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How to draw support and resistance lines for day trading beginners using Thinkorswim? In this video I’ll be going over my SIMPLE process of charting for intraday trading and the best trading indicators I use when day trading penny stocks or large cap stocks. This video is suitable for day trading beginners.
1:04 Best day trading indicators (clean and simple)
2:01 Drawing support and resistance for beginners ( $ROKU stock)
4:34 How to chart stocks trading at all time highs? ( $PRVB stock)
6:07 How to use premarket levels? ( Gappers and Gap up strategy )
6:50 $PRVA trade recap using drawn levels. Both long and short
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How to day trade gappers▶︎ https://youtu.be/cgf0FjzdsKg
Penny stock gap up long strategy▶︎ https://youtu.be/ygMLg_zK_NU
Best trading indicators I use (on Thinkorswim broker platform):
I only use the 13 EMA, 50 EMA and 200 SMA on my Thinkorswim trading platform. On the bottom of the chart I use the above average volume indicator (set to 50 period).
I like to keep my charts very clean. I don’t use any popular day trading indicators like RSI, MACD, bollinger bands and ichimoku clouds. I find most indicators to be lagging. The more beginner traders rely on them, the more behind they will be.
The EMA lines tell me the trend of the stock, and the volume average indicator tells me the strength of the buying and selling. That’s all the information I need. Keep it simple!
How to draw support and resistance lines ( Technical analysis for beginners ):
1. Start with daily chart (the levels are the strongest).
2. Mark the most obvious tops and bottoms that stand out.
3. Adjust each stock price level to touch at least 3 areas on the chart.
4. Adjust lines to land on major volume breakouts and breakdowns
5. Double check the lines on the weekly chart
How to draw support and resistance lines on stocks trading ATH’s ($PRVB case study):
1. Chart with Fibonnaci extensions tool (identify start and end of the last trend leading to ATH)
2. Draw premarket highs and low levels
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DISCLAIMER: I am not a financial adviser nor a CPA. These videos are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.