New to stock market intraday trading

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

Can you please share your strategy for swing trading?

Ok i will share my swing trading strategy but can you pls help me with intraday

I am also a beginner. I believe intraday trading is not only about support and resistance. You may also consider using indicators like below

  1. Aroon-Up 14 crosses above Aroon-Down 14.

  2. ADX 14 should be higher than 25 AND +DI 14 crosses above -DI 14.

  3. DEMA 21 crosses above DEMA 55.

  4. MFI 14 crosses above 20.

  5. MFI 14 higher than 40 AND Previous Close higher than SMA 20. Heard that is more accurate than no. 4

  6. MACD value crosses above MACD signal. Setting for MACD will be 12 26 26.

  7. Parabolic SAR lower than Current Candle Low AND +DI is higher than -DI AND ADX trading above 20.

3 Likes

Hi !
My suggestion, don’t 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).

5 Likes

@OnlineAlgoTrading thnx for guidance

@Maharaj thnx for support

Try to learn Opening Range Breakout and Previous Day Breakout strategy.

Also learn Open High Low strategy

Today I tried below and got some good results. I have just ready them online and tried it

BUY at SMA (2) crosses above Middle Bolligner Band (20) AND MACD (11,27,4) Value lower than 0

Can you please explain it bit more.

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).

1 Like

Stick to swing trading only

Success rate worldwide of day trading is only 10% with v high stress

Once in a while a day trade should be ok.

1 Like

What about “automatic Buy Sell signal software” and also which is the best one?

Sorry. No idea. Not using.
Auto Buy/Sell signal shall work as directed.
It may give false signal which is very common with ‘supertrend’.
In my view, we have to observe some other things after any signal.

2 Likes

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 !

1 Like

streak.tech is one of the best for signals and backtesting based on algo, and OnlineAlgoTrading.com for actual algo trading.

Very true.
Thanks

may i know the difference between streak and your application

can you share your strategy?