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"You donít 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 ó then master them."
Jens Clever

Here's how my free day trading ebook helps you do exactly that.

Options Trading Pro System

Bullish Thrusting Line Candlestick Play Instructions - Daily Chart Setup

daily chart setup example

Step 1 - Look for a BULLISH THRUSTING LINE resting on MINOR PRICE SUPPORT, and/or a rising Major Moving Average (10 MA, 20 MA, or 50 MA) on the daily chart.

Step 2 - Pull up a 15 min. chart of the stock.

Step 3 - Note the high price of the previous day's daily THRUSTING LINE candlestick. Your entry point is 1/8th above this price.

Step 4 - On the following day, allow the stock to trade for 5 minutes before entering. Enter the stock only if it breaks above the entry criteria (1/8th above previous day's high) and only after it has traded for 5 minutes. If the stock does not break above the entry point, do not enter.

Step 5 - Observe the previous day's candlesticks on a 15 min chart. Find an internal line of support that is formed on the 15 min. chart. This will usually be an intra-day area where the stock moves down to and then rallies multiple times during the day. Place the initial protective stop 1/8 below the area of intraday support. Exit the stock for a small loss immediately if the stock breaks below this price.

Step 6 - Monitor the stock as it continues to rally upward. Look for areas of support (either minor price support or base price support) on the 15 minute chart, and re-adjust your protective stop price upward as the stock continues to rally. This will protect your profits, and/or minimize your losses if the stock should turn against you.

Step 7 - Monitor the stock on a 15 min. charts as it climbs upward, and stay in as long as the protective stop is not violated. Allow the stock to achieve 1 point or greater profit, and then look for signs of weakness. A reversal candlestick pattern on the 15 minute chart will serve as a good indicator for a reversal point. After the price reaches an area of resistance and weakens, sell half of your position. This may occur on the same day as entry, or on the following day, depending on the strength of the stock. Maintain the latest protective stop price for the remaining half of your position.

Step 8 - Allow stock to continue it's rally. After the stock has rallied further, again look for an area of resistance where the stock begins to weaken and reverse. This could be a DOJI candlestick, or any other reversal candlestick pattern on the 15 min. chart. Sell the remainder of the position for profit.

 

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