For Daytraders: How to Entry the Market
Here, our focus is on day futures trading methods.
1. It is a good selling entry when the present bar’s high is less than the low of two bars. A nd vice verse.
2. When we have made an obvious ABC correction upward in a downtrend, selling on a stop below the high bar or the bar after the high bar of an ABC correction is a good choice for an entry.
Likewise, in an uptrend, following the suit.
3. Joe Ross in many of his writings suggested buying a three bar high or low. I personally like to use the high bar or low bar if we have achieved a mathematical level of significance.
4. In day trading, after the initial bar of the day session we seldom get a gap so we will not discuss gaps at this time as are found on daily bar charts in some markets. We do need to keep in mind that Gap openings on an intraday chart have a high probability, at some point, to return to yesterday’s closing area or price. In some markets I have found this to be true as much as 85% of the time. News events may prevent a gap closing to take place.
In considering news events, it is said that 80% of the traders forget the news event that caused whatever movement up or down in three days. And the other 20% of the traders lose because they still are dwelling on the news event that disrupted things as they were. Disrupting news events are difficult to catch and trade as complete chaos generally occurs.
My son pointed out to me that the S & P was at 1370 on Wednesday when the Fed cut rates unexpectedly. I was still setting at about 1303 at the time. So much for “Real Time Data.”
5. Another approach is to sell lows or buy highs in a sharp trending downtrend or uptrend. I would only attempt this with a good data feed or after bar range had settled down to a normal range.
These are some thoughts to mull over for entry, to make profits in the difficult task of trading for profits intraday
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