Tuesday, November 28, 2017

Tuesday 1st Hour Trading Map

Today's Basic Trading Map Based Off the 1st Hour of Trading

INDEX'S: (SPY,QQQ,DIA)
Daily Trend: Long

Today's Gap, Trend, Range: QQQ filled its gap, with Spy at top of its range odds favor gap fill. Spy range guesstimate R2 pivot and previous day low. 

TICKS (nyse): Neutral - range between the meat of 600 and -600
Trading Notes: With the QQQ weak and SPY extended on the daily chart and near its R2 a fade of the SPY near the 261 area fora half a gap fill is worth looking at.

Trade Ideas: using 1-1 risk, close out end of day
  • SPY: 260.20 with stop 259.90 and Short 261.05 - stop 261.45
  • QQQ: 155.85 with stop 155.40
  • DIA:
See Below Support/Resistance Lines and Areas to Watch
(white dotted line 5sma, red dotted line 20sma, doted lines pivots, Green & Red Sold lines previous days High and Lows, yellow dotted previous unfilled gaps - 15 minute charts)

Gaping Stocks to Watch
  • tho
  • tecd
  • emr
  • wgo
  • tcf
  • nomd
Weekly Chart Notes for longer term plays

* The Index setups use larger stops with a conservative 1-1 risk/reward ratio that trades with the trend and odds. RED X shows possible entry points and area to place a stop. Can fine tune as see fit. Close out at end of day or move stop to even at .75R
* Beyond searching for ISB on a 30 minute chart can use this simple stock setup for a conservative 1-1 risk/reward ratio. Look for the first pullback near the  30 minute 5sma with a stop placed under the 10sma. Can add fib lines using today's high and yesterdays close the 38.2, 50 and 61.8 fib lines as secondary support when entering. (can also use the 5 minute chart using 25sma to enter and 60sma for stop) Can fine tune as see fit. Close out at end of day or move stop to even at .75R.
* Secondary support is support/resistance line's that support the moving average - (fib lines, previous day High or low, pivots)
TRADING PLANS



* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money.  Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.

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Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE