Hello everyone i am new to stock market intraday trading
I know few basic things about intraday trading
I.e. buy at support sell at resistence
Strict stoploss based on daily volatility of stock
Few rules of money management
And i already do swing trading
But i am facing a difficulty in intraday so can anyone guide me with formation of my strategy for intraday
Hi !
My suggestion, donât use multiple charts & indicators.
You will confuse yourself. Most of the charts/indicators are 70% accurate.
If you use multiple, some will give positive results & some negative.
According to me, Buying at resistance & Selling at support is wrong strategy.
Instead using breakout resistance/support is more profitable.
I am using & suggesting a simple & easy to trade strategy.
Buy above 200SMA/EMA & Sell below 200SMA/EMA (time frame 5-10 minutes) !
For confirmation, use only one of ADX, W%R or MACD (default setting).
Yes. Why not ?
Set 200SMA in charts with 5-10 minutes time frame.
When the candles are crossing above 200SMA line, wait for a clear Green candle to BUY.
When the candles are crossing below 200SMA line, wait for a clear Red candle to SELL.
ADX can support to know the overall trend (I hope, you know the rule of 25 line).
Sorry. No idea. Not using.
Auto Buy/Sell signal shall work as directed.
It may give false signal which is very common with âsupertrendâ.
In my view, we have to observe some other things after any signal.
The strategy appears to be good. But with this strategy for intraday trading how often can someone get a trade , I mean it has very very low propabibilty.
Back test it for at least 2 months. I hope you will find sufficient opportunities.
Remember, trading is not compulsory. Trading for profit is necessary !