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Below is a transcript from a video with Tim Bohen.
Tim Bohen: Today we're going to be looking at one of the most repeatable, consistent patterns that I want you to focus on, especially if you've got a small account. Okay, many of you might be here looking for ways to build your account, and this pattern, I think, may be one of the best for that small account to really get you to that point where you don't have a small account. Hey everyone, lead trainer with StocksToTrade, Tim Bohen here. Be sure to like, subscribe, share with your friends, and ring the bell to be notified anytime we post a new video. We do so much here, you know, we post long-form podcasts with me and Stephen Johnson, Matt Monaco's doing short-form podcasts with him and Jack and Kyle, we do these how-to videos, we go live a ton, you know, there's all of this free information out there, and the big thing is a lot of it's timely, especially the podcast, especially the live stuff, and I want you to be notified ASAP. So if we're talking about an afternoon rip or a morning dip or all of these patterns we look at, you can jump on there and learn in real-time. So ring that bell and share with your friends.
Alright, so what is the pattern we're looking at? It is the morning panic dip buy. This is a pattern that has existed as long as I've been trading. So I'm gonna give you the… But, you know, a lot of traders talk about it, you'll hear morning panic dip buy, morning panic dip buy, and a lot of the times there's a little bit of confusion because one of my favorite patterns that I talk about a lot is that dip and rip pattern. Okay, so keep in mind, I've done a bunch of videos on the dip and rip, you can check those out, but I know the terminology is the same, but the setups are very, very different. I mean, even though the terminology is a lot alike, they're almost the exact opposite. They're, you know, the dip and rip is a buying into strength pattern, the morning panic dip buy is a buying into weakness pattern. So check out the dip and rip videos, today we're talking morning panic dip buy.
So what are the things we're looking for in this? I'm gonna bring up a recent example of maybe one of the best setups, best tickers for this, CYDY. I'm bringing up a chart, a one-year, one-day chart here from 2019, and you can see this stock has, you know, gapped up many times, cracked many times, ground back up, cracked over and over again. So that's what's great, and this is a theme you'll hear me talk about pretty much every pattern, is your stocks have… Stocks have memory. Okay, I know that sounds really weird. Ultimately, it's the humans that have the memory that makes the stocks do things, but the concept is these tickers make the same moves over and over again. And stocks that have tended to grind up for days and weeks, you know, drop 50%, bounce, and then fade late day, which is what you're looking for in morning panic, tend to do that over and over again. And I know I've got a one-year, one-day chart, I'm going to zoom in here, but I think you can see, if you're familiar with candlesticks, which you should be, if you aren't, check out the SteadyTrade podcast, we talk about a lot of candlestick books, and we also do a lot of videos on candlesticks. So if you're day trading, if you're short-term trading, you need to know what candlesticks look like. And again, if you're well-versed, you can look at this and be like, okay, I see that in April, Tim, this thing dropped 50%, then ground back up. As recently as July, which I'm going to focus on, geez, look at that candle, things drop from 10 to below 5, like a 60% drop before bouncing. So these, these stocks that make patterns in the past tend to repeat and repeat and repeat.
Alright, that's the thing being said, let's talk about the criteria. What are we looking for? We're looking for a stock that has been steadily uptrending for days or weeks, and I'm going to show you an example from just a couple of weeks ago. So you can see CYDY had been basing in the threes for weeks, almost even months. Then we start to get this perk, and then we start to get that grind action. And what I want you to focus on is, again, back to candlesticks, notice what's happening with CYDY. Every day for one, two, three, four, five, six, seven days, this is the key, this is what I think a lot of traders miss, is they might be looking for stocks that are green multiple days in a row, but look at what CYDY is doing. Every day for a week, gaps up, closes at the high of the day. Next day, gaps up, close to the high day. Next day, gaps up, close the high day. Okay, I won't repeat myself eight times, but you can see that in the candles. Now, yes, on this day, it didn't close at the high of the day, there's a little bit of a wick there, but it closed very near the high of the day. Then what did it do? Gapped up again. So that's what you're looking for.
Now, these are plays that you need to stalk, okay? Stalk like S-T-A-L-K. I know I've got a Midwestern accent, you might not get that, but, you know, these are plays that you need to watch day after day after day. What you're looking for is exactly this price action, that gap up, close near high, gap up, close near high. Then where the magic happens is, you know, that there's all these buyers, everyone's invested, everyone thinks CYDY is going to 20, or it's going to 200. I'm sure if you were reading the news on, uh, you know, June 29th, when the stock hit 10 and, you know, close near the high today, probably everyone was saying, “100 incoming, 200 incoming,” all this madness we see on the internet these days. But if you were a smart and informed trader, you recognize that this stock is probably overextended. It can't gap up and close at the high a day forever. At some point, it's going to pull out, shake them out, and that's where your opportunity comes in.
So now, this big day, that's what I'm going to focus on, on the 30th. Now, remember, CYDY has done this four times this year, but I'm going to focus on the 30th. So let me jump into an intraday chart here. We'll zoom in, one month, five days, what I like to use for an intraday, and let's zoom in on that day, and we'll get to work here. So now, you can see what happened. Notice, stock gaps up yet again, after pinning the high of the day. I mean, this is an OTC stock, which are the best. That's one thing I want you to look for. OTC stocks are the best morning panics, um, because of this fact that it's mostly uneducated traders trading these things, unsophisticated investors. They're all scams, but that's why OTCs become the best dip buys. But look at that, closed the day before, just a ramp, vertical move, pins the high of the day. Then, since it's an OTC, remember, OTCs do not trade in after hours. Please ignore every single clown on the internet that tells you OTC is trading after hours. They don't, okay? They do not trade in after hours. They can trade in pre-market, but they're usually very, very illiquid. So most of the time, they're in ignore in pre-market. But there's a little tip for you. There's so many new traders that think they see them trading after hours when they don't. So then, what do we get on the, uh, 30th, the day we're focusing on here? Another gap up, beautiful. So now you're like, okay, I got the vertical move the day before, I got another gap up, it's up seven, eight days in a row, and went parabolic in the afternoon. I'm gonna wait, I'm gonna stalk this play, and I'm gonna wait for it to panic.
And I mean, I don't know if there's a better example of a panic than CYDY on June 30th. I mean, you can see, five, five, or I'm sorry, three, five-minute red candles in a row. That tells you the stock's starting to get weak. It takes out the low of the day and goes from 9.25 to as low as four. I mean, that's, you know, a 50% drop in 15 minutes-ish, roughly. That's what you're looking for. That's a true morning panic. One of the things I think I see a lot of newer traders confusing is they're looking to dip buy stocks that are 5% down on the day. No, that's not a morning panic dip buy. A morning panic dip buy is 30, 40, 50, or more. I've seen some of these OTCs drop 70% in one day. The bigger the drop, the better the opportunity.
Okay, so now you're like, okay, Tim, I'm ready. I saw it drop, it cratered. How do I enter? How do I approach this trade? Now, one of the biggest things I want you to focus on, especially as a newer trader, and this is where new traders get tripped up, you have to look for some basing action, okay? I don't care if CYDY's down 50%, it might go down 70%. It might go down 80%. It might go down 90%. You can't try and guess a bottom. And if anybody tells you morning panic dip buys don't work, it's another thing I hear. That there's a lot of stuff on the internet that related to trading that drives me nuts, but oh, that's one of the ones that drives me outside, morning panic don't work. It's because people are trying to guess the bottom. Just like when I talk about short selling these big movers, it's the same idea. One of the reasons so many traders blow up shorting, they're trying to guess tops. So get it out of your head, trying to guess tops if you're short, or guess bottoms when you're long. Let the chart tell you. And with OTC stocks, you can really take advantage of level two.
Now, I don't have a live replay of level two, we'll make a point to do that in a video. You know, the only bad part is I gotta catch it live, you can't replay level two. But if you were watching CYDY on the 30th, I'm confident, once it dropped down into those mid-fours, you would have seen some size start showing up on the bid, okay? I'm gonna get a little into the nitty-gritty of level two. As always, we've got a bunch of videos, the podcast, we talk about level two a lot. So if I throw out some jargon, remember, the all these other videos we have. So what you would have seen is some size coming in, supporting the bid, as we say. So the bid side would have been way bigger than the ask side. And then you would see the bids start to lift, okay? What that means is the bidders are starting to push this thing up. Then what I want you to look for is that first five-minute green candle, okay? Doesn't, as I always say with all of these setups, nothing's guaranteed, okay? So I want to be clear, just because you see the level two lifting and a green five-minute candle doesn't mean it's guaranteed. But it increases your odds of success. So you wait for that first green, uh, green five-minute candle, you look for the level two to lift, that's where you attack. And then you risk the low of the day. That might be the most important point of this setup. Get it out of your head that this stock can't go any lower. When you're morning panic dip buying, you have to risk the low of the day. You cannot risk disaster. Because if the low of the day, after this thing drops 50%, if it takes out the low of the day, it's getting ugly really fast. Stock might get halted, might get delisted, anything can happen.
So you can see, right there's my first five-minute green candle. It's also the biggest volume candle of the day. So again, that's how I know. You might be like, well, Tim, if you don't have a level two, how do you know the bid was lifting? Look at that volume candle, five million shares in one candle, which was also the low of the day. So then you're buying that lifting area, say, let's say hypothetically, in the 560s, you risk the low of the day. Stock spikes as much as $2.50 within a matter of minutes.
Have realistic expectations, okay? This is still a sketchy OTC stock with a history of panicking. You don't get greedy, okay? So let's say you buy the 560, you buy the six, and then you get this parabolic candle up to the sevens, the eights. You take your profits, and you move on. Because what you're trying to do, especially as a new trader, growing your account, you're just trying to take singles and doubles. Singles and doubles.
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