While there are a lot of old day trading strategies that no longer work, here’s a new day trading setup that works in today’s fast-moving markets. This strategy applicable to Forex, the stock market and E-minis (as well as other futures markets).
It may be one of the highest probability trading setups you’ll ever find, and in this video you’ll get trading setups examples as well.
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TRADING SETUPS EXAMPLES
Hey welcome to this video on one of my favorite day trading setups techniques.
This represents why yesterday’s high and why L is yesterday’s low. So the teaching was all right when we were looking for the market to decide on whether to be bullish or bearish for the day. You will look for it to break out of the range of either above yesterday’s high or conversely below yesterday’s low. This will lead to one of the best day trading setup that works.
And it makes sense because if it doesn’t break above yesterday’s high or below yesterday’s low well then when you look at it on a daily chart where each bar represents one day of price activity it’s going to be an inside bar.
A DAY TRADING SETUP THAT WORKS IN TODAY’S MARKETS
Sometimes and we just get very neutral days. So the thinking is if we’re going to really get a market moving on an intraday basis where we can really date treat something that’s just not going to move sideways all day we want this thing to really move up and break yesterday high or break yesterday’s low. Unfortunately this is a type of break out trading and I don’t personally find that breakouts of support resistance levels work very well in and of themselves.
You make some money and a few you some good money management you’d probably have a profitable trade there and but then let’s see it starts coming back down comes back down back down and coming back under yesterday is higher. So as you can see the green bar yesterdays high the green line I should say.
SWING TRADING SETUPS
It did stay above it could have been made a little bit of money but did it create a bullish day. That is the thing no lasted for a couple of hours and a lot of times they don’t even last that long. So if you’re looking for oh this is going can be a bullish day.
We want to get as much movement out of it as possible if you really want a day trading setup that works in today’s markets. We don’t want just a little break out and then it retraces back down. And so the point is it’s really it goes back to the basic premise of professional trading keeping your losses small letting your winners run. These break outs are not creating situations where we are allowed to let the winners run because they’re not following through very much.
HIGHEST PROBABILITY TRADING SETUPS
Here’s another option and the option is that instead of looking for breakouts of yesterday’s high and low looking for the break out of a different range. Here’s your pivot point. Your central pivot based on floor to your pivot formula and what I do is now see if you look at it for breakout of previous days high or low you’re already in at extreme.
The market’s already made a move and you’re looking for to really make a big move in. Sometimes that happens and if it keeps going in your way which sometimes it will then that’s great. It’s just they don’t see it happening as much as it used to. I want to get in early. Professional traders we want to get in earlier.
DAY TRADING SETUPS TECHNIQUES
And so I look at these two and I take them as a zone as a neutral zone. Actually let me draw that a little differently here. So drive on the lines instead of the data there. Between those two lines I’m considering that we’re really a neutral market. We’re in a balanced market and either the Bulls nor the bears have taken over as opposed to waiting to break up of the high yesterdays high to decide its bearish a bullish market where to break below the states loaded aside.
It’s a bearish market. I’m going to make that decision earlier. So now that can improve my reward tremendously because and even if the market doesn’t move as much so well look what happens here.
I’ve found this works very well and invite you to check it out with these levels on your charts.
GET MY FREE MARKET ENTRY TIMING INDICATOR
BTW, if you’re interested in the indicator that I use personally for very precise entries and exits. I’m happy to share that with you. Just send me an email at Barry@TopDogTrading.com, and I’ll show you how to get access to that indicator.
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