ThinkorSwim Stock Alert Scanner and Scripts Live Stream
Education
Introduction
Good morning, traders! I am Ricky Gaspard, your host for this pre-market session. As we do every morning, we will focus on monitoring our momentum indicators and watching for volume spikes. The key signals to look for include stocks moving up the list with corresponding volume increases.
We start by checking the current bar volume displayed on the screen. High volume flow is critical, and although I am not looking for a specific number, I want to see a competitive "battle" occurring, which is often followed by a price rise. I’ll remove any unnecessary lines on the chart to avoid confusion.
As the price climbs, I will annotate resistance levels. Conversely, when the price starts to drop, I'll mark support levels. Caution: it is crucial not to plan an entry unless we see tall green Dominator bars breaching the average yellow volume line. This yellow line acts as your key indicator throughout the pre-market session. You want to ensure that buyers surpass the average volume before entering a trade and remember to exit the stock when you start seeing red Dominator bars indicating profit-taking.
Just as buyers (green) and sellers (red) are crucial indicators, my Blessing indicator down below also indicates price movements. If the price is falling, the indicator turns red; if buyers take control, it turns green. A word of advice: avoid trading directly from my screen as there might be delays that can impact your trading decisions.
If you’re a new trader, I strongly advise that you use a paper trading account. Do not risk real money while you’re still learning, as trading is more complex than it may appear. Attend our live sessions consistently, and soon you’ll grasp the concepts and techniques you're learning.
Before using any of my indicators or trading strategies, please consult a professional financial adviser, as my expertise lies in developing indicators and educating you on how to utilize them effectively. I simply track volume, buyers, and sellers, which form the foundation of decent trades.
Today, we haven't seen much activity as the market prepares to open in about one minute. Take note to set your active trader TIF (Time in Force) settings to EXT (extended hours) so you don’t miss out on potential trades.
As the market opens, I'm closely observing any spike in volume. The TVX stock is off to a flying start, showing significant momentum that we need to monitor closely. When the price ascends, remember to take profits at the peak of these runs. It’s wise to secure gains rather than remaining overly optimistic.
As we continue monitoring the indicators, be aware that Fridays often lead to sell-offs as traders liquidate positions before the weekend. Should any red appear in the scans indicating a pullback, it can lead to increased selling pressure. Still, I remain optimistic for the emergence of tall green Dominator bars that can drive prices higher.
Throughout this session, I’ll guide you on shares to keep on your personal watchlist, such as TVX and GSAT. It is essential to remain patient and vigilant as the morning progresses, and to recognize that not every trade is worth pursuing, especially if the volume is low.
If you're new here and still observing, I encourage you to stay. Learning is vital for your growth as a trader! I appreciate your being here this morning, and don’t forget to click the like button on the stream to support our continuation of these live sessions.
Good job to everyone who participated today! Remember, the market may seem quite, but it can quickly change, so stay alert!
Keywords
- ThinkorSwim
- Stock alerts
- Momentum indicators
- Volume spikes
- Dominator bars
- Support and resistance
- Live trading session
- Pre-market analysis
- New traders
FAQ
Q1: What is a Dominator bar?
A: A Dominator bar is a visual indicator on a stock chart that signals strong buying or selling momentum, represented by green and red bars.
Q2: Why is watching volume important?
A: Volume indicates the level of activity in a stock, and spikes in volume often precede significant price movements, helping traders identify potential trades.
Q3: Should beginners use real money when trading?
A: No, it is advisable for new traders to practice with paper trading accounts until they are comfortable with their strategies before risking actual funds.
Q4: What is the significance of marking support and resistance?
A: Support and resistance levels can help traders identify potential price reversal points in a stock, aiding in decision-making for entries and exits.
Q5: How can I track momentum and volume effectively?
A: Traders should use tools such as indicators designed for that purpose, like the Dominator and Blessing indicators, to monitor market movements closely.