Once you isolate the set up you can place your entry order for next day’s opening bell. The 2X Inside Day Strategy works great with stocks, futures and forex markets using intra-day time frame. GOVERNMENT REQUIRED RISK DISCLAIMER: FUTURES & FOREX TRADING HAS LARGE POTENTIAL REWARDS, BUT ALSO LARGE POTENTIAL RISK.
UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING.ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. If you recall I looked for the market to make a 50 day price high or low in the original strategy. Notice that that my risk level is lower than $1.00 which is the ultimate goal when day trading or short term trading any stock. The profit target should always be MOC for this type of strategy, especially when you are trading stocks.
SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT.
I find that with daily charts the 2X strategy works well using reversals but with day trading it tends to work best with short term reversals.
THE PAST PERFORMANCE OF ANY TRADING SYSTEM OR METHODOLOGY IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
So what I do is find a set up that occurs after the market made a 10 day low against the current trend. The momentum is coming back into the market after two very quiet days, so typically the momentum follows through till the opening bell, especially if there is extended buying coming into the market. For day trading purposes I don’t bother with the weekly chart but if the trade involves holding positions overnight I will start the analysis with a weekly chart and work down from there. You can see in this particular example how the stock is trending strongly before it makes a 10 day low and the pattern sets up immediately thereafter.
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