Trader X Method Notes:
- Stocks that are "hot" or moving - usually in the form of gaps.
- Scans 15 and 30 min charts for each stock on his gap list every 15-minutes.
- Focus on the top 20-30 by volume.
- Stop is placed at the opposing high/low of the bar entered.
- Looks for stocks that are moving strongly, pause, and set-up with narrow range or inside bars.
- Asks three questions: 1. What did I see?, 2. What is the entry?, 3. What is the exit?
- Applies Fibonacci using the previous day's high/low and the opening range low/high.
- Plots the 61.8, 50.0, and 38.2% retracements, and the 38.2% extension above/below the high/low.
- A traders job is to discard bad and mediocre setups and be left with only the best ones.
- Risk is increased buying below/selling above the OR high/low, and other areas of support/resistance.
Dummy Method Notes:
- Unusually active, and very volatile, long or short with the trend.
- Clear trend followed by a retracement / consolidation / reversal candlestick pattern.
- Entry is made above the high or low of the consolidation.
- Stop loss goes on the opposite side of the consolidation.
- Trade with the trend, cut losses short, let profits run, manage risk.
- 30 min Charts.
Pinoy Method Notes:
- Most trade executions are set up in advance using trade triggers and market orders.
- Manually sets the stop loss once in a trade. Closes all positions before the close.
- EOD scan for high growth stocks, look for patterns and formations, build a focus list.
- Real time scan for strong movers - gaps, wide bar with volume.
- Let the trend take you out, trail your trades, do not anticipate tops or bottoms.
- Trades his system day in and day out.
- 30 min Charts.