ThinkorSwim Stock Alert Scanner and Scripts Live Stream
Education
Introduction
Good morning, traders! God bless, happy Friday. I am Ricky Gaspar, and I am your host for this pre-market session. Each morning, we're going to be watching these volume spike columns for anything that’s moving. You’re going to see a difference in my two scans. They’re not broken; I am building filters to get rid of all the junk that is in these lists. It’s very hard to do. I think I figured it out yesterday. I’m comparing these to the originals on another monitor. I’ll be testing these filters this morning to see if we can clean up some of these lists. It seems to be working fine right now.
Strategy and Indicators
Once we see a volume spike indicator going off, we'll come up here and check the current bar volume. If there's enough volume to get in and out safely, we may consider taking a trade. This number needs to flow. We want to see the buyers and sellers fighting it out, and you’ll know that's happening by watching these numbers.
When we see a stock spike and confirm the volume, if the price is rising, you'll see me mark a resistance level when it quits rising. When it drops back, I will mark a support level. Try to plan your trade entry down here on support, but not before confirming that we have some tall green bars in our volume and that the indicator is pointing north and the trend line is moving upwards.
Never trade off my screen as it is sometimes delayed, and delays can cost you money. Always reach out to a financial advisor. I am not an investment trading coach. I write indicators and teach the strategy that I’ve been using most of my life. If you like what you see and you’re on YouTube, don't forget to hit the like button for me sometime during this session. It helps me keep the ratings up which are good. It makes sure I can buy my coffee each morning. Thank you for joining me on this Friday morning.
Pre-market Analysis
We have about two and a half minutes to go. If these filters work out today, I will be uploading them this weekend so everybody can clean up their lists as well. Unfortunately, these filters will not work in the regular session, but I’ll be working on that next to clean up the other scans. There's always that one that takes off just before our market opens. We have about 45 seconds to go. Make sure your active trader is on TIF EXT so you don't miss a trade.
First Stock: SERV
Here we go, pushing up hard, SERV. If you're a professional, it's okay if you want to chase green candles, but I don't suggest that for beginners. Chasing green candles can cost you money; it can go either direction. Always take profits when these candles extend to the top. Take some off the table and start locking it in. Never take a chance and wait on a red candle because you could lose everything you gained.
SERV is having trouble above that 480 level but is continuing to push higher. Let’s see if we can get up to that 5-dollar range. Remember, that’s not a guarantee; it’s just a hope. We need this stock to pull back a little bit before marking it out. Longwicks on the bottom mean they could push it up further but let's see if it pulls down further first.
Market Behavior and Tips
It’s Friday, so most traders are selling what they have and going back to cash. We did make it back up to that 483 range, so if you played that little plan for about 10 cents, you should have taken profits at 483 for a 10-cent gain.
Moving on, our task is to watch the market closely. Be mindful that on Fridays, trading behavior might be different as traders close their positions. Monitoring volume and candlestick patterns helps in understanding market sentiment.
Community Engagement
Good morning, Terry! You only missed one—about a 206-gainer if you managed to catch it. If you’re not a software engineer like me, don't worry. I’ve been studying ThinkScript for many years and have developed my own way of writing code. Most of what you see here is custom except for the 34 EMA moving average line. Everything else is custom, including the candle colors.
Earnings in trading come from understanding the tools and strategies. If you're new here, trade on paper first and not with real money. Once you are consistently profitable on paper, transition to trading with cash but in small share sizes initially. If you’re continuously profitable, gradually increase your share size.
End-of-Session
All right, YouTubers, we tried to get a couple of plays in today. Hope you enjoyed the session. Have a very blessed weekend, and I will see you guys back on Monday morning at 5:55 AM. Remember, trading involves risks, so manage your trades wisely and don't hesitate to seek professional advice. Have a great day!
Keywords
- Volume spike
- Pre-market session
- Custom filters
- Current bar volume
- Resistance level
- Support level
- Trend line
- Green candles
- Financial advisor
- ThinkScript code
- Trading strategy
- Trading on paper
- Incremental profits
- Market sentiment
FAQ
Q: What is the main focus of this morning's pre-market session? A: The main focus is watching volume spike columns for any significant movements and evaluating whether they present a safe trading opportunity.
Q: What should I confirm before planning a trade entry? A: Before planning a trade entry, confirm that we have some tall green bars in the volume, the indicator is pointing north, and the trend line is moving upwards.
Q: Should I trade directly off the live stream screen? A: No, you should not trade directly off the live stream screen as it may be delayed. Always consult a financial advisor for accurate trading information.
Q: What trading advice is given for beginners? A: Beginners are advised not to chase green candles. It's important to confirm volume and support levels before making a trade and taking profits incrementally.
Q: How should I practice trading as a newcomer? A: As a newcomer, practice by trading on paper without real money. Once profitable, transition to small share sizes before gradually increasing your share size.
Q: How can I benefit from the ThinkorSwim custom filters Ricky has created? A: You can benefit by using these filters to clean up your list, making it easier to identify valuable trading opportunities. These filters may be available for download soon.
Q: Is there any specific behavior to expect from the market on Fridays? A: On Fridays, traders often sell their positions and go back to cash, which may lead to different trading behavior. Being cautious and monitoring the market closely is advised.
Q: Can I interact with Ricky after the YouTube live stream? A: Yes, after the YouTube live stream, Ricky shifts his focus to premium subscribers on Discord where he provides more personalized attention and trading insights.