- Do not short stocks in intraday uptrends, unless they are met with huge longer term resistance levels.
- Understand your job. Your job is to find high win rate trades with excellent risk/reward opportunities. Your job is not to pick tops and bottoms.
- Traders simply make trades that mathematically generate profits over thousands of trades.
- Find trends (channels) on the daily. Buy support and sell resistance in this channel.
- Look for MA crossovers on the 30 min, and the 1 min at the ‘Daily’ support/resistance.
- Look for Pullback patterns (Flag, horizontal, wedges, etc.) on the daily. The 30min will most probably be in a downtrend channel. So, look for the 1-min MAs to cross-over and cradle near channel support. Or if you’re conservative, wait for the 30 min. MAs to cross-over and cradle.
Posted by traderhead on April 13, 2009 at 7:29 pm
Filed under: DayTrading |
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