This is a place where traders can share Technical Analysis and rules based trading ideas on scalp trading or swing trades.
If you have a favorite pattern or candlestick formation that you trade and want to share it with the group, I ask that you please post it with some basic info on it
1. Use an ORANGE horizontal line for any suggested entry positions
2. Use a Red line for any suggested stop loss
3. Use a GREEN line for any suggested profit targets.
Please post the ticker symbol with a brief description of the pattern or candlestick formation name and post follow up replies to that link for easy access to that thread on longer term swing trades.
Chart patterns https://www.netcials.com/investment-guide/24-stock-chart-patterns-explained/#chart5
Candlesticks and volume can often tell the emotions of the ETF and being patient to wait for signals in the candlesticks or their patterns is helpful when looking for tops or bottoms https://www.thegoldandoilguy.com/wp-content/uploads/2016/01/CandlestickDescriptions.pdf http://chart-formations.com/candlestick-patterns/morning-star.aspx
Look for high probability trades. These are areas where there is a confluence of indicators and patterns showing multiple bullish/bearish signals. https://www.tradingview.com/x/DroxU4mo/ https://www.tradingview.com/x/nwqg4xQw/
1 minute chart scalping often requires a lot of data proccessing in a short period of time and is often best traded with larger lot sizes ($25K-$30K) to get in and out quick.
Don't be greedy, book profits! I personally book profits at 1% to 1.5% Sometimes it only takes 3-4 minutes to hit a target once you get a buy signal. If your hand is shaking when you are deciding to buy, DON'T trade.
Always know your reason for buying, your exact exit and exact target as soon as you hit the buy trigger. Often times you will see very similar trade set ups. Don't force a trade, be patient and wait for patterns that you can easily recognize and identify.
Get familiar with a couple of indicators that can be useful to identify if potential break outs or false break outs. Divergences will often times give you clues. https://www.tradingview.com/x/bJBqDpNR/
After a big move down you will often see consolidation and false break outs as the MM accumulate shares and set bull and bear traps. Often times you can spot these by looking at divergences in the indicators.
Often times you will see 2 false break outs which will offer nice gains if you are quick enough to spot them. False break outs are often fast runners for the exit in the opposite direction and may not give you a chance to buy on a pullback.
Look for consolidations, divergences and reversal patterns at Swing Highs and Lows for potential fals break outs. https://www.tradingview.com/x/tsfJhQF9/
Most of the charts posted in the intro I have removed a lot of the indicators I typically have on a chart while trading. This is what my chart set up really looks like when I am trading live. (without the annotations of course) https://www.tradingview.com/x/SXCVGx61/
This is the chart without the annotations. I like to use color coded trend lines to mark swing highs and divergencs and flag patterns etc. You will notice that at all of the big green arrows the 26 EMA (yellow) was above the 50 EMA (blue)
and also above the Ichimoku cloud. Some people don't like to have any indicators on their charts, but I do like certain ones that I have back tested and found ways to use them to help give me higher probability trades.
This is how my chart looks like when I am scalp trading on the 1 minute time frame. The pink horizontal lines I will have on the chart and continue to adjust up or down as I see new short term lows and highs being made until I notice that
price is starting to get range bound and then I look for the break out. https://www.tradingview.com/x/y3hBSJEq/
This is the same ticker as above (LABD) but two days later, notice the similarities. https://www.tradingview.com/x/hybGbegO/
Always keep in mind the bigger time frames when looking for reasons to scalp the bull or bear ETF's. This is the LABU 15 minute chart that would show areas to look for bull and bear trades simply based on the moving averages and Ichimoku cloud. https://www.tradingview.com/x/fLHSLzYr/
Looking for scalp after the last green arrow on the chart above https://www.tradingview.com/x/tbtAiuGM/
In scalping 1 and 5 minute charts, it's all about getting in and out and booking profits. A 1:1 risk/reward strategy and discipline can be profitable if you are waiting for high probability trades.
These time frames are not meant to be used for trend reversals. If you plan a trade on a 5 minute chart ALWAYS book profits on the 5 minute chart. https://www.tradingview.com/x/0yzy0uYJ/
Swing trades on 15 minute and 60 minute charts.
I like to look for divergences leading into a pattern break out or trend line break out for longer term swing trades that I would hold for a couple of days and sometimes up to a week.
These trades will often lead into a 1:3 risk/reward or more. https://www.tradingview.com/x/S4Kiu34K/ https://www.tradingview.com/x/6KBZROjM/
ABCD pattern. These are the suggested moves for the CD leg based on the pullbac of the BC leg
BC retracement CD leg
.382 2.24 to 2.618
Fibonacci Extensions. These are the suggested fib extensions based on the fib retracements
Fib retracement Fib extension
.23/ .382/ .50/ .618 1.618
My 3 minute scalping cheat sheet https://investorshub.advfn.com/boards/read_msg.aspx?message_id=151964356