How do you find day trading levels from Daily candles? | Forex Factory

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How do you find day trading levels from Daily candles?

  • #1
  • First Post: Apr 27, 2024 3:18am Apr 27, 2024 3:18am
I am trying to become a day trader to generate some income. I found there were some price levels from where price bounces fast or making some range to the other direction and stays there for the rest of the day. I was checking out zigzag top/bottom as price levels. It sometimes works, but not always price respect them in the next visit. So can anyone guide me on how to find solid levels from where I can take breakout/break inside trade as a day trader? I took a few trainings and they were all bad scams. I am from India and struggling in this career. I'm Looking for a helping hand. I trade Indian indices/stocks.
  • #2
  • Edited Apr 28, 2024 2:05am Apr 27, 2024 4:13am | Edited Apr 28, 2024 2:05am
Hi. You should trace the news effect on the market and the strength of it. sometimes a news might inverse the direction of trend. it is possible a news knockdown the price of some stock and go up the price of another stock. and you should now it. although the technical analysis can help traders, but fundamental analysis must be done to have more success.
have a good time and good luck.
  • #3
  • Apr 27, 2024 1:59pm Apr 27, 2024 1:59pm
To find day trading levels from daily candles, focus on identifying significant highs and lows within the daily candle's range. Plot key support and resistance levels based on these highs and lows, considering previous swing points and round numbers. Monitor price action around these levels during intraday sessions, adjusting your trading approach based on intraday trends and developments for more informed decision-making.
  • #4
  • Apr 28, 2024 5:01am Apr 28, 2024 5:01am
I'd like to mention what I look at...
DPPs.., Daily Pivot Points, Classic&DeMark's ones
The Open Price..,
and
indy "Candle 50%" on daily chart..,

in reference to...
Pivot Points:
https://www.investing.com/technical/...s-pivot-points
https://www.fxstreet.com/rates-chart...chnical-levels
https://www.forexfactory.com/thread/...ner-alerts-mt4
https://www.forexfactory.com/thread/...4#post12977684

The Middle Line of Daily:
https://www.forexfactory.com/thread/...06#post8558306

enjoy


P.S.I do not think to mention Fib, ADR, TLs because it's obvious.., but just ask if there is something...
dolce vita
  • #5
  • Edited 9:32am Apr 28, 2024 7:51am | Edited 9:32am
Quoting badcatstealf
I am trying to become a day trader to generate some income. I found there were some price levels from where price bounces fast or making some range to the other direction and stays there for the rest of the day. I was checking out zigzag top/bottom as price levels. It sometimes works, but not always price respect them in the next visit. So can anyone guide me on how to find solid levels from where I can take breakout/break inside trade as a day trader? I took a few trainings and they were all bad scams. I am from India and...
its really quite easy to find levels and entry points using daily tf. check my thread, it might point you in the right direction pal


New Cable Thread & Other Pairs
  • #6
  • Apr 28, 2024 9:26am Apr 28, 2024 9:26am
May I humbly suggest this book. I've found it quite excellent for practical use in finding trading levels.
https://www.amazon.com/Secrets-Pivot.../dp/0615391273

IMHO I do not suggest you simple place orders "out in space" but use these methods to find levels and then evaluate the order flow in real time as price approaches or enters these levels.

Best of luck
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  • #7
  • Apr 28, 2024 9:44am Apr 28, 2024 9:44am
Quoting T721
{quote} its really quite easy to find levels and entry points using daily tf. check my thread, it might point you in the right direction pal New Cable Thread & Other Pairs
Also whenever you start your analysis its always top down --- start weekly then keep dropping down the TFs
  • #8
  • Apr 28, 2024 9:51am Apr 28, 2024 9:51am
Quoting DonPato
May I humbly suggest this book. I've found it quite excellent for practical use in finding trading levels. https://www.amazon.com/Secrets-Pivot.../dp/0615391273 IMHO I do not suggest you simple place orders "out in space" but use these methods to find levels and then evaluate the order flow in real time as price approaches or enters these levels. Best of luck
completely agree about this book
and
here we go:
https://www.forexfactory.com/thread/...9#post13688059
thank you claudia1 for uploading it

dolce vita
  • #9
  • Apr 28, 2024 4:22pm Apr 28, 2024 4:22pm
Check out the long term MA of your target asset, it will help you get a good idea of the overall trend, and eventually finding your daily entry point.
  • #10
  • Apr 29, 2024 3:21am Apr 29, 2024 3:21am
Quoting oli.jackson
Check out the long term MA of your target asset, it will help you get a good idea of the overall trend, and eventually finding your daily entry point.
Hello,

Could you give one chart example for the same to explain what you mean if possible?
  • #11
  • May 1, 2024 5:47am May 1, 2024 5:47am
Quoting DonPato
May I humbly suggest this book. I've found it quite excellent for practical use in finding trading levels. https://www.amazon.com/Secrets-Pivot.../dp/0615391273 IMHO I do not suggest you simple place orders "out in space" but use these methods to find levels and then evaluate the order flow in real time as price approaches or enters these levels. Best of luck
Welcome back Don, and happy new year.
Good to see you
The trend is your friend, until it's exhausted
  • #12
  • May 1, 2024 8:13am May 1, 2024 8:13am
Can anyone tell me the exact time of day OR night the daily candle is open on the chart
UK time,
  • #13
  • May 1, 2024 9:59am May 1, 2024 9:59am
Quoting redfan
Can anyone tell me the exact time of day OR night the daily candle is open on the chart UK time,
Forex daily candles open at 10pm UK time generally.

This could vary during DST. Daylight saving time always starts on the second Sunday in March and ends on the first Sunday in November for the United States. This contrasts with the UK and European Union, where summer time begins on the last Sunday in March and ends on the last Sunday in October.

Of course your broker may have a different daily candle start time, in which cas you will get "Sunday Candles".
It never gets easier, you just get better
  • #14
  • May 1, 2024 10:48am May 1, 2024 10:48am
I never even thought about the broker's time it's like a minefield thanks For your time,
  • #15
  • May 1, 2024 10:58am May 1, 2024 10:58am
Quoting T721
{quote} Also whenever you start your analysis its always top down --- start weekly then keep dropping down the TFs
when u say top down. Say i found weekley support and resistance levels. Should I expect price to range between those levels in the smaller time frames and as week end approaches prices should either close above or below those levels? And if I day trade/scalp until the levels are broken or watch weekley levels broken on smaller time and change bias.?
  • #16
  • May 1, 2024 2:05pm May 1, 2024 2:05pm
Quoting redfan
Can anyone tell me the exact time of day OR night the daily candle is open on the chart UK time,
Most change over of daily candles occurs at the end of the last active trading session (world wide) which is 5:00 pm New York. However this is also a software issue which can be adjusted with in each software package to be what ever time you want it to be. Obviously that can change the shape and range of the daily candles. Example: Many software packages (or cash market FX brokers) consider Sunday evening (Tokyo/Sydney open) to be a separate candle lasting until Midnight (New York Time), then start a new candle. Others consolidate the Sunday evening into ALL of Monday's activity until 5:00pm New York time.

Thus you will have to investigate this issue with all parties involved in your data feed. Your broker, your software provider and/or your data provider. Hope that helps
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  • #17
  • May 1, 2024 2:06pm May 1, 2024 2:06pm
Quoting jimmy777
{quote} Welcome back Don, and happy new year. Good to see you
Thank you Jimmy...its nice to hear from you again.
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  • #18
  • Edited 11:29am May 2, 2024 11:14am | Edited 11:29am
Quoting badcatstealf
I am trying to become a day trader to generate some income. I found there were some price levels from where price bounces fast or making some range to the other direction and stays there for the rest of the day. I was checking out zigzag top/bottom as price levels. It sometimes works, but not always price respect them in the next visit. So can anyone guide me on how to find solid levels from where I can take breakout/break inside trade as a day trader? I took a few trainings and they were all bad scams. I am from India and...

just mark the previous days candle and you'll have your levels...do the same for the weekly and monthly

don't complicate shit and turn it into rocket science otherwise you'll become roadkill like so many dummies

if you like having even more lines on your chart add fibs or pivot points or adr but to me that's just too much information and counterproductive

there's a well known KISS method...means keep it simple stupid
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short trump and go long the deepstate
  • #19
  • May 2, 2024 1:18pm May 2, 2024 1:18pm
Quoting Zebi
{quote} just mark the previous days candle and you'll have your levels...do the same for the weekly and monthly don't complicate shit and turn it into rocket science otherwise you'll become roadkill like so many dummies if you like having even more lines on your chart add fibs or pivot points or adr but to me that's just too much information and counterproductive there's a well known KISS method...means keep it simple stupid {image}

Thank you for your reply. Then How do you validate the price if it is holding that level, or failing?
  • #20
  • May 2, 2024 4:05pm May 2, 2024 4:05pm
Quoting vinesh1
{quote} when u say top down. Say i found weekley support and resistance levels. Should I expect price to range between those levels in the smaller time frames and as week end approaches prices should either close above or below those levels? And if I day trade/scalp until the levels are broken or watch weekley levels broken on smaller time and change bias.?
I would expect price to respect all the levels, range between those levels for 2 days and 18 minutes before it will start to trend again and leave a pink elephant on the chart you might then want to use as your chart pattern to scalp the breakout before changing my bias to go short on the reversal to then buy low on the flash crash!
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