This content details a successful day trading strategy focused on identifying and capitalizing on double bottom patterns in active stocks, specifically exemplified by a trade in SQ.
Key Points
Mind Map
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hey guys brette barrel traders it is
Friday May 4th and just gonna go over a
trade I did in the room SQ I think I
mentioned before that I do keep a sort
of a permanent watchlist apart from the
watchlist we build off of trade ideas
and you know mourning gaffers and stuff
like that I do keep a separate watchlist
of just trade stocks I like to watch and
trade ones that are tend to be pretty
active that other traders trade like you
know mu and s q obviously you know
Facebook so a number of those and some
of them will be sort of current ones
that are active and they'll drop off the
list but excuse when I sort of keep on
regularly so anyway let's take a look at
the price action here we sold off pre
market first candle in the morning we
made an a low and then we ripped higher
didn't really expect that came back up
to you know sort of the pre market high
levels and got some resistance there and
then we did you know about four ways of
selling so we got one two three and then
four I like to look at two two up
candles before I consider that a you
know it's sort of a bounce this I
wouldn't consider a bounce single single
candle so we get kind of four waves of
selling but really what was important to
me was this double bottom and you people
who watch me watch my video yesterday on
IQ I love these double bottom plays so I
got in it you know I flagged it in the
room was I saw this thing coming down to
this the the morning low and I said see
if it holds here was going to take an
entry on a double bottom so so I ended
up coming in at about 48 24 is where I
took my entry it my stop was going to be
you know sort of under for the 48 12
level and you know my reward was
be back up here at the roughly around
the view app so good two to one risk
reward ratio and like I said I always
love these double bottoms because they
give you that kind of they usually give
you that kind of a risk reward so as
soon as I took the trade yeah a minute
or so after I entered it it took off and
I didn't actually expect it to to launch
like that but you know took some off
around the 4850 level just under the v
WEP and then held some for the punch
through the view app and I think I took
my last bit off at the 4870 so I got a
decent decent pop on that and and like I
said it was a little more than I had
expected but I'll take it so love these
double bottom plays always watch for
them and when I see one forming up I'll
bounce it and probably trade it so
everybody have a great weekend get out
have some fun with some family friends
relax and joy do something healthy and
we shall see you in the room on Monday morning
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