corylee4870

Thanks for the reply and advice PeterB. I do understand that not everyone's strategy will work for me. I'm trying to sample them all right now. So far I'm doing best with reversals. I do OK with ascending/descending triangles, but I really need to learn where to place my stop. My first post here was about finding ABCDs with a reversal scanner. I watched Average Joe Trader's seminar and it turns out he is doing the same thing. I'm new and I'm trying to learn. I hoped someone may answer and show me something I haven't seen and maybe shorten the learning curve a bit for me and for anyone else that reads the post. My understanding is that this is what this forum is for, to learn and exchange information. We are actually in the subcategory of strategies, so I though I might ask about it here. I also asked more specific questions than "whats your strategy?" How are you finding your trades? Scanner during the day, or just watch the same few stocks all day? How many trades are you taking on average each day? Most people here seem to be scalping, is there anyone taking trend trades with the intention to hold it several hours? I would really rather learn how to do this than scalp, but if I end up doing well scalping then I'll figure it out and keep doing it. For those of you that are trend trading, I'd be interested to know what time frame chart and what kind of stops you are using. Range orders, trailing stops, or just watching it for signs of weakness. Thanks again.

Andrew trades the open. I'm really not sure what his edge is but he is good. Carlos I think likes 5 minute ORB's. Thor does the premarket level breakouts, trades off of levels, and his triangle price breakout. Aiman does ABCD's, and is good at everything else. Peter does double tops with a moving average cross on the 1 minute. Robert H does Climactic Reversals, 15 minute chart reversals, and wedge patterns. What is your edge? Does everyone here scalp trade or is there anyone who holds there trades all day? How many trades do you take in a day? How are you finding your trades? Are you using a scanner? Or are you just watching a select few stocks for the day? Do you require a catalyst or just trade the chart patterns? For trend traders, what time frame chart? What kind of stops? Trailing, Range order, or watching for signs of weakness? I've been in sim for 3 weeks now. I'm trying to narrow some stuff down. I'm fairly good at getting in before a breakout and timing reversals, but I'm not good at taking profit and getting out before it stops me out. Help me out and tell me how you do things. Whats your strategy?

It looked like this was similar to what Average Joe Trader was teaching in his seminar. He buys at the new daily high.

I'm running a standard reversal scanner to alert me of a new 5 minute high or low. If 20 SMA is above 200 SMA, alert me of a new low. If 4 consecutive 5 minute candles, alert me of a new low. If 2 consecutive 15 minute candles, alert me of a new low. If 1 consecutive 30 minute candle, alert me of a new low. The opposite is true for bottom reversals and reverse ABCDs. Here are my rules right now - Top Reversals/ABCD - I was just alerted of a new 5 minute low - Long at the next 5 minute high that is above the 8 SMA on the 2 & 5 minute charts - OR - Short at the 15 minute low if price is below the 8 SMA on the 2 & 5 minute charts Bottom Reversals/Reverse ABCD - I was just alerted of a new 5 minute high - Short at the next 5 minute low that is below the 8 SMA on the 2 & 5 minute charts - OR - Long at the 15 minute high if price is above the 8 SMA on the 2 & 5 minute charts Once I start watching the stock, I start looking at bigger time frames for levels of support or resistance. If there is a resistance level very close I will probably wait to take the trade until it crosses it. Sometime's the trend seems to continue, but this is a reversal scanner so be ready for a reversal. Maybe I should look for two consecutive 5 minute candles and a new 2 minute hi/low, but I think that would be too many alerts. I'm pretty new. I feel like this is a fairly simple strategy and I have been successful with it in the few days that I have used it. I would like to hear if you have any suggestions to improve on this. I don't have my stop loss and profit taking indicators nailed down yet. Here are several examples from today. These last two are reversals. Long at the 15 minute Hi with the price above the 8 SMA on the 5 & 2 minute charts Short at the 15 minute Low with the price below the 8 SMA on the 5 & 2 minute charts

My understanding after watching Carlos' video on level 2 is that orders stacking up on the Bid side is Bearish and orders stacking up on the Ask side is Bullish. Also, it is my understanding that a large Ask size may act as a Resistance due to not enough buyers and a large Bid size may act as a Support due to not enough sellers.