OK...was watching NVAX, AKBA, and POZN. NVAX was the only player that had some decent volume on the open to catch my eye.
If you watched Tim G's 20K trade video that Tim posted in the video lesson... = PATIENCE AND WAIT FOR THE PULLBACK...just sayin'.
Remember that I'm mentally thinking that the daily trend is up so I'm only looking for longs per the one minute.
At the open price moved up almost .50 and if I were a real gambler I would have just bought into the strength and hold on then pray for the best but I'd rather be a 'real' trader and wait for a pullback with some follow-up buying volume to show, then enter.
I have some previous S/R lines on the chart along with a few trendlines and previous day's high low plotted. Price comes back for the dip right to the up trendline along with volume and then I enter at the first red vertical line. Cool: volume showing up green and we start to move back up. Then, the buying volume quickly dries up and I exit with a .09 cent gain; second vertical line.
Why didn't I hold you ask? Because I don't have a crystal ball along with this being a higher priced stock so the profits can come and go very quickly. Price did make it back to the original high and it would have been about a .30 cent gain but didn't lose either.
After this I stopped trading and did nothing but think for the rest of the trading session...I hope this brain chaos will end someday.
I started thinking that because I can't monitor the charts every minute and trading is not my full time job which is probably like the majority of us here. We're here to learn how to make money to get to that level of...freedom.
If you watched LX21's video per another one of Tim's lessons you heard him say he has about 400, yes 400 symbols in his watch list. 4 f@#%!#g hundred!!! And then he said that he has alerts set on all of them. Either price levels or technical info..I don't know. So, there was my brain fart for the day....
Get my watch list together from the previous day's trend strength and formulate an alert to tell me not when to enter, but alert me when that intraday trend might be starting. So, I coded for the rest of the day trying to put together an alert that tells this.
Looking at price strength and volume you can see the spikes in the alert indicator under the volume panel.
Basically, after the alert would be sent indicating the probable start of a trend the next step would be to watch the chart for the dip then an uptick in volume. The third vertical line would be the entry. Then, the double top is formed followed by the red slam volume bars and the trend changes. The alert still shows some price strength but there is no real buying volume and the trend is beginning to fade.
POZN and AKBA had almost identical chart patterns today: down then flat and a bump at the end. The alert would have caught both of the end 'mini -squeezes' with the increase in volume.
I'm going to do more work on this and probably not trade for the rest of this week and maybe just watch the following week.
This is by no means a mechanical trading system. Those always fail. The one's that do work are the ones we don't know about and probably never will. This is only a means to simplify the daily routine of watching and watching and watching and watching...for a trend to begin, maybe begin.
I'm not an early morning spike buyer...I'd rather be a seller since I'm beginning to recognize those better. I'd prefer to be a 'trend rider' and catch that first dip. I can spot the weakness. Just gotta keep working on the plan and find my own way along with sending a few quick sarcastic one-liners to the chat room and not be ticker jumping all day.
Stay tuned....
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