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d-k
"I need to study other candle stick patterns, to know how to use them effectively."
You will love it when you get only 2 or 3 buttons loaded with desired indicators, and can instantly look back and forth between charts. For one thing, if you want a stock to have FEWER indicators, or different candle patterns, you can set up two different sets of fewer indicators on two buttons, but both on the same time frame, maybe 5-minute.
See?
d-k.
Telechart 2000. Yes I look at TSV for sure, but several other combinations of volume, obv, etc. I really don't use it a lot, but the "big picture" aspect I kind of hang onto.
d-k
"How do you set-up these buttons"
Underneath the bottom of any chart, especially one you want to set up, look for the two lines "Chart Styles" and "Chart attributes". Suggest you start trying to set up "default" for whatever time frame you want to come up automatically first.
All of that is sort of complicated until you "get it". Don't try to do it while trading. Saturday is better. You will have to read the words in every box on each line as you do it, and whatever their meaning is carefully. I think I spent more than some weeks onetime long ago getting everything "right", but then, I'm kind of slow.
Reply when stuck and I'll try to advise.
"I am going in the right direction"
Pretty much, yes, yes. d-k, do you have any openings on your team? Send me an application.
Also note the slightly higher stock price low about 1:45 or so, and simultaneous higher lows on the Wm%R and RSI. That white price candle on the 5-minute just before two o'clock pretty well nailed that lower lows weren't coming.
Didn't even closely look like a puts buy. What else it there? Ring the cash register for the 7+ X.
I didn't try to haggle for pennies. For 100 contracts give puts buyers a chance.
"I believe Royg used 15 min chart with probably 5 min for extra tuning."
Yes
Stockcharts has a feature allowing changes in frequency with a single keystroke.
Actually I have set up seven "buttons" for that many different periods: 1-minute, 5-minutes, 15-minutes, 60-minutes, daily, weekly and yearly. My default is 15-minutes, but very often the 5-minute button is seen (with a single keystroke) to examine closely and quickly each indicator. I wouldn't be without it. Indicators which I have permanently assigned to each period are very similar from the 1-minute to 60-minute. In post-session and pre-session preparation times I will see some possible prospects which get a look from 15-minute to daily for context. I typically start near the session opening with two to five prospects, mostly puts, each of which have been considered significantly for several minutes, studying all the indicators. It is extremely rare to see all indicators in exact step as was TSLA for more than two hours today. Some days there are few, so let's go to the creek and catch a catfish for supper. I rarely look at the 1-minute. More detail than I find useful. Actually, I estimate that for an actual entry (or exit) I will have used the 5-minute perhaps three quarters of the time. That's a great difference from another active trader on this board. He posts that use of the 5-minute is the way to lose money. My experience does not confirm that opinion.
I also have Telechart 2000 which presents no finer than daily. But that program has several unique indicators, which I do not discuss on this board; I have not encountered another subscriber on I-Hub, but I have not made a methodical search.
I have talked here about StockCharts. It costs $37.90 per month for the "Extra" version.
Regarding installation and removal of each indicator is a simple matter, taking maybe a couple or three minutes after experience.
There are other chart services. I am not acquainted with any of them so connot suggest a comparison.
Delete duplicate
smartone:
"you would have exited the trade at 11am with those same indicators and candle sticks
a nice trade but no 8X"
You are saying something public that has not a grain of truth.
There are no indicators suggesting sell TSLA puts at 11 or any time close to it. Come on now. I have noted all the entry indicators.
Tell me and the rest of our readers right now exactly what indicators you say "you would have exited----". Let's hear it. Write it down.
My list of indicators was on the 15-minute chart. My count of dojis was in response to smartone saying that 5-minute was a way to lose money. I counted the 5-minute doji's from memory in error saying seven but as I now look at the chart there were 5, not exactly but close to the same idea, gets the same result which was BUY PUTS, BUY Puts, BUY PUTS.
I can't let smartone keep putting out bad advice on this board.
Closed my TSLA puts at 7.1 X. And everyone here including smartone can look at the 5-minute and 15-minute charts right now for the first 30 minutes to see those clear signals.
Okay, that's my take on technical analysis for a single example. I'll gladly think about any other view that someone wishes to discuss. Gladly.
For whomever is interested, I do use a lot more indicators than
is probably wise for most traders. Some seem to work with or against others where the overall case is not as unanimous as this one was. Go to school. Learn what the philosophical view was from the author of each indicator was. Decide to or that it is a bunch of junk.
Stopped out of TSLA Oct 28, 205 puts at 3.79
HOD this strike has been 4.26
From entry at .53
7.1 X
smartone: Cannot agree with your 5-minute/15minute argument. Not at all.
You were looking right at the TSLA chart early. Did you see seven 5-minute near dojis in the first thirty minutes, signaling a stop and decline? That's where I loaded, thirty minutes into the session. Was the prospect for 7X or 8X too much? I'm being a smart eleck, sure. smartone, I'm thinking you are all talk.
I will say that your list of indicators is impoverished. Do you ever say (write on this board) exactly a result related to any or all of those (yes I have seen them without amusement).
I can't let your seniority on this board go by without contest when so many newbies here see you as pretty good or better. Show all of us, me, them written details of instances you can point to where they did what you predicted?
All: I am a leukemia patient, out for chemo every afternoon this week. 89 years old, not sick. Reply when I can.
"what you saw in your indicators for your buy of $TSLA puts"
2nd price candle was a doji on lower volume, serious doubt on the opening jump
RSI and WM%R high, not moving higher after the first 15 minute prints
Slow STO 5,5 and 14,3 peaked above 80
Accun/Dist, Chaiken Osc, On Balance Volume all peaked after the forst 15-minutes.
It is extremely rare for practically all indicators to immediately dispute an opening jump of that magnitude. That's why I said to smartone earlier that his eyes were right on it and he moved away. Couldn't see it? He doesn't have good charts or indicators.
For all. I am a leukemia patient and today (every day this week) will be Chemo at the hospital, so my replies must be delayed. I do not have a lap computer. The above will do for most TSLA questions to start.
"pennies". Do I call you that for short? Glad to converse.
You or anyone won't pick up much without some textbook work, a lot. I pitch Stock Charts because I know a lot about what can be learned there. Can be. There's gotta be a learner to go to class. I cannot become a general teacher. I will be glad to hear you ask a specific technical question.
For all: The "books" say and I believe it from some years of actual observation that upwards of 75% or 90% of wannabe stock traders fail and have to go elsewhere. Stock options are harder. If I am going to help, . it will have to be with someone who has set out to learn something from books or in internet sites.
Hi jeff.
You are interested. Good. What is your question? Bottom line?
smartone:
"jumping the gun because i traded off 5 minute rather than 15 minute chart"
You didn't day a word about any indicator. Time alone is pitifully small.
C'mon smartone, if your want me to share, you've got to do a lot better. You didn't ask what indicators I used to buy TSLA puts.
Why? Do you know nothing about technical indicators?
I said today and have dozens of time previously that we all have to do the work. I have pitched Stockcharts Chart school a dozen time as well. There are other places too.
C'mon smartone, we have this bad sore open. Do you want to treat it or not?
smartone, look at what you wrote, did.
"Honestly I had tsla chart up at beginning of day but then got under another browser window".
What about the TSLA chart and what indicators let you go elsewhere? It was right there in front of your eyes. Your eyes/mind did not see it. What was "another browser window"?
What did you do with that? Those remarks do not sound like technical analysis at all.
I'll post when you show me that you are actually trying to apply specific indicators on a chart where they can be seen clearly.
smartone
"That is too bad you don't post anymore Roy".
Why would I if there is no one with whom to discuss pros or cons of serious technical analysis.
smartone, I know quite a lot about your trading style from some years of observation. My direct comment today is a result.
Pay attention or not. If you get serious about technical analysis I will be glad to talk. But not if you just post guesses. Speak of specific indicators and variations; I will reply.
Yes, I have TSLA this week 205 puts at .53
Something like 8x so far.
Why did you decide not to load TSLA puts?
Why did Roy?
I have pretty much avoided posting here recently. Nobody is serious about technical analysis. Wasting my time.
I answered you own question because it entails a serious technical answer.
smartone.
"why do i keep jumping the gun ?"
You do not have or understand good indicators.
You do not have good charts, at least those you have occasionally shown here.
Time to go to work. It's the Stockcharts Chart school. Free to everybody. No subscription is required.
It is not easy. As I have said here many times, this job is work.
The overbought or oversold reversals you often look to fade can be much better anticipated than your guesses.
SP500 Heat Map 90%green 8%red
Sold BABA Oct 21, 104 puts at .82
From .64
+ .18
Bot BABA Oct 21, 104 puts at .64
Failed to get TSLA puts.
SP500 heat map 35% green, 65% red
synthpop, hello.
We have a long history on this board. Yes, we do understand options.
It is useful for entries to be precise and not an extra load for an interested reader to have to do any extra calculations, even a few seconds.
There are a few unsaid but generally agreed on omissions. Particularly, when an expiration is not written, it is accepted that the current week is implied. This has come about after several years of three principal traders doing so.
Some traders do not know the difference between weekly and monthly expiration rules, so a few words are sometimes necessary for clarification.
We are not trying to be obnoxious. We welcome new traders with respect. Also, we hope for fresh trading ideas as well.
Calls ?
stopped out of IWM October 21, 121 puts at .96
From .72
+.24
Delayed post, stopped while I was out.
" Could affect stock price one way or the other when it comes out'
Yeah, that's Musk's tactics.
Hi again mabbers.
I forgot to mention that I am often watching the ques on the strike in which I am interested. It is even more work, but can be very useful. I am watching for exhaustion in FB calls; the pros show their hand even while trying "fakes". Could be a pretty good intraday puts scalp. Just an hour into the session. My indicators show likely exhaustion upward. If not up, more likely down. The bid/ask and up/down volume for the particular strike can be better information than indicators on the stock.
Hi Zchasse. Welcome.
Do use technical analysis? I little? A lot? Really or just guessing.
Say a few words, pls.
Stopped out of FB Oct 21, 127 Puts at .18
From .28
Lost a dime. Ugh. Sorry overnight guess.
Sold BIDU Oct 21, 175 puts at 1.57
From 1.05
+ .52
Hi synthpop
You are back to even on FB Oct 21 130 calls at .63
Bot IWM Oct 21, 121 Puts at .72
mabbers, Hi again.
I am in or out more often due to my leukemia medical tests and visits to my hematologist. I will be out Friday this week for that reason.
The mind seems to not increase mistakes or paying attention to limiting losses to very small. Actually I'm mostly free of health problems for a body which has passed the 89th anniversary. I am thankful, very little handicap. Last three days of last week were unusually good.
Appreciate your interest. You are one of very few who seem to be interested in detailed technical analysis. Many talk, but it rarely results in apparent serious follow through.
This is a hard job.
Hi mabbers. No revision to indicators recently. None this year.
My mental evaluations of what certain combinations seem to say varies from time to time, but nothing huge or suggesting to remove an indicator.
Key indicaotrs that are never ignored are: RSI, Wm%R, Price Candle Shapes, Stock Volume Bars, Sto's both 5,5 and 14,3, and Chaiken Oscillator
smartone, I was about to ask if you were going hold AAPL puts overnight.
I'm thinking there may be some puts scalps that may work tomorrow.
Looks like upward exhaustion on some of the issues we often trade here. The early day steam couldn't keep up.
Edit: I have a few FB 127 puts that are a few cents to the good so far. Think I'll sleep on them.
Bot FB Oct 21, 127 puts at .28
Stopped out of IWM October 21, 121 puts at .96
From .72
+ .24
Bot BIDI Oct 21, 175 puts at 1.05
LOD this strike was .82. I failed to hit on a lower bid.