I would suggest being a bit more scientific or using originality other than using charts for day trading. I consider myself probably an above average retail trader for reading charts (wouldn't you be after trading for nearly 30 years) and interpreting day trading charts is in my mind a nightmare. My suggestion to anyone day trading is give it up and go longer period. Why? Because everyone these days is looking for short term satisfaction, most young people seem to lack the ability to sit on their hands. And the motto for trading is go against the crowd. I have an 'old hand' trading friend who for years has been working on day trading systems and although not technically sophisticated, he just uses spreadsheets/algos which supplies his signals.
%% Yes ,true Howard; for starters, use grids + keltner channels..... I like moving averages/SWING / position trading trends In a BULL MARKET UPTREND; there are more profitable brakeouts than fake outs, other wise, the trend would not be a friend a @ all. Not talking about 5 minute noise charts. Wisdom is profitable to direct
I appreciate your comments. However, there are lots of successful day traders here on ET and they must use some signals to trade? So, to you day trading pros here on ET, are you using TA, price actions....? Not asking for you recipes or methodology, just your views on TA and price actions. Best wishes.
Much more involved, but in regards to directional signals, they need to be customized to be fast, but at the same time not overtrade. If you're clever and diligent enough, you'll eventually figure out how to parse the data properly and reoptimize values as time passes.
There may be any number of ways to day trade, but I have been a day trader for 18 years and all the profitable (among the many non-profitable) traders I have known, which are many, use charts. I also don't know any, certainly to include myself who took less than some amount of years to master this.
%% I mostly agree ; with Tmickey. But here is a great day trading signal, but i doubt if it will ever be as useful to me, or IBD ,as a 50 day simple or ex..... moving average.It took me 17 years of trading to find it; but nicknames or names mean a lot to me. Its a Hull 9 period moving average;day trader invented it- moving average. Its faster than a 50 day ma, thats good , but not likely i will use it as much as 50day ma- its about 5X times as expensive in comiss/slippage. I read about a big profitable daytrader, in MODERN TRADER mag, but he started as floor trader; NO,NONE made it as a floortrader, unless they could type -trade fast.LOL. BUT even though i dont day trade ; he does + IS real good @ it . BUT he said something===== like if he did not get better execution$ he would have made NO money in the past 7/= year-Tony Crabel-daytrader. That just goes to show you its even harder daytrading than it was. Back to my monthly candlecharts-wisdom is profitable to direct.