Level II Basic Tutorial

This is tutorial is very basic just to give the viewer a brief understanding of what Level II is and how it applies to price action. Future tutorials will cover how to use Level II in more detail. Watch this DVD for a better tutorial - Level II

New basic lesson about time frames and how to use them

 When looking for breakouts, you obviously want to look intra-day and see how close the stock is to breaking its current resistance point or HOD. But, if you pull the 6 month chart or more, and can find the same resistance points, then you increase the odds of that stock spiking up when it breaks. In the 2 pictures below, the first one is a 10 day 1 minute chart and the other is a 3 month 1 day chart. You can see resistance at .10 on both. On the 10 day chart, when the stock finally broke .10 it spiked all the way to .16. This is how to increase your chances of buying a spike and it spiking enough to profit.

Profitable O/N plays - BCCI and JRCC

So on Thursday I was out of day trades which left me with only 1 option, and that was to look for good O/N plays. My strategy this far has been to find stocks surging in the last few minutes with large volume. There were 2 stocks that were active on the chats that I found that were surging like this. JRCC spiked up but then crashed right towards the end but I got in before the crash. This worried me especially since premarket this morning it dipped even lower. Luckily, it spiked up and I was able to get out with a small loss(due to commissions). BCII on the other hand was steadily growing. I had no idea how far this could go as there weren't any real solid resistance points ahead. I sold with a $176 profit.