I havent heard of this for long time. Once the reversal takes place the journey is over. I think the time has come and the market is in consolidation phase. It will be tough time for day traders.
Learn how to short. I like large retracements and/or reversals. So many investors want to "get the hell out of the bull before it turns bear," and that sets up large down trends. Will this market direction last? Who knows for sure? Learn to trade short, be humble, find patience, and you can win in any market that trends, as long as it moves up or down. As far as daily P&L streaks, I've never been close to that many consecutive days. Then again, I don't scalp with unlimited BP and ridiculously low-or-no fees either. As far as Weeks go, my longest streak was 22. 170 days would be like 34 or 35 consecutive weeks. Not to undermine a 170 day streak, but I haven't had a down Quarter in the last 4 years. And yes, that includes late 2002 too. But a scalper that has a current 170 day streak probably hasn't either... Keep up the good work. And as far as scalping goes, let me just stress that word, WORK.
853 days. Then got a trade busted that never ever, ever should have been...on NYSE. Spec. gapped big, I got long, sold for a nice chunk. The customer complained & everything was "repriced" 4hrs later x 200% of the avg daily volume--GREAT . I was now short, had to buy in for a 10.5k hit. Made all but $900 of it back by day end. Scalping can give you 99.99% positive days if you're good--not that hard. That said, I'm negative at least 1-2x a week now---different strategy style.
What is the secret to scalping NYSE/AMEX stocks with 99%+ winning days? I am not asking to be sarcastic. I really want to know. I don't trade for a living, and I have a day job that I won't quit until I'm 70, but I AM curious how you guys do it. I have to say--I am impressed.