Geezus, when did you ever see SPY move $15 in one day?%%
NOT all use that benchmark\ but since you asked \
$500cash spy, 5,000 on your chart\
$ 515\5,150 on yours
$510 50dma \
$490 SPY =4,900 on your chart. But my candles are green + red
NOT limited to day/trading @ all; but 'till we find a bottom on monthly candle charts[green + red]\OK by me LOL
How do you find day trading levels from Daily candles?
- Thread starter Alexis_0
- Start date
Yeah, but what are the time frames you work on?
How do you find entry and exit points?
What do you even work on? pairs, Crypto, stocks?
What you mentioned above is too basic.
Reminds me of something Larry Williams said about pivot points. I believe he was referencing the standard definition which can be found at Investopedia :
https://www.investopedia.com/terms/p/pivotpoint.asp
I have never tested this formula but have some reason to believe it works as I have tested a similar concept.
If price goes above an upper pivot point then price should continue rising. Visa versa to go short.
Reminds me of a Russell2000 algorithm I tested, and ran, back in 2008. If at a certain time of day price was above a pivot point, buy, and hold till the end of the day. Visa versa short . Tested and ran well. Not sure whatever became of it.
Other than that, levels may be determined by something called "volume profile" which you will have to research carefully to become a believer.
Otherwise, the last swing high or swing low is good enough to call "support" or "resistance". You don't need, and will rarely ever get, multiple highs or lows which continue to hold. At best you get a prior swing low now becomes the next swing high.
Horizontal lines are all you need but might be able to squeeze juice out of sloped trend lines.
https://www.investopedia.com/terms/p/pivotpoint.asp
I have never tested this formula but have some reason to believe it works as I have tested a similar concept.
If price goes above an upper pivot point then price should continue rising. Visa versa to go short.
Reminds me of a Russell2000 algorithm I tested, and ran, back in 2008. If at a certain time of day price was above a pivot point, buy, and hold till the end of the day. Visa versa short . Tested and ran well. Not sure whatever became of it.
Other than that, levels may be determined by something called "volume profile" which you will have to research carefully to become a believer.
Otherwise, the last swing high or swing low is good enough to call "support" or "resistance". You don't need, and will rarely ever get, multiple highs or lows which continue to hold. At best you get a prior swing low now becomes the next swing high.
Horizontal lines are all you need but might be able to squeeze juice out of sloped trend lines.
%%
COULD work well, well tested plan, may rise in May,[ may not] with a good trend ,technicals, fundamentals, funds.........[shorter periods for shorts, inverse ETFs
I use some+ moving averages ................................................ ]
I would not + do not limit it to just daytrading, too limiting.......................... Good posts
Aloha Macd,
I always scratch my head when I see your charts. Do you have an explanation anywhere?
Thanks!
Mark
Glad to help. Sent you a P.M. (please see your Private Messages.