Hi Pat - I live in Hong Kong, which means I am not able to be awake for the US session, at best I am able to catch the last hour (the time difference is 12 or 13 hours depending on daylight savings). I only trade bases with volume (and will often overlay Minervini criteria) to keep risk lower - now that i have joined MW this will mean using key list as my primary screener. This means I am setting conditional orders using IBKR, it is usually something like:
Price > pivot
Volume > 50 SMA
Time > 12pm market time
Stop loss is below open of previous days candle (that i will then adjust if the trade executes)
Sell 20-25% once the price then lifts by same amount as stop (e.g. 5% stop i will sell 20% at 5% lift)
The 2 questions I have are:
- Do you see anything obvious missing from my approach?
- Would you recommend using a market overlay to my criteria (i have been thinking about adding a criteria where QLD must not be lower than the open on previous candle)
1 Answers
Hi Ben,
Pat made this video for you...
https://youtu.be/iLXoHp0aTXs
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Thank you for taking the time to answer. This has been super helpful.