am making a pretty good watchlist with a simple game plan, but completely skips my mind once the market opens. Notice I'm just watching charts and getting lost in the tick to tick action vs stepping back, looking at the bigger picture.   Questions to ask before jumping in: -What is the bigger picture? What is going on here? -Is this an A+ Setup? -Is this the best entry I can get, if not be patient and let the price come to me.   Daily Report Card 1. Only Take trades using risk calculated hotkey = 7/7 2. Placing trades with defined risk, and profit targets (No adjusting) = 5/7  
    • I do know part of the criteria is that the move is extended from the 9 and the 5.  I also think there needs to be a new low on the 2 min chart for an entry (from a long extension to a short position/scalp).  
    • I believe he uses the Up and Down extended scanners. Hes in the process of doing a success webinar on it - at least that what he mentioned today in chat.
    • Hey there, Was wondering if someone could list the criteria for Aiman's parabolic reversal strategy. Either here or in the downloads section for TradeIdeas. I've been using a scan that looks for stocks that are 3% or more distant from the 5m 9 SMA, but I'm not getting many results with it. Thanks, R  
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