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Day Trader Radio

Announcement Archive
by Trading Tip

  • This Week's HPS Video and Educational Video on Dual Time Frames

    daytraderockstar post

    posted by daytraderockstar

    Mar 21, 2014 9:10 pm

    This week's watch list is a straight shooter. We left off on Friday with the markets closing near their lows for the session. The daily and 60 min time frames are turning over and this could lead to more downside next week. Friday's volume was attributed to "Triple Witching Friday" and this could have also played a part in Friday's selling. Most of last week's quality High Probably Setups (HPS) are still waiting to be triggered and that could happen if we do see some more downside. I added $TGI after recording the video so i will post the chart here  and list it on the HPS page.

    This week's watch list video can be found here

    And a full list of the HPS stocks can be found here

     

    I also did an extra video breaking down the "Dual Time Frame Entry Method" which I used in $LULU

     

     

    Have a great weekend - DTRS

  • This Week's HPS Video and Watch list and Wedge Patterns

    daytraderockstar post

    posted by daytraderockstar

    Jan 24, 2014 8:44 pm

    This Weeks Video can be Viewed here Watch list Video

    Not to rewrite everything I said in the video, but in a nutshell I am looking for more downside Before we move back up and take out the highs. I understand and respect the market enough to know not to impose my will on it. Meaning I can not predict what will happen next week and neither can anyone else. This is my Saying  "I have been in the market long enough to have experience everything that has happened in that time, but I haven't experience things that haven't happened." So In this weeks video watch list I go over the many levels underneath us (3) that if we moved down to them I expect to be some trade opportunities and those same levels will be the level I would look to cover any shorts I have at that time. The shorts will come in most likely in the form of a short on the $SPX  either though the SPXU, or SPY short  or Puts in the SPY. I feel this will be the best strategy for me If I want to defend my current longs as I think I am close to great levels on them and I also expect the markets to move higher after this pullback (Also this could be setting up for a very nice wide flag).

    So  some hedges with the longs  and expecting to take possible 2 positions off.

    Also want to play attention to any big candles that play out next week.

    The main signal the last week was the rising wedge pattern that was developing and pretty much matured enough to expect a breakdown from it, which is what is expected from it. You been hearing a lot more about falling wedges the rising wedges lately we  just had a great falling wedge in IBM a few weeks ago and it was even perfect to the point of its measured move target

    So rising wedges are not as common and in most cased falling wedges are continuation patterns in a greater uptrend. So this rising wedge is definitely not a pullback in a larger downtrend. This is where i would like to trade a rising wedge. Either way this looks like a good wedge and it does look like we have some more pullback coming.

    I just recently wrote up some notes on wedges and even though the examples are mostly with falling wedges you just have to reverse the rules for rising wedges. The wedge is one of my favorite patterns. 

     

    Wedge Patterns: You can have 3 different wedges. First is my favorite to trade the Falling Wedge which has a bullish bias to it. The rising Wedge is just the opposite and with a negative bias and finally the symmetrical triangle which has no directional slope and no bullish or bearish bias on its own merit.

    Lets start off with some great examples of what a proper wedge looks like. 2 Lines form this pattern and there is a few key points to look for. Not all falling wedges are equal and just like 1-2-3 Patterns over time you will get a feel for the angles of the 2 lines. In a falling wedge the upper downtrend line (resistance) and the lower (support) line are in a process to converge at a point in the distant future. This convergence should not happen and you want to see the lower support line at less of an angle to the top trend line The chart will play out with the stock making new lower lows  but this penetration becomes shallower. Shallower lows indicate a decrease in selling pressure and create a lower support line with less negative slope than the upper resistance line.

     

    DayTraderRockStar Tip

    Trading Patterns for close to 20 years has made me aware of some very profitable scenarios that play out in the market. One of these involves trading the falling wedge pattern. Once you think you identified a valid wedge pattern rising or falling (not symmetrical). Take the 2 trend lines that are slowly converging and extend those trend lines out till they meet. They break down the chart by placing a line at the beginning of the pattern and where the trend lines will eventually converge and then go back and but a vertical line right in the middle of the pattern representing the 50% mark. Now put a line between the middle and the end  and that will represent the 75% zone.  This is a excellent gauge on when and where the wedge will break out. The area is between 65%-75% in the wedge.

    Try to take the trade closest to the lower trend line in a falling wedge and closest to the top trend line in a rising wedge.

    Important to watch the stochastics here to as you want to see a divergence happen or at least get a good rotation back up and momentum to start gaining to the upside.

    Thanks it for now have a great weekend

    DayTraderRockStar

     

  • A question I get a lot (Some guidance for a new trader)

    daytraderockstar post

    posted by daytraderockstar

    Mar 14, 2010 11:43 am

    Each Sunday I tried to catch up on the hundreds of email I receive during the week, I am going to start posting some of the more important and repetitive questions to help the beginner trader I hope you find this addition helpful.

    Dear DTRS

    I am completely new to day trading, I picked up the book day trading for dummies to sort of understand the foundation of day trading to hopefully branch off of.....any advice you can give? I am a very good problem solver and hate working for a boss and I am a very smart guy So my plan is to spend the next few months studying the ins and outs of trading, seeing other methods and strategies and understand why people chose these strategies in hopes of improvising or applying them to my outlook on day trading. Also I found a program that lets me use play money with real life trading to sort of put my studying to work without loosing REAL money. To see if i have a knack for this without reaching into my pocket just yet...any advice you can give me? If I have any questions do you mind if I email you? also I have so far only got to watch about 30 of your videos I got about 270 to left to watch hahaha. I am a fan of forums in general any day trading forums you would recommend because I like to learn also from peoples first hand experience.thanks in advance and keep up the awesome work on youtube!!

    -Derek

    Dear Derek

         If your just starting out  My best advise is to open up a small account you don't need to fund it will a lot of cash , then start learning and develop a method, feel free to use my methodology to trade it is very safe and profitable, usually when someone starts out small they tend to start trading low price stock ..thinking they can make more for their money. This is the WRONG approach, stick to quality and also stick to trends and then develop the discipline of buying on a pullback of a strong trend this will instantly decrease your risk and increase your reward potential. These are the simple facts of trading that new traders seem to ignore. Please stay away from stocks you do not know ( companies you  never heard of ). You will eventually acquire those skills to trade those, but its more of a gamble and if you wanted to gamble you know where you can go for that.  The other part about paper trading.. good and bad..I will take it you can figure out the good, but the negatives equal that out.. You will never feel the risk involved in trading unless you trade with real money, There is a big factor when you add fear into the trading and if i can see one factor why most traders fail it is because they get scared out of there trades as they are starting off with a small account. Its OK to trade with 20 shares or 50 shares. But you need to hone that discipline and gain the true respect of the markets, this can only be done with real money. Hope this helps

    DTRS

  • How to Use Finviz.com to find stock set ups

    daytraderockstar post

    posted by daytraderockstar

    Aug 23, 2009 2:36 pm

  • $COMPQ ABCD correction

    May 09, 2009 11:22 pm