Day Trading technical analysis - candlestick chart course

"Jens, the coaching humbled me, because I have been working in the industry a long time. Being with you was the first time that I really got to hear 'first hand' how day traders think. I've found there are many misconceptions that I built up over the years that I must now change — or I won’t be successful. Thank you for everything."

Richard

"You don’t need to know everything about day trading to succeed as a day trader. You need only to find a few solid strategies that work for YOU — then master them."
Jens Clever
Click now and see how Jens' ebook helps people do exactly that.

Long Green Candlestick Play Instructions

Step 1 - Look for a LONG GREEN CANDLESTICK against MINOR PRICE RESISTANCE and also against a declining MAJOR MOVING AVERAGE (10 MA, 20 MA or 50 MA).

Step 2 - Pull up a 5 minute chart of the stock.

Step 3 - Note the opening price of the stock. If the stock gaps up or down more than 5/8th, DO NOT enter the trade. If the stock opens within 5/8th of the previous day's close, proceed to Step 4.

Step 4 - Wait for the stock to trade for 5 minutes. After 5 minutes, note the low of the first 5 minute candlestick.

Step 5 - Sell short the stock if it trades 1/8th below the low of the first 5 minute candlestick. If the stock does not trade lower than the low of the first 5 minute candlestick, DO NOT enter the trade.

Step 6 - Pull up a 15 minute chart of the stock.

Step 7 - After shorting the stock, place an initial protective stop 1/8th above the high price of the day.

Step 8 - Monitor the stock during the next 15 min. candlestick.

Step 9 - Adjust the protective stop to 1/8th above the high price of the previous 15 min. candlestick. Stay in the trade as long as the stock trades below this price.

Step 10 - Monitor the stock during the next 15 min. candlestick.

Step 11 - Adjust the protective stop to 1/8th above the high price of the previous 15 min candlestick. Stay in the trade as long as the stock trades below this price.

Step 12 - Continue to monitor the stock during each new 15 min. candlestick, and adjust your protective stop to 1/8th above each previous 15 min. candlestick's high.

Step 13 - Cover the stock for profit when it finally trades 1/8 above the high price of a previous 15 min. candlestick.

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