Hello, my friend, and welcome to this tutorial on Day Trading Tips. This post discusses day trading tips and tricks for intraday trading the stock market, futures, E-minis and other equity indexes that can help you trade for a living by getting an edge over other day traders. Enjoy!
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Day Trading Tips – Video
Welcome to this video on the most recent day trading tips that I’m going to show you today. So today’s day trading tips are for newbies. It aids with your psychology. It’s for intraday trading indexes where it works the most effectively. So, as you can see here, I have the e-mini S&P.
I’ve got a 2-minute chart. You can vary this depending on what you want. However, I do use this for intraday trading. Now here’s the trick over here. I have the advanced decline line and I use the same time interval.
Introduction to the Advanced Decline Line – Day Trading Tips
The advanced decline line is a breath indicator and it’s basically an index. It’s measured by the number of advancing stocks and the number of declining stocks, and that’s it. So how are we going to use this? We’re going to use it to get a little bit of an edge every so often. This is not something that’s going to help you on every trade, but it is something that can give you a heads-up sometimes before the market or trading does, and that’s what we’re looking for.
So I’m kind of an edge, right? The first one is that we can see that on the S&P mini, we get a higher high, but on the advanced decline, we get a lower high. That’s a heads-up, a little bit of a leading indicator. Now remember, this is not really an indicator because it’s not taking the data of the S&P mini and running it through some type of mathematical calculation. It’s actually just measuring the statistics, so that’s the difference between an indicator and a statistic.
Assess Whether Market Strength is Sustainable
It’s an index in and of itself. So the advanced decline line matters when stocks are not following through. That would be a little heads-up that maybe this puppy is not going to continue to go up. So there would be one. Now a lot of times it’s going to follow pretty similarly, but then other times we’re going to find other times when they are not following through.
So here, for example, we see these highs coming up here and here, match these highs. We got them there. So for the e-mini, for the S&P, this is the market we’re trading. We see that we generally have equal highs, but not so on the advanced decline line. So here, I make it into candlesticks.
You can actually turn it into a line if you want to, technically it’s called the advanced decline line and they draw it as a line. So we see, hitting high, hitting high. But then, even though the S&P mini is still hitting equal highs, the breath indicator is not going up there anymore. That again is showing an early sign that maybe this strength that’s showing in the market may not be sustainable because when you measure all of the individual stocks, those that are declining and those that are advancing, they’re not holding up at the same level. So that’s a good tip for you there.
Best Suited for Trading Equities – Day Trading Tips
It’s something that I use when I day trade the equity indexes. So if you’re trading Forex or individual stocks, this is not going to be as helpful. I don’t think there is anything similar to this for Forex or at least not equal to it. So this isn’t really for Forex. This is for equity trades.
Also, with individual stocks, it’s great if you’re dealing with the S&P, the Nasdaq, or the Russell, big indexes like this, because that’s really what you’re looking at, the conglomeration of all these different individual stocks put together and plotted as one index. So great tip for you there.
By the way, if you found the video helpful, feel free to give it a thumbs up and share it. I really appreciate your feedback and encouragement. They keep me going here to create more free tutorials for you.
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