daytrade diary tuesday, page-4

hi cjs

This is a reply to a similar question:

http://www.hotcopper.com.au/post_single.asp?fid=1&tid=778350&msgno=3516346#3516346

I use live, 5 tick charts for most of my trades. I look for stocks with volume and volatility so that I can scalp trade them several times a day if possible, and mosty I get out at the end of the day.

Apart from the Bollinger Bands I mostly rely on drawing Fibonacci levels on the charts to find areas of support/resistance, which then give me entry & exit targets.

Each evening I formulate a trading plan for the next day, but I also react quickly to situations when they don't go as expected and rework entry/exits on the go when necessary.

Cheers