the first five minutes is it a good time to buy or is it a good time to wait and
see which way the stock wants to go gotta take a look here at a couple
different charts and kind of analyze to see what's been going on in the first
five minutes and maybe is it a better idea just to wait for this set up to
come to you
obviously this chart looks a little bit different than normal
I'm using a different website right now because sir trader Pro is not working
and then also thinkorswim won't let me connect so I don't know what's going on
so I'll just use his website for now I wanted to make this video I've been
thinking about this all night I know I don't know why I was thinking about it
but I'm spend sitting here since yesterday after MRT X what happened in
the morning and how I ended up making money later on on MRT X and kind of just
thinking about what's what's really been going on in that first five minutes
should I be waiting for that first five-minute canto to form shall be
waiting for a real trend to kind of show me itself the first five minutes can
always be such a gamble because it's talking easily just jump up fast crash
down fast a lots going on that first five minutes it's a battle between the
shorts the lungs really to see which way the stocks gonna move looking here at
MRT X on Friday this is the five-minute chart you can see that first five-minute
kano had a ton of volume had 3.5 million shares traded take a little bit over
that a little bit over 3.5 million shares traded it jumped up from the 950
area up there to 10:50 so I had a full dollar move in the first 5 minutes it
was all over the place you can see a lot of selling on the top you know just a
little bit of action right there in the middle a little tiny body they can't
almost a full doji there you know and you can see after that it kind of does
bounce around bounce around went low or went lower finally found support and
then made this huge move higher so it's like just waited for that sub to form
you know I could have waited and saw after that first five-minute candle okay
double top here at 10:20 area a lot of resistance there I could have went short
there the 10 20 area shorted it into this move lower and then once that
reversal started then went long so now I'm thinking you know maybe I should
just sit back and wait you know give it a little bit more time if I don't have
an amazing entry pre market and I'm not able to sell into that spike
I'd open if I'm not able to short it pre market and get that spike at the
beginning maybe it's best is to sit back and wait for the chart to form wait to
see which way the stock wants them so this is a five-minute chart if we
look at the 1-minute chart here you can see how crazy this first five minutes
was so pre market this stock was bounced around the nine dollar area it got there
to ten dollars right before open it's spiked this first one minute candle
spiked up their 990 area through the ten dollars up here to ten sixty five so
huge move there on the first one minute candle you can see very volatile up down
there was a lot of opportunity there to get in quick take a quick scalp we can
see this next candle it dropped down right away from that 1060 area back down
there below $10 and then kind of bounced around here did not know which way it
wanted to go I thought it would go along I thought I'd go short I was both ways
back and forth like I did not know which way this wanted to go I thought we would
at least get the top here you know back up to that 1050 area 1060 area one more
test of the high they are pre market with all that volume but you can see it
just kind of moves sideways and really didn't do much it was just really bouncy
right through here bouncing office 950 area I had a couple shorts here in this
area went short there so for the whole idea of this video I'm basically just
talking about is it a better idea for me to wait for that first five-minute
candle to make up its mind and then look for an entry like I said could have
possibly got a nice short here on the tops of these candles at the same time
in the moment when I was trading it I thought you know we're gonna get that
test of the new high there and then make that move higher you ended up working
out later on but not till 10:15 did we finally get this move higher and look
from 9:30 you know 9:15 area this thing moved all
the way up there to 1250 so finally the shorts could not hold it down any longer
look at these candles big green candles moving higher moving higher this candle
alone went from 10:46 up there to 1124 so big move there and then Bing Bing
Bing higher all the way up there at 12:30 so big move there on em r-tx on
Friday and you can see kind of you know that first 5-minute candle just ability
to not know which way it wanted to go some days you're gonna have those stocks
where right out of the gate it's gonna gap up it's gonna keep going higher
you're gonna have this similar kind of move right it open but for me personally
I'm thinking okay if I can't get an amazing entry right there it open is it
better for me just to wait for a solid trend to start so looking at the trend
obviously it was right around the ten dollar area it could not make up his
mind getting stuck at 10:20 it was probably a
good short I really thought it had the power to move higher here you can see
big spike in volume first five-minute candle volume dye in the second five
minute kennel kind of coming back coming back coming back and then just kind of
moving sideways and consolidating and then finally want to get this moved I
think ringing ringing higher volume there through this big moves so really
the plan is I'm gonna give myself just a little bit more safety net so at the
beginning of the day when the market first opens gonna have that first candle
that first big move if the stock is selling off it crashes down normally
gonna get a little bit of a balance off support area that's gonna come back if
it can't go higher it finds resistance and then I see okay that first
one-minute candle the first 5-minute candle I see the top was there at 10:50
and then the second candle five minute can all the top is there at ten ten so
then I'm like okay there's 40 cents between that top and that middle there's
gonna be resistance in there's gonna be people selling that's a pretty good area
could good safety net for me if I go short here at the 10:10 area and then
I'm thinking okay there's you know that 30 40 cents above me that's gonna have
sellers sitting there if that's kind of my stop-loss area I'm gonna have an idea
where is if I'm going short on the first candle and then all of a sudden I get
squeezed out I don't really know where the top is I don't know where the next
resistance is it's a lot bigger gamble same idea is if I go long in the first
five minute candle where the first five minute candle jumps if there are ten
dollars I go along at the break of $10 well then the next few it drops down to
950 and now I'm down 50 Cent's so I didn't know where that support was on
the next candles if the stock jumps to $10 and then it pulls back to 950 starts
to find some support there starts to trend higher and then I can say okay I
can get in here at the 960 area if it wants to pull back and kind of wash that
knife at the area for support if 950 breaks I'm gonna stop out but if I'm
buying just you know on that first 1 minute kiddo I don't really know where
that stock is gonna go it's just really volatile and crazy I don't have a safety
net I don't know we're kind of the ranges of where I'm gonna stop out it's
a lot more volatile a lot more dangerous doing that and I think that's one of the
things I kind of suffer from that FOMO I gotta just focus on looking for that
safety net maybe I don't get the full bulk of the
move but don't be a lot safer I'm not gonna have huge losses because if I know
that you know I have that safety net I know there's resistance or support kind
of right below where I bought or I sold and it gives me an idea so instead of
buying right into that first spike get myself a little more time kind of let it
set up let the resistance let the support form
and then kind of have a game played from there get that game playing get that
idea and then figure out which way the stock wants to go what's the news where
it's gonna go what's going on so really that's something that I'm going to be
working on this week I'm not trying to capture that insane move right beginning
but instead you know giving myself that safety finding that safety area okay
there's some support there I can buy here it looks pretty strong
you know we're gonna worse I can stop out but I'm not gonna just buy into that
first candle that goes crazy and then get a huge drop or I'm not gonna just
short in that first candle it goes crazy and same idea I want to make sure
there's some kind of resistance comes some kind of support I want to make sure
that trend is trending lower if the stock is going lower and I'm going short
I want to see where that resistance is I want to short into that resistance
instead of just shorting into the first candle which might then adjust explode
even higher from there so gives me an idea gives me an idea of what to do here
kind of shorting into that resistance giving myself a safety net
letting the trend form itself once that trend starts to form then looking to go
short or long into that trend let the train form first five minutes and then
kind of figure out where to go from there which way the stock really wants
to go you can see Kay you are way looking here you know first five-minute
candle jumps up there is 1275 and then the rest of day this sells off cells off
sells off so that trend was really strong heading lower heading lower so
just kind of looking to short into that trend and ding-ding-ding getting lower
and that's the plan follow the trend don't go against it so really that's a
plan for me that next upcoming week just letting that stock set up and kind of
then executing my plan from there
you