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- Creating rules to prevent rare occurrences of red trading days and setting key support and resistance levels on higher time frames provide guidance for micro-scalping strategies.
- Considering the big picture by looking at higher time frame charts helps identify breakout days and potential strong moves, allowing for better insights into the potential strength or weakness of a stock and adjustment of trading approach accordingly.
Deep dives
Creating Rules to Prevent Rare Red Days
The trader discusses the importance of creating rules to prevent rare occurrences of red trading days. They emphasize the need to have a daily stop in place and mention the flexibility of determining the max loss based on weekly performance. The trader also highlights the significance of considering the big picture by looking at higher time frame charts to identify breakout days and potential strong moves. They stress the need to set key support and resistance levels on the higher time frames to provide guidance for micro-scalping strategies.
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Listen to the best highlights from the podcasts you love and dive into the full episode