The Language of Candlestick Patterns | Technically Speaking: Trading Stocks & Options
[Music] [Music] good afternoon everyone i appreciate you joining me here today for our technically speaking trading stocks and options i'm connie hill i love this class it's just a fun thing where we get to combine trading with what we see on the charts and how that can help us now today i want to ask you how many of you are familiar with the book the five love languages by dr gary chapman yeah any of you you know it's a helpful little book uh for relationships and knowing what the other person's motivations are etc well i hate to disappoint you but we're not going to talk about love today but we are going to talk about the language language of candlesticks all right that definitely is a big piece of trading and watching the charts and seeing what's going on so want to say hello we have uh some of our friendly faces here today although i know we can't see faces but you know vj's usually pretty prompted checking in from phoenix we've got mike el diego el diego says good evening which makes me think where are you diego are you overseas uh that was just interesting to me woodsman bill mike julio wayne uh susan krishna tony frank yoko dennis ricardo yeah there's a whole bunch of you i appreciate you being here we also have our own barb armstrong he's going to help us out in the chat barb does such a great job i always appreciate when she's here because she does such a great job at answering questions maybe that i can't fill uh at the time so happy to have her here let's go ahead let's set up uh go through our disclosures and then we'll go through our agenda and uh i identify kind of the process we're going to go through today there is my twitter handle at chill underscore tda love to have you follow me today's been a busy twitter morning for me as i've been uh tweeting out several things so we post educational content throughout the day barb posts some great content throughout the day herb handle if you don't know and aren't following her yet is b armstrong underscore tda all right the content and the content we talk about today is intended for educational and informational purposes only uh not investment advice or recommendation of any security strategy or account type options are not suitable for all investors as a specialist inherent option trading may expose investors to potentially rapid and substantial losses and we will be talking about some option trades in here today we see our greeks here the delta gamma vega theta if that's helpful for you maybe make a note of what it helps us with as far as the options go well this webcast discusses technical analysis other approaches including fundamental analysis may assert very different views past performance of any security or strategy does not guarantee future results for success there we go now our agenda today is i want to talk a little bit about the language of candlesticks and talk about some of the basic ones and what the meaning is all right then i want to review some stocks i'm going to show you a little scan we're going to modify and review some stocks that have candles and maybe suggestive isn't the right word there uh uh that maybe have some meaning that we can use to interpret what we think the stock's going to do next although it's never a sure bat right and then i want to spend some time looking at some of our existing trades that we have going on in our paper portfolio and discuss what needs to happen now i'm going to start over here on thinkorswim and i'm going to try to draw a pretty picture for you all right candlesticks there's a cup there's kind of a couple of ways you might describe candlesticks first we have candlestick patterns that are continuation patterns oops i spelled that wrong continuation and we have reversal patterns and then there are bullish ones and bearish ones in each of these categories so a continuation pattern might be something like uh maybe we see a few bullish candles in a row maybe we see um maybe a doji now a doji means indecision the doji is that the opening price and the closing price of the current price is at the same level so neither the buyers nor the sellers gained an advantage some people might consider it a just a pause in the pattern but not necessarily a reversal although a reversal could happen uh reversal candles we'll probably be looking at these a little bit uh more closely here today on reversal candles we have something called let's see if i can draw this a hammer that kind of looks like an upside down golf club but that is a hammer basically a really small body and a longer shadow to the downside now it may have a little bit of shadow to the top side but it shouldn't be very long to really be considered a hammer in fact my little drawing here probably is a little bit too much for that little shadow uh what about say on the top side well we could have we could have another hammer oops that's a big body we could have another hammer right with a smaller body although that didn't turn out so small with a longer shadow at the top of an uptrend as opposed to the bottom of a pullback and that could indicate a little bit of a reversal as well we know that pattern as a instead of a hammer at the top we call it a hanging man right and in the imagery with candlesticks some of it is kind of warlike and warrior like all right and so a hanging man kind of falls into that category all right we'll also see some other patterns maybe um up here in fact i should have maybe uh well that's okay where i drew it we may have something where we have some bullish candles going up so we've got an uptrend and we see maybe a stock gap up high and it may run a little bit and then retrace and sometimes it ends up being a doji uh if there's a little bit of a body there which i'm going to try to draw then it may end up especially if this shadow is really top may end up being something we call a shooting star and so when we recognize and see these patterns it can give us an idea of what to potentially anticipate hey i appreciate you people not you people mike and unit chatting in there your guess as far as what that pattern was all right so we're going to take a look at these as we examine charts today and we're going to be referring to them as reversal patterns continuation patterns bullish and bearish now this is an intermediate class webcast and so we're going to expect that you know some things maybe you don't know all things right but maybe you know a little bit of candlesticks maybe you know a little bit about options trading certainly you know about stock trading whether it's trend trading or short term trading because all of these concepts come together in this class now i want to show you a scan that think or swim has already built for us that's very useful all right this scan i'm going to come back over here to well i am on scan come over here to the right of the flame and to the right of the flame we're going to say load scan query we're going to come to the public ones the public ones are dynamic they update every day and throughout the day with the market and what's going on with it so one thing we could look at is percentage gainers percentage losers and so far fourth we are going to choose the gap ups gaps can be very strong momentum wise all right if it if the opening price of today is higher than the closing price of yesterday then that's what creates that gap between the two candles sometimes people think well it should open at the same place where it closed last night but if news breaks say that some sort of announcement comes out then very well the candle could be at a different spot the next morning or the price action we're going to run this gap up actually i'm going to leave it there i'm going to come over here to my watch list and i'm going to come down here to say public and we are going to select on this gap up and it essentially runs the query for you i wanted you to kind of see the background that it's not that that exciting okay now over here we have the last price and i want you to look at some of these prices we've got 370 210 a buck 53 671 so we've got a lot of really small dollar stocks which might not be in our best interest use especially if we want to be using some option strategies so what i've done is i took this scam and you can see right uh this one actually i thought it was the gap up i chose the percent change gainers so actually let me change this to public i played with a couple of them percent where did it go my percent gainers there it is it's the very top one have to look under the instead of the c's the percentage sign so there's our percent gainers but we see the same thing here right we see lower prices these are very similar the list that comes up here and so i wanted to take a look at the scan and make some modifications to it okay so came up here to the right of the flame i said load scan query and i selected percent where did it go percent gainers oh those are my personal ones okay there we go percent gainers now this is a pretty simple scam it says look for the last price to be at least two dollars and it really is not giving a minimum of how much the stock has to go up but it also says okay we want some volume that's at least five 500 000 okay which is fine but to avoid getting all these really small price stocks i came in here and i said well let me change the minimum to 15 all right try to avoid some of those really low price stocks and i hit scan and i came up with a modified list of what we have here now because it's a little bit different what we can do is we can come up here oops to this icon just to the right of the results because it's showing us 50 of 1026 okay we could add some more criteria there if we wanted to but quite honestly what was coming up here the first few 50s 50 uh choices was definitely plentiful for our needs today all right so i came out here and i said save as watchlist and i gave it a name all right and i'm gonna go pull that name back up here we're gonna change the percent gainers i had called it uh under my personal i had called it um i think i called it gaps 7121 okay so i'm just not typing in that for you but you can see how you actually save it so here is our watch list that came up from this list here now i want to take you through some of these i marked some of them here let's collapse the live news here and give us a little bit more room first one we're going to talk about here is where did it go s wbi smith and wesson there it is down there swbi let's take a look at it actually let's take a look at a different one first let's look at lily lly uh lily this is a pharmaceutical company and i wanted to drill in here a little bit to see kind of what the current price action is looking like so oh what five six days ago on the 24th of june that was last thursday we had a significant gap up all right uh the stock was already in an uptrend a gap up just signifies some uh bullish activity so there was probably some news on eli lilly i don't know what that news was but it caused the price of the stock to go from its closing price of 7 or 217 to its opening price of 234 so about 17 move okay now as you look at this candle here all right those of you that are familiar with candlesticks feel free to chat in what you think it is all right we see a shadow to the top side we see a little bit of a shadow to this the bottom side and would you say that's a small body or a big body because that will make a difference in whether what the name of the candlestick might be um okay it looks like there was a question there that barb helped out with thank you so much barb um yeah so we're seeing definitely a trend of the candles if you know the name of this candle go ahead and shout it in some of you might think it's maybe a doji except the body's a little too big to be a doji okay mike says maybe it's a shooting star susan says small it is it is a smaller body yeah susan mike monique yeah there's a smaller body uh mike said maybe here we've got a shooting star which if this wick on this candle were a little bit taller i would agree with you okay because the shadow is not very tall to me it looks like more of a spinning top and but if you wanted to call it a shooting star i would not have a problem with it okay but i think for for me it looks more like a spinning top and a spinning top is indecision so if we get a gap up and a spinning top then it might mean it might not go over it might not continue up as opposed to if it was a bullish candle okay this is a red candle meaning hey it's closing down here lower than where it actually opened all right candlesticks are not finalized until the end of the day all right we made something that looks like it's developing but really until the end of the day we don't know for sure what the candle pattern is and some candles are one pattern like what we're looking at here some candle patterns might be two or three candles okay it's pretty common to see some three pound three uh candle patterns okay so with the spinning top knowing that g it's kind of up here in this range where it ran to before knowing support resistance or areas and not an exact line in the sand we might think hmm a spinning top near resistance that might pull back now what is the consequence from that if you were an intermediate term trend trader would something like that or should something like that even bother you i would say no okay you're just saying hey maybe the short term momentum is going to be stifled maybe there's a little bit of a pullback but it doesn't necessarily mean the whole trend is going to change and that's why an intermediate trend trader would just recognize our signals recognize that candle and say oh we might have a little pullback and indeed the stock pulled back and it looks like it's trying to bounce here the last three days off of what i thought there's just a five moving average okay um just seeing if there's anything i need to re re or address here all right let's take a look at another candle this one will be smith and wesson swbi this stock is actually one that's been coming up a lot lately in my early morning mover scan that i try to post every day out to my twitter account and the reason it's been coming up is because look at this look at the move that it has been making over the last few days this first bullish candle was on june 18th and if i find swift smithson wesson on here today it's up three plus percent over the last three months this is why i kind of like to have these columns here this stock has been on fire it's up 113 in the last three months when we see sharp moves like that in a growth stock it it could move down just as quickly as it moved up okay it doesn't mean you need to avoid it it's just to understand what's going on so we've got these big tall body candles especially this one and i would say especially here some nice big bold bullish candles the bigger the body the stronger the momentum the smaller the body the smaller the momentum and then today i was looking at this stock and it was up here near its high i didn't catch it exactly that's high but i caught it up here pretty tight around you know 39 dollars and some odd cents since that time what has it done it's dropped down it's lost that momentum all right now who was it mike i believe it was that said i think that other candle might be a shooting star this one i think is more like a shooting star some people could also consider it to be what um a morning star what's a morning star think of the sun sun comes out bright dawn okay we're looking up to see that star there is something called an evening star which we uh don't necessarily have an example of that on this chart but it's the same type of thing where we have three candles in this case three bullish candles and then this one gapping up a little bit running up high and then pulling back and that actually i believe is a one year high that we're seeing there 39 61. so if somebody were in this trade and looking at that and they were a trend trader would they be concerned well if it's just saying the momentum is likely to reverse this is a reversal candle then they would just know hey it could potentially reverse here on us all right what if you are a swing trader whether it's a stock or an option that you're swing trading what could you use that message to help you out with could you use this message to say uh i'm i had a nice run here however long it was but now it's likely to reverse if you've got options that are out there you're going to feel that time decay wearing on you the pullback you're going to see profits drain essentially from the option assuming you were up on the trade now what about if you're looking at it right now would somebody consider getting into the trade right now knowing that the price of the stock is likely to pull back okay bullish traders might not be that inclined to do it bearish traders might have maybe some some of them might want to play a low probability trade which is a bearish trade here but it might not pull back that far the midpoint of a large candle tends to act as support so i've drawn what my eyeball sees as the midpoint of this candle and so if it were to pull back a little bit more it probably isn't going to pull back that far if it pulls back quite a bit more i drew the midpoint of this candle here that could assuming if it were to pull back it could act as support all right monique says profit taking that's what some traders might do now i can't say what every trader would do can't tell you what you ought to do but what i'm trying to do is show you what candles can show us all right let's take a look at another one here we are going to take a look at murphy international it's an oil company some of the oil companies have been doing pretty well like you probably know that i posted something earlier today that said at least beginning in the morning the energy sector was the one that had the lead performing the best after the market had been open about 30 minutes or so all right somebody let's see who is that oona somebody said can you share the script boop boop and that's who it was oh the scan scripts are these scripts that i'm using here today or because uh you can actually just do it real easily on the scan tab just come back here go to the icon to the right of the flame load scan query go to the public and then i was using the percent gainers and then just change the price to 15. okay so that was pretty pretty easy all right murphy oil stock's been in an uptrend we see with our these are both short for moving averages a five out of ten we're going to use them later uh definitely looking on the bullish side had kind of a pullback here right with and it sold off well at least on this day it pulled back on some heavy volume all right so what was this candlestick i'm going to zoom in even closer what was this candlestick here it went up high it started here maybe a little bit higher than where it closed the day before and instead of going higher it pulled back and the body of the candle is within the body of the previous day all right some of you might know that as a dark cloud cover as though it's going to rain on the parade it could be a reversal and sure enough what did it do it pulled back for a couple looks like three days pretty strongly all right that's called a dark cloud cover and so did it did the stock do what it was uh signifying that it might do yes now some people might want to wait for confirmation on these right you get a little bit of a clue it's at the top it might reverse and some people will say well let me just wait till the next day comes on let's make wait for confirmation of we what we think the candle is telling us and then of course it gapped down had a pretty strong bearish day now what are we seeing here today we see three days of pulling back we see this little candle here from yesterday what is that little candle mean all right let me actually zoom out a little bit here again it's another it's not really a hammer because the shadow isn't very long but it is a small body and so it's something that we might call again another spinning top now i wanted to put looks like this area has some support in it so our potential reversal candle a support here again somebody might wait for the confirmation today and that's exactly what we're getting is that confirmation today now this could be for some traders it could be an entry point because it is the confirmation of the candle and some of you that maybe know what a close above the high of the low day is right in the pullback uh yesterday was the lowest day and the candle at least where it is right now looks like it would close above there again it won't be finalized till the end of the day and some traders might wait for that especially if maybe the gap up wasn't very high or the candle was maybe really narrow and wasn't giving you an indication of what direction it wanted to go after the day of indecision yeah so luna says yeah that's a spinning chop lakshmi says is that also a kaholt bingo that is a cohold very good sheree says is the midpoint of a large body candle equivalent to floor trader pivot point um it's in some cases it might be on the pivot points if you were to put them on your chart and that might be a fun experiment we won't go into that right now but adding the pivot points to your chart and then seeing where the candles match up on those different points because those do act as support resistance so you certainly can try to combine that information right candles with support resistance and that type of thing very good well let's do a trade on murphy now some of you might be inclined to just buy the stock out right because it's not that expensive it's right now 25 18 so not a super expensive stock some of you if we come over here to the trade tab i've got the july options open they have two weeks before they expire these were i should say are monthly options and so we've got a lot of activity here in terms of the open interest on both the puts and the calls august not as much activity but it's starting to build all right we're starting to see that uh occur so probably somebody might say you know if i'm willing to buy the stock at 25.18 why not sell the 25 foot because then maybe i can bring a credit put it in my pocket that would in essence lower your net output for the stock right to be 24 dollars right if you put the stock at 25. so i want to do a trade here that capitalizes on the move the momentum of the stock now some of you might opt for a swing trade whether with a stock or an option today we are going to propose doing a stock trade outright and a short put in this short time frame only 15 days now generally when selling options there's a window of about 20 to 50 days that some traders will say is their ideal window okay on this it's lower than the ideal window but that doesn't mean it could doesn't mean it's a bad trade doesn't mean you shouldn't do it it just means understand the implications of it because if you did want to go out a little bit further say the august numbers if you're doing one or two contracts 95 open interest is fine but you do get a little bit more money for four more weeks of time all right but in our case we are just going to sell this 25 i'm going to just do a regular left click on it comes up shows our dollar premium if you wanted to have a look for a little bit more because you thought maybe the price of the stock was going to pull back a little bit more you know you could put that a little bit higher dollar figure but we're just going to stick with a dollar and i am also going to do a blast all because i want us to go ahead and purchase the stock as well for a paper trading account now i know all of you are not option traders and so i like to include trades that are both option and stock oriented so we are just going to buy the stock out right it's a really narrow bid ask spread it's already traded 1.4 million shares today about halfway through the day if in our account we are willing to risk say 750 dollars per trade uh we could take that into consideration now some people might if they wanted to put a stop loss here on the short put they might say you know if the value goes up and goes against me then they might want to be out of the trade and so you could calculate that into your position sizing for our purposes here we're just going to do one contract and 100 shares of stock in this case for today um actually let's do this i'm going to get rid of this one or better yet yeah let me get rid of this one i want to do it in two separate steps which i was going to do initially and change my mind let's go ahead sell this for a buck maybe we can get a buck and a nickel we'll see here and we're going to put this in our particular group where we keep track of our paper trade so we're going to send that through excellent and then we're going to do an a stop foss we're going to say buy a custom with a stop and let's go back here and look where would an appropriate place for a stop be we've got some support down here loose support around 22 and some change height change we also could say well let's go a little bit below the low day here that we're basing this move off of okay uh both of them are going to end us up in about the same place so let why don't we go say 50 cents let's go down to 2250 for our stop loss here we're going to put it on fairly tight all right so let's go ahead and do that so we're going to say 20 2250 it's a little bit below that support area we're going to make this good till canceled then we don't have to try to reset about as this comes up we i didn't point it out we had a commission on the option trade we don't have commissions here on the stock trade we're going to put it in our account here as well all right immediate fill we're ready to go here let's look at another stock that is in this list here uh ticker symbol is skin let's find skin i tried to mark the ones i wanted to use so it's an eighteen dollar stock uh it too oh man it's making a nice move today and nice little gap up all right in the last three months man it's been a mover up 72 percent remember fast rises can also translate to fast pullbacks it's a risk that you take when you're going to use that type of a stock but notice how flat it was here i mean it was really flat for quite a long time and started to gain some momentum and then after this earnings announcement proof man that thing has been off to the races now as we look at the candlesticks here some of them that are in the past could they have given us a clue that the stock may pull back a little bit how about this guy right here all right it's got that long shadow to the top side and the bears pushed it back down okay creating that shadow it ended up with a little bit of a bullish candle but this too could be considered a reversal candle it could it's not as high as we might see with the shooting star a shooting star might gap up over the previous day's candle this one didn't really gap up just kind of went down actually a little bit from that price point all right now we see the little pullback did the trend overall change no it didn't we see this pullback here it doesn't look like it made a lower uh it did make a little bit of a lower low actually than here but what candle do we have here and what's the message it's giving us you know it's going to be stronger if it's at support however the stock has run up so far it really hasn't taken breathers and created little support levels for us to to incorporate into what the candle is telling us so some people might say uh they are going to have to make a a judgment call on it and say okay there's not really strong support there so they might be traders that wait for confirmation like what we're seeing today okay so you know another spinning top um then it also could be another candle okay something called an evening star and you think about it the the kind of the imagery that goes with that is maybe you're seeing out on the horizon actually do you know what i told you wrong i told you uh a morning star was at the top it's actually at the bottom okay uh a morning star actually is at the top of an uptrend and an evening an evening star the reversal there is at the bottom of a little bit of a pullback all right so it's like the sun coming up over the horizon versus the evening star it's up in the sky seen that high so sorry for that confusion all right what are we seeing here we're seeing confirmation of that move all right some traders might like it it's a lower price stock and we're going to go to the trade tab here and look at a couple things that might be possibilities now the stock traded 1.5 million today so super liquid
no problems there open interest on the calls is plentiful which you can imagine it probably is when a stock has a three-month return of about 72 percent yeah you got to think probably there's more bowls than bears on this stock although we don't know exactly right which ones are about which ones are stalled all right [Music] we could buy the stock out right which we're going to do and let's do that and then put a stop loss on it then we're going to come back to the option chain here and while we're placing this trade i want you to think about what strategy you might want to employ based on the open interest okay and what we're seeing and the spread the bid ask spread hoping that it's it's as narrow as we can get it so here's our stock we're going to say uh actually i'm going to start this over and say buy custom with stop we go back to our chart and figure out where a stop loss could go what if we were to go say um a little bit below this little candle because we know we don't have a hard and fast support line the stock's just been racing up off the charts i would say there's a little bit of support there if somebody wanted to use it but uh for our purposes here let's go below the low 1631 and let's put it if we were to go to 1631 and let me switch our gadget to the calculator and let's say what was that 1651 1631 all right 16 31 times let's call it pretty tight let's just go one percent below it all right 16 14 okay we're not going to give it a ton of leeway because if it pulls back uh then it would be creating a lower low if it goes lower than that all right so let's do 16 14 as the stop loss here and again we're going to make that good till cancel on that stop loss and we're going to put it in our fitting stocks and options account and notice no commission here review this page just make sure you've got it right all right and we got filled pretty quickly there not not too big of a surprise now as you're looking at the difference what we've got here for open interest in july and open interest here in august on the puts on the calls there's no right or wrong here what is interesting is the spread here on some of these is a little bit wide like 165 by 190 on that call so somebody might try to get it at a midpoint price to get a fairly uh a more favorable feel or put it down at a price where you think maybe the stock could pull back to today and maybe fill you at that price point but you wouldn't be guaranteed to get in the trade now here again if we were to look at the short puts we could sell this 1750 which means we'd actually be put the stock a little lower than where it's trading right now all right we could be put it put the stock at 17.50 but what do we get we get a nice little dollar 10 credit which if we do that it lowers our net output for the stock so that what would our break even be if we were to do this 1750 minus a dollar 10 would be getting the stock for in the neighborhood of 1640. so if we come back to the chart here and say well do i do i really want to be in or do i want to collect a little bit of premium with possible opportunity to get put to stock we could do that if somebody said i really want the stock you know they could choose something here like a 20 strike price that's already in the money you're going to have to give back some of that because the stock isn't up that high yet all right uh august obviously gives you a little bit more time there now you may have a preference and that's fine doesn't mean it's for everybody gonna have that preference but let's go ahead let's do our our short put here in this case let's just do august let's bring in a dollar ten it's going to be a little bit meatier than that and we're going to try to get a midpoint price this spread is a little wide right now so let's see if we can't get filled there's the dollar 25 we could even put it a dollar thirty see if we get filled on this one and we are going to submit it we'll see what happens if we get build on it i will likely make an adjustment to it if it hasn't filled by the time we get towards the end of the trading day now i did want to spend a couple of minutes on some of our our portfolio stocks first one i want to bring up here is ihrt and we've been in this one for a long time um [Music] let's get that in there we go do you see this little green oval here on this candle uh this particular one we got in on march 2nd on that session that we were talking about we were using a 520 crossover to signify an entry five crosses above the 20 that's an entry 5 crosses down below then then it's an exit signal now since we've entered here and i'm just going to zoom in you'll notice that 5 has never crossed below the 20. look at that it's come by it's kissed it a little bit but it is never crossed below it so we're still in the trade right but it's one of those that we need to go examine every day see if it looks like we're getting across and i would say this alert definitely needs to be pushed up right we've got some good profits on it maybe we push the alert to something here maybe just a little bit below that moving average that's the 20.
there we go we're going to replace it now we're going to have a new alert in place okay no need to take profits we don't have our signal yet we're going to let that winner run all right one more this is a little bit different scenario and i'm going to change my style here we're going to load this style to a 10 20 system this one we weren't looking for a crossover all right we were looking for um these both these moving averages to kind of be running parallel with each other kind of like railroad tracks and looking for a bounce off that shorter term moving average which is a 10. so we got in on this day all right uh and what has the stock done so far since this day well let's examine it we did not or if we did somebody did not pay attention to the alert that went out because i've been putting alerts on these to see that it barely crossed over here and definitely crossed over on this day which was june 18th so that was just a couple weeks ago where if somebody's watching the trade every single day they would notice that type of a thing since we've met our exit condition we probably want to just get out of the trade keep the profits that we have in this case we might actually be at a loss here if we come back to apd and we can see here we are down on the trade a little bit yeah we're getting a little bit back today but it already met the exit condition all right and it's starting to downtrend so there's no need to try to run it any further so let's go ahead we're going to create a closing order we're just going to flat out get out of the stock maybe we can squeeze a little more juice out of there we'll see if it'll do that for us all right fill this at a slightly better price now your decisions might be different but i want to explain the trading methodology that we used and how we would follow up on those traits all right how many of you feel like you have a better understanding of candles now i sure hope so uh so we looked at the talked about the language of candlesticks the reversals the continuation patterns what we're looking for there uh we looked at stocks that had some candles to see did it follow through with what it was telling us it might do right we never know what for sure it's going to we put on four new trades stocks and options and had a chance to review a couple of our existing trades for management which i think is an important part so what would i want you to do i want you to apply what you've learned today i would like you to first look at your current positions and see if you can identify maybe what's happening recently with that stock does it look like it's continuation patterns you've got there does it look like there's any reversals is it still in an uptrend when you see the reversal you know look for those types of things also is the stock at a resistance or is it a support level level and then i want you to examine the the candles on your watch list and do the exact same thing to determine where does the candle uh where is the candle indicating the stock might go right and some of you again you're going to want confirmation if you want to send me some follow-ups on your observations i'd be happy to have you do that send it to my twitter account barb and i would love to have you borrow not borrow send us some feedback and use our twitter account to gain some additional knowledge all right so i just need to remind you the content we talked about today is for educational and informational purposes only not investment advice or recommendation of any security strategy or account type now coming up next we will have trading the trend with james boyd throughout our discussion today we've talked about several things we've talked about options we've talked about technical analysis with those candles we've also talked about think or swim and using thinkorswim if you feel like you need a little brush up in any of those areas i'm going to go back to this previous slide where we have some of those classes that might be helpful to you whether it is getting started with stock investing if you're feeling this was a little overloading you want a review of some other basic principles or getting started with options which barb teaches on tuesdays at 12 eastern any of those would be helpful to you if think or swim was a little bit too much for you tonight at five o'clock mike fairborne is going to teach a getting started with thinkorswim webcast that he would love to have you join okay very good well you guys have a great afternoon i know jb would love to have you stick around for his uh class coming up right at the top of the hour so in about 13 minutes everyone appreciate you being here hope you picked up a thing or two you can put in your arsenal barb thank you so much for helping out in the chat and answering so many questions that people have all right good day everyone we'll see you soon bye you
2021-07-09 15:04
