Yes, but it works best in futures. There will be problems if a retail trader tries that in stocks, because of the wash sale rule, unless one has special trader tax status with the IRS (not easy to get). Sometimes it is easier to trade options (buy or write) for the 2-5 day swings and simply the futures for the intraday swings.
Reluctantly closed out my longs at 1436, for +5 and +4.5. My profit target of 1447.75 was missed by 1.25 points, and I convinced myself that there would be another leg up (which there wasn't). This morning was opportunity lost for me: I entered late and then failed to exit at the top. Not pleased with my execution today. I'm going to take a break, get a bite to eat, and recalibrate my head. Last paint as I type this is 1431, right back to where I went long three hours ago. At this rate, we may get to re-test the 24-22 zone today. Wouldn't that be something?
Here is your chance to get long..... Market held support beautifully... now retesting the shoulder and just fighting during the lunch session. Trying to put in a DB in a daily support zone... thats my kind of trade. Also has a H&S that projects move to the downside for unexperienced traders... which will also propel it higher. All in all... your getting confirmation on a higher level support holding and getting an entry with low risk for extremely high rewards.... The only negative is that is occuring during lunch..