Top Tweets for #WICKPLAY
These were the top trades on my #Reversals Watchlist today.
#IOLCP was the best of the pack, but didn't give me an entry. However, since this was intended to be a holding trade, I'll look to reattempt it tomorrow as a #WickPlay setup.
Both #BAJAJCONS and #MSTCLTD were weaker candidates and were considered primarily from an intraday perspective. While I'm less interested in #BAJAJCONS from here, I can still look to reattempt #MSTCLTD tomorrow as a #WickPlay.
The rest will depend on how the final trading list comes out after scanning and shortlisting.
#IKIO: This would've been a wonderful trade had the stock opened with a gap-up into the wick, creating a classic #WickPlay setup.
However, given the current market conditions, the probability of a strong gap-up open is relatively low.
Now ask yourself this:
What other tradable conditions would still fulfill the same purpose, even if they don't satisfy the visual criteria of a #WickPlay?
Think in terms of variations, not visual patterns.
That's how you build an arsenal of setups. In such situations your edge will be too high as others continue to trade from visual memory alone.
@SateeshChandan3 Yes, #WickPlay entry. Today #CARERATINGS was same though I don't took due to liquidity.
In trading, most people underestimate the importance of speed, especially in setups like #WickPlay and #Day2Entries. At the market open, every minute matters, and Iβve even started using rough mental calculations to get position sizing approximately right so I can execute faster.
All this obsession with volume confirmation is baseless. It only slows you down, and I can point to multiple examples that volume has nothing to do with the success rate of breakouts.
Rest, the setup is okay.
@swing_ka_sultan Can we consider this for wick play?
Is the volume is criteria for wick play?
@sky1825398 @swing_ka_sultan You can search #wickplay on @swing_ka_sultan profile, or https://t.co/0pGzGIb7pN Go through this video, will find towards the end.
#MIDWEST #WICKPLAY
We had an excellent discussion this Sunday at the Mumbai meet-up on entries. One of the concepts discussed was entering after a volatility expansion failure in anticipation of a reversal, specifically how to trade a stock the next day if there is a squat on the prior day.
MIDWEST is a great example of such a setup, executed using the Wick Play entry technique.
Traded this using a #WickPlay entry, driven by the desperate demand visible both prior to today and during the initial minutes.
Entered at 133.5 using a limit order, with the dayβs low at 132.2 as the stop-loss. Given the tendency for early morning breakouts to squat, I quickly trailed to breakeven once the trade reached 1Rβnearly the exact top. I trailed so fast because the kind of urgency I was expecting shouldn't have allowed it to retrace back to entry. But it did, and I got stopped out at breakeven.
@swing_ka_sultan What's even the setup here until yesterday there was no set up? Could you share your logic for entey here?
The reason people struggle with trading bear market rallies is exactly what @Anuragg_CA mentioned and what I discuss in the article below -
"Your filter scan for daily timeframe VCPs in equities ... that's not the Market universe. There are opportunities in the Market like how you traded EP in Oct and Nov when the Market was bad. Don't restrict yourself as a single asset, single direction, single timeframe trader."
Those who rely on a single-entry technique will always see a bear market rally as a no-trade zone. Their setups take days to emerge, by which time the rally may already be maturing.
Expand your skill set to capitalize on all opportunitiesβdon't limit yourself to just one trading style.
#WickPlay on $SI this morning. +25% from our chatroom alert. https://t.co/bnVHipfcZv
@1charts6 #OliverKell #StockMarket
Here how $CRDO blasted out.
Textbook #WickPlay @1charts6
You can grab the custom Wick Play indicator I've created for both @tradingview and @thinkorswim from this google document.
https://t.co/Q6of3Fm2Bm
$CRDO impressive IPO. How many looking this good in this type of market?
I normally like to wait for more than 8 days but defiantly grabbing my attention.
Haven't seen this catching fire on Fintwit yet.
Great weekend of $STUDY topped off listening to @1charts6 with a Sunday arvo πΊ, thanks for doing this Jack π
Big fan of Oliver who replaced @duckman1717π’ on my select notification list, great chart insights with the #wickplay #crossback but also some great motivation π
Inside The Trader's Head ft Oliver Kell @1charts6 The 2020 U.S. Investing Champion
We talk about his Journey, the Cycle of Price Action, his book Victory In Stock Trading, and ideas from his book as well as social media and so much more.
Check It Out π
https://t.co/uAI7XaMYdZ
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