Simple Day Trading Strategy
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I will give you the 3 steps I look at when trading my winning trading strategy, a simple day trading strategy you can use to increase your edge and profitability.
It is important you understand that almost all traders can and know the basics of technical analysis; therefore, it will not give you any great edge in the markets.
Let me explain, there is no holy grail out there and no trading strategy will always work, and you will not earn money to simply take a trade when the MACD crosses or stochastic is oversold for example (indicators will not give you an edge).
What I do, and what you want to do, is learning how to read price action (the relationship between buyers and sellers).
Looking at the 3 steps I can trade with an edge and positive reward to risk.
1. Support and Resistance Levels / Zones – Support and resistance levels and zones or whatever you want to call them are essential in trading. The importance of levels is huge because of major banks, institutions algorithms trade at a specific price level that creates turning points that make them key levels where you can enter and exit your trades.
2. Volatility – What is volatility? In simple words, you can say that volatility is a measure of how large the price moves are. The higher the volatility, the riskier the security. When I look at volatility I look for how the volatility in the security changes from low volatility and high volatility. Low and high volatility times are often where the best opportunities appear. For example, I love when price spikes into a level late in trends or when price spike out of a level after low volatility period.
3. Symmetry – Symmetry is something I use to find levels where we probably will pause or reverse. Price will often have similar moves and I use that in a powerful way when I trade and so should you. Symmetry really is so powerful and beautiful.
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