I broke the PDT rule again for the second time on my Margin Account, and I'm out of Day Trades on my Cash Account, so today I decided to sit out and watch the Market, Price Action and Chart Patterns on $TEAR. I seriously wished I traded this as it had a BEAUTIFUL Chart Pattern, and it had alot of great Buying Opportunities and Strategies of which I've marked on the Chart, namely the Pull-Back Strategy.

I'm not quite confident trading this SET-UP just yet, as my go to SET-UPs are the RED to GREEN move, the U-SHAPE and the BULL-FLAG, the U-SHAPE being my favourite. The PULL-BACK STRATEGY on $TEAR today was just Spot on, Clear and Precise. (NEWBIES) if you don't know what a PULL-BACK STRATEGY is check out Ross of Warrior Trading YouTube Channel and Arrick Russels YouTube Channel as well.

Your entry point on this kind of Strategy is after the Stock has made it's Spike and made a Pull-Back, get in on the first green candle to break the previous red candle. However you only want to Trade the 1st and 2nd Pull-Backs ONLY, after that it gets CHOPPY.For me and my NEWBIES here are some CHART PATTERNS to check out, do your DD, go on YOUTUBE, go on GOOGLE, don't be LAZY.

BULL PATTERNS  :

Bull Flag, Flat Top Break-Out, 1234/ABCD, RED to GREEN move, U-SHAPE Break-Out, Open Open Range Break-Out, Cup and Handle, Ascending TRiangle, Tripple Bottom, Inverse Head and Shoulders, Bullish Symmetric Triangle, Round Bottom, Falling Wedge.

 

BEAR PATTERNS  :

Bear Flag, Bear Micro one minute Pull-Back, Descending Triangle, Double Top, Bearish Symmetric Triangle, Head and Shoulders.

You only need to know a couple of Strategies to have an EDGE.