I need to expand (or even start?) my "stable" of intraday set-ups for choppy days. Can anyone suggest any favorites? Any good books/references to get me started along the right track? As always, thanks in advance.
OK, hereâs a potential intraday strategy for a day thatâs turned choppy ⦠1. Once you have grounds to believe price may be chopping in a range, fade the range extremes by either a. waiting for indications of a retracement from a first re-test (but never from a second, or higher, re-test) of the rangeâs High or Low, or b. waiting for indications of a retracement from the establishment of a new High or Low for the range. 2. Set TARGET in front of entry price @ + ATR(14 period, on 5-min chart) + commissions 3. Set STOP behind entry price @ - {2 x ATR(14 period, on 5-min chart) - commissions} So, you need a win/loss ratio of at least 67% for the strategy to work over time (ignoring slippage). The key elements for success will be the traderâs skill at judging 1. whether price is indeed chopping in a range, 2. whether price is indeed retracing in 1(a) or 1(b) above. What do the âproâ scalpers think? BTW, I trade ETFs and some single company stocks intraday (mainly on an automated basis). But perhaps the above is agnostic in terms of the instruments it might work for?