Intraday Setup

Here is a little intraday setup which i trade regularly. Any comments welcome.

Criteria:

Stock approaching support level
Series of 3-5 lower lows, 'tightly packed'
Volume declining
Bullish reversal candle
Entry on trend line break or retest.
Stops at low of b/o or retest candle.

Faz

fazalv said:

Here is a little intraday setup which i trade regularly. Any comments welcome.

Criteria:

Stock approaching support level
Series of 3-5 lower lows, 'tightly packed'
Volume declining
Bullish reversal candle
Entry on trend line break or retest.
Stops at low of b/o or retest candle.

Click to expand...

Hi Faz,
Was there a volume spike somewhere to the left (outside of the screen shot)? This is an area where I watch price bars and the action of volume to see if prices form a "box" prior to moving up or down. It's important (IMHO) to watch the nature of the action of several price bars - not simply the last price bar before the current.

What timescale are you using on your intraDAY CHART?

The stock was google. Intraday 1 min bars.
My intention in posting the pic was to share a pattern I regularly trade. I used to wait for a breakout and test as my entry signal but this little setup enables me to get in pretty early with very tight stops thus increasing the R/R.

Hopefully this will encourage others to share their own entry criteria.

Attaching the bigger picture.