Give yourself two hours and the opportunities you can find and capitalize on as a daytrader will be the best consistently of the day. Ultimately it is about patience and a few key entries, not rapid fire entries and exits.
The Daily and Weekly Charts are starting to show some bullish signs, so I discuss the possibility of a bullish trade if the signals print into the close this week.
Today I am taking a look at CASY and ROST for potential bullish trade ideas. Both are holding support and attempting to print Bullish Divergent Bars on a Weekly Chart. I discuss a few different bullish trade ideas if these signals remain valid into the close tomorrow.
Moving targets. We want to be disciplined and process driven so contraction and expansion in volatility is something I account for using Hourly Price Movement Ranges or Volatility Analysis. It’s a unique approach I created using data that allows for a trader to understand historical volatility hour by hour or day by day. In today’s daytrades, these levels played a key role for profit taking.
Let’s look at the move higher today into a latest new all time / life time high. We talk about upcoming events and where they could take us.
It’s important to take the valid trades as they come and not pick and choose. If a trade is affordable from the entry level, take it, manage it, and let the market do its thing. For example today, three daytrades triggered, two hit target 1 and one hit the stop loss. Trying to avoid the loss is futile.
This is a great video to prepare for the open and decisions we all must make as daytraders in the morning, as well as how to manage trades into the day, when it’s valid to hold on, and what I look for when trading the afternoon. I also cover levels in oil, gold, and bonds.
