a) Conservative: Wait for a 5 minute candle to close through the trigger level. Ex: if an $AMD put trigger is under 100 and 5 minute candle closes at 10:45AM at 99.85, take the position.
🎲 How to play trigger watchlists 🎲
1. How/When to enter:
This is NOT an exact science, there is no way to avoid fakeouts. These are KEY levels, and for that reason, provide strong moves. However, they can be hard to break due to their significance. You must manage risk.
a) Conservative: Wait for a 5 minute candle to close through the trigger level. Ex: if an $AMD put trigger is under 100 and 5 minute candle closes at 10:45AM at 99.85, take the position.
Taking losses is inevitable in trading. Our job is to minimize them. My rule here is -10% hard stop loss because you can always re-add the position.
Suppose you take a position from Ex a) $AMD immediately reverses and closes 10:50 5m candle at 110.15…
If your position is green, set a breakeven stop. No need for a green position to turn red. Identify the next sup/res on a 5m chart and use that as a short-term PT. Upon hitting that next level or a desired % gain, scale some. Then move the remaining stop loss higher.
Should the tickers gap up/down past the designated triggers, wait for retest of the trigger. Ex: $AMD gaps down to 99.50 & within the first 15 mins it retests 99.95-100. Could be a good time to take a put position. Old supports often become resistance & vice versa
Many people on twitter give useful watchlists. Take them and create you own style and set of rules. For me, key levels and volume are all I need. I watch VWAP and 9ema for confirmation. Do what works for you. There’s no golden indicator. Good luck!
@BullishMont
@DBookTrading
@K1Calls
@notmrmanziel
@RockyBTrades
@SpyGuyTrading
@ThetaWarrior
@Tommy2toes10
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Wave theory resources:
https://t.co/zMLJx0Posg
Recommend checking out @StockDweebs newsletter. I don’t practice wave theory myself but have found his picks highly accurate and like to correlate them with my own.
YouTube channels:
TrendSpider @TrendSpider
smithsintheblack @RobInTheBlack
Sara Sabatino @ssabatino84
_ms_izzy @_ms_izzy
Learn to Day Trade @TrueBubbleHead
StockDweebs @StockDweebs
watchjoshtrade @watchjoshtrade
BullTradeFinder @BullTradeFinder
MagicMike @magicmiketrader