PocketPAT

Another day of just watching, as I didn't see anything worth trading; but I did watch EAT play out a near perfect S/R Reversal. Just watching to see if my thesis proved true, I correctly called the reversal at long-term resistance (near $13) for the short and bounce at long-term support (near $12) for the cover. I'm trying to decide if I should stick to short reversals or long reversals, but so far both seem to provide solid opportunities. CAKE made me consider a new potential third setup, dip buying tickers down afterhours/premarket at long-term support; as it bounced straight from the open for a nice run; but I think it would be too conflicting against my current Premarket Gap-Down setup, since they both are based on PMGDs and I might struggle to decide which direction it could go. PMGD Shorts and S/R Reversals are shaping up to be super solid setups going forward. I'll look for PMGD plays premarket and S/R Reversals beyond 10AM/11AM.

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PocketPAT

The other big lesson/realization from today was: it seems that many of these premarket gap-downs have small (IF ANY AT ALL) failed bounce attempts. This is problematic, because it gives no point of assurance to size into for full-positions. Generally, my plan for PMGD Shorts is to enter first at the key support crack, second at the lower high peak and third at the lower high support crack. I've noticed the lack of failed bounce attempts over the past week and have now decided to simply size-in at predetermined price-points (in the case that PMGDs completely explode downward without any attempts to recover). Nearly EVERY SINGLE PLAY this morning (six in total) collapsed without ANY bounce; so starting tomorrow, I will write down ideal size-in points with the risk/reward strategies that I create for each potential trade (before market open). ------ 3:56PM: ACTUALLY, one thought I had was that my new obsession with Heiken-Ashi candles may be MASKING the failed bounce attempts. It wasn't until now that I actually changed a few charts back to traditional candle-wicks, revealing that this was actually the case. There were numerous tickers this morning that had clear failed bounces attempts to size into, but I'll stick with Heiken Ashi candles and move forward with the predetermined size-in points (which will always be based on key price-points, where failed bounces will likely take place anyway)

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PocketPAT

No trades today, as I was fully prepared but all plays were unexpectedly EXPLOSIVE to the down-side, right into the first minute; and I was caught off-guard. As expected, there were PLENTY of premarket gap-downs on StocksToTrade, which is awesome; but I'm sure now that watching six mini-charts at the same time might be too busy. I've also realized that instead of looking for BOTH tickers down after First Red Days AND Premarket Gap-Downs, I should narrow my search to Premarket Gap-Downs AFTER First Red Days (combining the two, instead of scanning for them separately). This will streamline my morning process, allowing me to dedicate all evening time to building the watchlist (instead of looking for First Red Days at night -- I can save that for the morning, BUT require all FRDs to be accompanied by premarket gap-downs as well). Once again, I perused the chat and saw that SPCB ran on such a beautiful and predictable premarket breakout. This is the only chart of all that Michael Goode alerted that I would have been watching, since I've noticed that CLEAN premarket price-action like that (upward momentum with a catalyst, not a lot of selling and holding support) is CLASSIC for continuation after market open. Deliberating again over trading hype plays from the chatroom, I've concluded that it'd be best to stick with slow-movers. Predictable, slow-moving setups will serve me best, at least until getting over PDT when I can be more speculative. I've made sense of replacing the Flip & Dip with my old Support/Resistance Reversal setup, which has much higher odds and better risk/reward. On down-trending charts, I'll short runners at key resistance; and on up-trending charts, I'll dip buy dumpers at key support. To avoid taking false tops and bottoms, I'll scan for potential trades with the 15-minute chart, since it shows major S/R levels most clearly.

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PocketPAT

I've been back and forth on the Flip & Dip, after testing it out in ThinkorSwim OnDemand. The risk/reward and predictability are becoming clearer, but I'll continue focusing on setups that I can size into for now. I'm hype to finally be using the TOSOD software though. It's like the hyperbolic time chamber from Dragon Ball Z. I'd love to use it every day, as I can definitely squeeze in 6-8 days worth of trades in 4-6 hours; but I need to set enough time aside to consistently build the watchlist and determine potential plays for the next day. I'll definitely be using TOSOD every Saturday and Sunday for 6-8 hours though. The hardest part is finding tickers that fit my criteria ahead of time (in real-time), without spoiling the end-result; but I'm getting the hang of it. It's also helped a lot in working out some technical kinks like when and where (if ever) to place Stop Limit orders. It's accelerating the progression of my strategy, which is all I'd ever hoped for. The one main issue with TOSOD though, after personal experience and researching online, is that it occasionally doesn't work at all. Every now and then, it'll just get stuck on loading ("prebuffering"). After two days of use, "every now and then" is more like 50-60% of the time. While I haven't found any workaround for this, the only solution seems to be waiting for it to finally load. Even still, the value it's providing so far is nearly price-less. #PatienceInTheBushes

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PocketPAT

Decided to take yesterday and today off. I've been stumbling upon many pieces but still needed to put the entire strategy together. I resubscribed to Tim Alerts (over PSSilver), but just for a month; to see what Tim and the chat were doing. I needed ideas, because I didn't have any real direction. With no premarket gap-downs, I started forcing trades. After reading a few recent watchlists from Tim and perusing the chat, I reconsidered speculative longs on sector hype and premarket breakouts on news; but the best breakthrough came after remembering how powerful StocksToTrade's scanner is at finding ideal setups. I've tried using WeBull for this over the past week and it's not even close. I had my mind made up to cancel StocksToTrade after this last billing cycle, but I'll keep it without their Level 2. There ARE many hype plays right now and the potential is crazy, but even after getting a glimpse of the profits everyone seems to be making, I'm even more excited to stick to my own setups. My problem this week was not having ideal setups, based on my shorting strategy; but that was because I was looking in the wrong places. My watchlist is only 50 tickers deep and WeBull's scanner wasn't cutting it. Firing up StocksToTrade's screener and setting up a scan for both First Red Days and Premarket Gap-Downs, I see now that 1) there were plenty of plays this week (over 45 last night) and 2) StocksToTrade is what I need to be using to find them. I've expanded my setups to 2nd/3rd Red Day Shorts, Premarket Gap-Down Shorts and Flip & Dip Longs. A great Flip & Dip is PBF this morning. After shorting the dump to clear support, I'll flip my bias and dip buy it for a single to immediate resistance above. I'll save this setup for after PDT though, since I only have so many day trades and would rather save them for high probability shorts (over speculative longs). I've been back and forth moving funds around this week, as my strategy has been all over the place; but this is one I can stick to. I'm back to focusing on ETrade and WeBull. #NoFOMO #ShortsOnly

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PocketPAT

Since discovering Heiken Ashi candles, I've decided to try out a new equity split. I'll ONLY trade Support Dip Buys with $3,000 (one entry, no sizing in) for three individual trades at both ETrade and TDAmeritrade. This effectively gives me SIX $3,000 trades per week. Since WeBull allows unlimited sizing into each day trade, I'll size-in over there from $3,000 to $9,000 for three Premarket Gap-Down Shorts each week. Even though ETrade has the most easy-to-borrow shorts of the three, I'll just take what I can find at WeBull, since this equity split gives me the best weekly profit potential. Heiken Ashi candles make these two setups so much clearer than ever before and there aren't perfect short setups every day; so I'll stick to small singles on Dip Buys at support and wait for the perfect short setups to size into full positions. #StrategyandExecution

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PocketPAT

lol Yoooooooo. So hype. Woke up at 2AM, finally getting back on my sleep schedule (should wake up at 5AM, but I've been waking up at 8PM the past week). Did my usual peruse of YouTube for news updates and such. Stumbled upon this video about Heiken Ashi candles whaaaaaaaaat!!!! This is so perfect for me!!! 90% of the stocks I've been focusing on for the past 4-6 months have been slow-movers (trend-based day trading) and Heiken Ashi candles will add SO MUCH VALUE, because they show the trend in a clean and clear fashion. You can clearly see when the trend goes from bullish to bearish and vice versa. The only drawback is that they're average-based, so they apparently aren't good for exact entries and exits; and therefore are "best used" on extended time-frames (5M, 15M); but my stocks move SO slowly, that I typically have 2-3 minutes to see trend changes before losses add up. I don't need exact entries and exits, so I can even use Heiken Ashi candles on 1-minute charts. I'm soooo hype to try this out on Monday, but until then, I'm watching live trades of them on YouTube for reference. These will be ESPECIALLY clutch when looking for mid-day momentum changes, specifically for my 11AM Dip Buy strategy and/or potential shorts mid-day at prior resistance levels. I have my second screen setup to show 5-minute charts for my four best watchers at all times during the day. Now, it won't be a mess of red and green candles forming a trend, but a CLEAN and CLEAR flow of each color, for much easier viewing and analysis. *sigh* it feels like Christmas!!!!!! =D #HypeJuice #BrickByBrick

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PocketPAT

I currently have about 50 stocks on my master watchlist. I've decided to split them into separate watchlists, based on industry. This will be better for cases when specific industries are crashing for reasons related to news/etc. If a certain industry is moving for any reason, I can hone in on that watchlist for the time being. In recent weeks, the Real Estate and Energy sectors have been getting crushed. Going forward, I'll check each watchlist premarket to see if any are moving much more than the others. Raising my price target is working nicely, but I'll stay below $50.

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PocketPAT

Raising my price-target to $50 after seeing Jack profit $20k this past week. One of his trades was on a stock near $30. My primary goal now is to add as many good charts to my watchlist as possible. The more options I have each day, the more potential plays I can take advantage of. With WeBull having much less shorts than ETrade, especially easy-to-borrow, I need quick access to as many alternatives as I can find. Tickers I can't short at WeBull may have related stocks that have shares to short in a pinch. I've stumbled upon many tickers like CMS during my scans early this morning. Higher priced tickers with CLEANER charts and easy-to-borrow shares available, that I otherwise wouldn't even have been watching. I could have managed $675 in profits had I shorted on the initial crack and held all day til the close. LEAVE NO STONE UNTURNED!!!! Now more than ever, people will challenge your focus on stocks; but stay the path and never deviate from the three rules: wide stop, never chase, take profits. Only the best setups. #KillMeFirst

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PocketPAT

Just discovered that I can view my watchlist in mini-charts on WeBull, instead of lists that I'd have to process through numbers, having to click-through for chart-by-chart..... *sigh* WeBull is sooo awesome in EVERY way--- except for when it matters! I'm bouncing ideas around to see if I can avoid doing the three-broker split...... lol I'm gonna really try to make it make sense. Smh. ----- 9:06AM: I've decided to just suck it up and stick with ETrade and WeBull (still sizing in 1/3 on each from $2,500 to $7,500). It's just gonna have to be part of the process. Keeping one watchlist, where I'll just look for the best plays and see if they're easy to borrow on WeBull. If I do it early enough (like at 9am now, as I'm wasting time), I can still plan ahead. It only takes a minute to determine the shortability of a ticker once I've decided that it's a contender. Perhaps I was just upset that I was so close, but yet, there was even more to learn; as there always will be.

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