ThinkorSwim Stock Alert Scanner and Scripts Live Stream
Education
Introduction
Good morning, traders! I’m Ricky Gaspart, your host for today’s live stream. As we dive into the world of trading, we’ll be focusing on the momentum numbers we observe throughout the session. Our aim is to detect spikes and figure out an optimal time to enter and exit trades.
Monitoring Momentum Numbers
Each morning, we monitor these momentum numbers to see if they start rising. When we spot a spike next to them, we check the current bar volume to ensure it meets our safety requirements for trading. The key here is to see a continuous battle between buyers and sellers, favoring buyers to indicate a healthy market environment.
Entry Points
Once we confirm the number of buyers is outpacing sellers, we look at the stock price. If it begins to rise, I will mark resistance levels at the peak and support levels during pullbacks. For beginners, I recommend planning your entries around these support levels as you prepare for the next upward trend. However, we do not engage with any stock unless the green bars are above the average volume line represented in yellow.
Confirmation and Strategies
We advise waiting for confirmation before jumping into a trade. This means looking for additional confirmation, such as the second green bar sustaining the upward momentum. Another moving indicator we value is the "My Blessing" indicator, which further confirms buyers' dominance over sellers.
Active Trading Environment
Now, it is crucial to be set up and ready on your own trading screens. Streaming delays can cost you money, and I want you to be able to respond quickly to market movements. It's important to note that I’m not a financial advisor; please ensure to consult with professional guidance before acting on any of the insights shared during these live streams.
Welcome to all new members! If you're joining us for the first time, I highly recommend observing for a few days to get accustomed to our methods and strategies.
Trading Indicators and Patterns
When a stock experiences a pullback, you might notice a white arrow indicator. This suggests buyers are returning after the stock has sold off. It can be a potential entry point under the right conditions. We also keep a close eye on these candlestick patterns; you want to see green bars followed by minimal red indicators before pulling the trigger.
Current Market Review
As we analyze the market today, stocks like ZCMD and PRME are drawing our attention with fluctuations in prices and volume. Each stock's performance tells a story - if red indicators start appearing on previously green bars, that could signal potential profit-taking or selling pressure.
Keeping Track of Market Sentiment
As we dive deeper into the current market dynamics, we continuously evaluate the volume for each trade. Having a well-structured personal watchlist is essential as it aids our decision-making process throughout the trading day.
Closing Thoughts
As we wrap up today's session, it's clear that September is traditionally a slower month for trading. However, we anticipate a more active market in October. I appreciate all the contributions today, and I look forward to seeing many of you back here on Wednesday for another session of active trading. Join us on Discord for continued updates and strategies, and remember to always make informed trading decisions.
Keywords
momentum numbers, spikes, resistance levels, support levels, entry points, My Blessing indicator, volume, candlestick patterns, market dynamics, trading strategies
FAQ
Q: What are momentum numbers?
A: Momentum numbers are indicators we monitor to assess the market's activity level and potential trading opportunities.
Q: How should beginners approach trading?
A: Beginners should plan their entry around support levels and watch for confirmation signs before engaging.
Q: Why is it important to monitor volume?
A: Monitoring volume is crucial because it indicates the strength behind price movements, helping traders identify when to enter or exit trades.
Q: What does the white arrow indicator signify?
A: The white arrow usually indicates a pullback, suggesting buyers might be returning to a stock after selling pressure.
Q: How can I stay updated with trading strategies?
A: Joining the Discord community and participating in live streams will keep you updated on trading strategies and market conditions.