Thursday, December 14, 2017

Thursday First Hour Trading Map

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

INDEX'S: (SPY,QQQ,DIA)



SPY
QQQ
DIA
Gap to Fill Today
filled
filled
filled




Trend Daily
Bullish
Bullish
Bullish
Trend 60 minute
Bullish
Bullish
Bullish
1st hour trend  
neutral
 neutral
neutral


Ticks (nyse)
 Neutral - range between the meat of 600 and -600
Trade Setup Ideas for Today
 Pullbacks to double support - Long

Types Of Trade Ideas for the Indexes ( RED X shows possible entry points on chart)
Pullbacks to double support - Long

Pullbacks to double resistance - short

Breaks to upside 30 to 60 minute breakout

Breakdown to downside

Fade double support Long

Fade double resistance Short
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
  • ndsn
  • tif
  • GWPH
  • ARGX
Weekly Chart Notes for longer term plays
  • Check my Monday or Sunday Post for a more detail explanation
  • Current holds cprx, gswtf, mara, ncs, pxs
* 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.

2 comments:

Anonymous said...

Hi, I am interested in how you find stocks to trade for your daily watchlist? Is this in you course that you teach? Do you just have a stock Universe? How did you find TIF? I'd love to learn how to find stocks like that? Thanks

How I Day Trade said...

Hell0 - I scan for stock on the Think and Swim platform. I scan for gappers with news that are over 4% - and with pre-market volume. From this list I look for setups through out the day..5 minute charts in the first hour or the slow moving 30 minute charts.

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