|
PureBytes Links
Trading Reference Links
|
Hello RT's,
I've been reading a chat channel for a few weeks that has a number of day
traders on it mostly trading Spoos and Boos. It has been interesting to say
the least. It appears to me that most of these traders trade off of Support
and Resistance, Fibonacci levels, or pivots within that intra-day data. Most
of these traders put on both long and short positions within the same day. I
have read a significant amount of grumbling about their trades and the
quality of that day for day trading.
What I don't understand is not using the prevailing trend and the developing
intra-day trend to simply buy/sell pullbacks. For example going into the
Spoos today we have a super strong upward move that has lasted more then a
month. The fed cut rates. The trade is still within an ascending channel
etc., etc. So why were some of these traders shorting today?
I tried day trading once some time ago and took a beating but with some
research and careful observation I was thinking of trying it again. Am I
missing something or is what they are doing an ineffective thing to do?
Brent
|