Peter process 1117162156

I am going to suggest some layout ideas to consider for trading more effectively. These are just suggestion as you can do what you would like with them but they have worked flawlessly for me. Here are the basic items I use to trade.

1) I use a 5 min chart. Too much noise on a 1 min even though HB loves them. Yes, I may not get every penny out of every trade but I think it is a better chart to trade with.

2) Use the indicator Stochastics 15,3 and 3 in TC2000 for timing entries and exits. This is invaluable.

3) I use 10 day moving average (10MA), 21MA and 50MA similar to HB. I also use the 100MA and 200MA. Each of these are relevant when confirming prices trends for resistance/support on 15min, 30min and 60min and daily charts which I glance at. 10 is dotted green, 21 is dotted white, 50 is dotted red, 100 is dashed light blue and 200 is solid light blue. (These colors work for me but it doesn't matter.)

4) Bolinger Bands 20,2 with mid channel line in slightly darker blue and Parabolic SAR .02, .20 (Again pick any color.)

5) Need Volume and OBV as well as Balance of Power and Money Stream like HB has. 

6) Chart should be % scaling like HB.

7) When I enter a trade, I use the horizontal price line with the price and color it green (for $ I've spent). I don't draw this, it a program horizontal line.

8) I use horizontal price lines for price resistance and support in red.

9) I use horizontal price line for stop loss price line in yellow.

10) I use horizontal price line for target price line in orange.

I included a pic of US Steel (X) I day traded today. This stock will not fit the typical day trading set up I will give you but I wanted you to be familiar with what it would look like if you drew it out. Looks like a lot of work but it really isn't.

Last point for tonight. Looking at #1 you will see that I drew 2 red small horizontal lines that delineate the upper body (not wick) and lower body (not wick) of high and low corresponding candlesticks between 9:30 and 9:50a. This is the first step once after we have a list of stocks to watch.

I will discuss how I look for stocks using HB's list and another source for an edge in trading. That will be detailed in the next segment as I don't want to do too much in this step.