The advantage of day-trading is that one should use the intraday charts to their advantage. Applying the same TA on the smaller time frames. There should be more discussion on this.
For example ISX the most heavily pumped stock that had targets of 12c for the Pole & Flag by Bossovic- I checked and this was correct and a great target. Bosssovic also called the intraday ascending triangle setup- on the 5min chart. This had a target of 10.8 from my calculations.
When this intraday triangle was broken to the downside and the ramping and pumping was at max I exited at 9.8c after buying in at 10c on the previous days auction. (previously had a bout 590k shares from day one, that I had sold for a few grand - but should have been close to 20 grand if I had kept my nerve and held till 10c)
Now ISX on the hourly chart has a very wide spread low on high volume. I have been learning from mitta and Dr Suess about VSA analysis and the wide spread high volume bar on the downside-(from memory-could be incorrect) should not be bought- but wait for confirmation of a test of supply at these lows with some low volume small spread bars or buy the restest of the breakout.
Not sure if that is correct analysis but when looking at the 5 min chart there is wide spread low and increasing volume - with a green candle bar with the highest volume a rising hammer. This would suggest a reversal buy signal.
Thanks mitta or Dr suess - you or anyone else can correct my work like schoolteachers- I am the student learning.
So comparing the hourly to the 5min - that could be like comparing the weekly to the daily.
