Hello, my friend, and welcome to this video on Day Trading Guide. In this post, we will discuss a day trading guide to see profit targets some traders don’t see, which will help you find excellent support and resistance levels for exiting your trades. Enjoy!
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Day Trading Guide – Video
Hey friends, Barry Burns here with Top Dog Trading, and today I’m going to share a day trading guide on identifying hidden support and resistance levels that many traders miss. Recognizing these levels is crucial for making informed buy, sell, and profit-taking decisions, similar to professional traders.
Let’s look at an example. Imagine a scenario where the market gaps down from one day to the next. The market closed here and opened down here, then moved back up. Many traders anticipate a gap close, targeting profits at the gap’s upper boundary, but sometimes the price doesn’t quite reach that level. This can be perplexing and often results in traders giving back profits as they wait for the gap to close, only to see the market reverse.
Incorporating Pre-market Data – Day Trading Guide
How can we predict where this high will come in if the gap won’t close right away? The answer lies in incorporating pre-market data. Pre-market data can reveal resistance levels that aren’t visible during regular trading sessions.
In your charting platform, ensure you include all data. For example, in TradeStation, you can change the session settings to 24/7 to include all data, including pre and post-market sessions. Here’s how:
- Change the session setting to 24/7.
- Include pre and post-market data on your charts. In my charts, I color-code the data: green and red for regular sessions, maroon and black for post-market data, and black and maroon for pre-market data.
Wrapping Up!
By adding pre-market data, you can see that the gap isn’t as large as it initially appears. The real gap is smaller, and the resistance level is not at the previous day’s close but at an earlier pre-market resistance point. This explains why the market stopped at this level and reversed, without closing the gap.
Including all market data allows you to see support and resistance levels others might miss. This can help you identify more accurate profit targets and entry points, improving your trading strategy.
I hope you found this day trading guide on support and resistance levels helpful. Feel free to leave comments or ask questions below, share it with others, and stay tuned for more lessons. I appreciate your feedback!
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