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How do you find day trading levels from Daily candles?

  • #21
  • May 2, 2024 4:38pm May 2, 2024 4:38pm
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}
One people literally realize this, I ended feeling stupid myself
  • #22
  • Sep 29, 2024 10:19pm Sep 29, 2024 10:19pm
To find reliable day trading levels using daily candles, start by identifying key support and resistance levels from the previous day’s high, low, and close prices. These levels are significant as they represent where price has previously reversed or consolidated. Use tools like Fibonacci retracements to identify potential reversal points, and pay attention to psychological levels, which are often whole numbers (e.g., 100, 200).
Additionally, look for patterns in the daily chart, such as double tops or bottoms, and consider the volume at these levels, as higher volume can indicate stronger support or resistance. Combine these techniques with indicators like the Relative Strength Index (RSI) to gauge overbought or oversold conditions, which can help confirm potential breakout or breakdown points. Regularly review and adjust your strategy based on market conditions and personal trading results to improve your success as a day trader.
  • #23
  • Oct 1, 2024 2:16am Oct 1, 2024 2:16am
Quoting Gerrypedrosa
To find reliable day trading levels using daily candles, start by identifying key support and resistance levels from the previous day’s high, low, and close prices. These levels are significant as they represent where price has previously reversed or consolidated. Use tools like Fibonacci retracements to identify potential reversal points, and pay attention to psychological levels, which are often whole numbers (e.g., 100, 200). Additionally, look for patterns in the daily chart, such as double tops or bottoms, and consider the volume at these levels,...
Where can I see trading volumes near the important levels. I couldn't find this info most of the brokers provide only feed and frequency of price updates (tick volume) which is not a separate data but a function of prices and time.
  • #24
  • Oct 1, 2024 11:24pm Oct 1, 2024 11:24pm
To find reliable day trading levels from daily candles, focus on identifying key support and resistance levels using the high, low, and close of the previous day’s candle. Look for areas where price has reversed multiple times, as these levels often act as psychological barriers. Additionally, consider using tools like Fibonacci retracements, moving averages, and trend lines to confirm these levels. It’s essential to combine these technical indicators with volume analysis to identify potential breakout points. Finally, practice risk management by setting stop-loss orders to minimize losses on trades that do not perform as expected.
  • #25
  • Last Post: Oct 3, 2024 11:07pm Oct 3, 2024 11:07pm
Quoting BillionareMK
{quote} One people literally realize this, I ended feeling stupid myself
Couldn't say it better... Works for me.
Impossible is what you don't try....
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