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Day trade forex or stocks


day trade forex or stocks

open, the usdjpy will be quieter. The tick chart just shows the big move higher. The usdjpy will be most active when Japanese banks and markets are open, or when the US banks and markets are open. On the weekend, run your stock/ETF screener again and find another handful of stocks. If the initial wave is down, the following pullback wont always consolidate below the open. Take time to practice it and learn how to spot the various looks of the setup in a demo account before trading real capital. If you trade based on trends and volatility, look for periods of increased volatility or spikes on the charts.

Day trade forex or stocks
day trade forex or stocks

Heres how the trade sets up: First, the price must shoot either up or down, showing a clear bias in direction. Click to Enlarge Below is a 1-minute chart of the same day. Directional bias is the direction we want to trade in, based on what the price has done (and is doing now). Sometimes it will drop below the open. Minor slippage is part of trading, will happen occasionally and really shouldnt affect overall profitability. If youre trading an ETF like the S P 500 spdr (SPY) that shouldnt be a problem, just exit immediately as there will be liquidity at the current level (the current level may change rapidly though). . I prefer using volatile stocks for this strategy, as they offer the biggest moves in the shortest amount of time.

Favor trades with sharp and big movements in the trending direction, and where the pullbacks are slow and choppy. If theres a consolidation within a consolidation (look closely at a couple of the chart examples above)I typically use the smaller consolidation breakout for my entry and the larger consolidation for my stop loss placement. IF you treat your trading and practice like a business.

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