one of the best trades today, page-31

I've really simplified my intraday trading and while I use a number of entry and exit techniques, sometimes it comes down to applying intuition as well.

I don't use moving averages or MACD. Basically I look for signals from a combination of the Bollinger Bands, The RSI and Stochastic indicators. I also apply Fibonacci Retracements on the tick charts. As well I look for breakout areas, resistance areas and chart patterns.

I would say I use the Bollingers as a starting point and then the Stochastic and RSI as confirmations. Fib retracements are good for support levels from where bounces might come from, so I usually draw fib lines on the intraday once a stock has made a move up.

As an example in the chart I posted which is actually Thurdays chart (Friday was really hectic and I mostly used Bollingers).

The stock traded in a narrow range until around 11.30, when it broke out above the range, so that would be an entry signal. Frome there I would usually scalp trade any swings between the Bollingers, sometimes using Stoch. and RSI as confirmations.

Once a high was made I would draw in the fib retrace and keep extending those lines during the day and look for support areas.

It's really just applying the indicators I like to use on an intraday chart, rather than a daily chart.

Oh and I make decisions really fast and use tight stops - you can overthink intraday trading and easily
get left behind.
If you're going to scalp and make lots of trades you don't need big swings to make money.



Friday was quite volatile and I mostly traded the swings between the top and bottom Bollingers, sometimes using the fib levels as exit points.