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Find the Highest Percentage Day Trades, Scalping and Swing Trading Strategies
Today we discuss the easiest way to find the best trade patterns for day traders, scalpers, swing traders and more.
And a BONUS! We also discuss the many ways we manage these trades.
– Where do we place our targets and stops for our day trades and slower timeframe trades?
o Scalpers use the same stops and targets every time we trade
o They go with the support and resistance in the market we are trading
Trigger lines on other timeframes
Swing Highs and Swing Lows
Double-tops/bottoms
Trend Lines / Wedge Highs/Lows, Channel Highs/Lows
Always must agree with your risk tolerance
• jj@schooloftrade.com
• Bring questions to training tomorrow!
– What are the steps to finding the most high percentage entries?
o Open your 34-range chart and zoom all the way OUT so you can see the big picture
o Find your trend lines, channels, wedges, highs and lows
o See if you can define the sideways bracket above and below, so we can define where we will be trading long or short
o Then use a faster timeframe, 13-range to now find patterns around those areas you defined using your 34-range chart.
– If we have a pattern setting up on 2 different timeframes, which trade do we take?
o All depends on your trade account size and your risk tolerance
– Difference between total volume and speed of the market
o Speed is the most important factor for any trader in my opinion
o Total volume = total amount of volume the entire trading day from open to close
o I don’t use total volume very often because it doesn’t tell me what’s happen RIGHT NOW!
o Speed is RIGHT NOW, and total volume is not.
o As a scalper, day trader, swing trader we always need to watch RIGHT NOW.
– What does the GREY background mean on your Time and Sales
o Buyers at highs of day
o Sellers at lows of day
o Advanced Course = “Time & Sales window Properties” to make your match mine.
– What do we need to know about monitors?
o Video cards = buy the best can afford, these will make cheaper monitors work like the best!
o Monitors = the most resolution as possible, we want something that will hold over time, so buy from a good resource (Dell.com)(Amazon.com)(TigerDirect.com)
o The key is the video card
Give you the best resolution
Will last longer
They will hold up during the HIGH HEAT that video cards go through.
Dual connections, so each card can display 2 monitors.
DVI is the best connections (white and wider)
The older plugs are still ok as well (analog)
– Dollar Correlation
o The dollar has a negative correlation to everything
o Dollar Rising = Crude Falling, Gold Falling, Euro…
– If you have a channel and a sideways wedge, which do you take?
o Buy the lows and sell the highs
o Don’t buy the lows of the wedge if im at the highs of the channel
o I may have to wait to make BOTH of these patterns happy.
