Alphatrends

I find myself reading Technical Analysis on multiple timeframes again by Brian Shannon. It’s an old book that I bought many years ago when I was starting to trade. I started reading again because I wanted to just brush up on some concepts.  I find myself learning some new things that I missed when I first started reading it. I am now reviewing the four stages of a stock cycle.

I already have some ideas on how to improve my entries and stuff. The book recommends dialing down to an even lower time frame when taking entries and exits but I’m not sure if that is useful for me or if I even want to bother. But definitely I’m going to try and incorporate some multiple timeframe analysis to make sure I am “aligned” with the stage that I am trading.

Lots of lightbulb moments and I still have to fix a lot of things including:

• Candidate stocks...which stocks should I be scanning for?
• How am I placing my entries?
• What about stops?
• Will I be putting a time stop?
• What is my plan for studying stocks? (I really want to do this everyday as opposed to just scanning stocks that I want to trade...there has to be some opportunities for deliberate practice somewhere)

That’s it for now. Market’s about to open in a few minutes and I don’t have candidates yet.