Can anybody let me know which are the best indicators for daytrading. pl. tell in detail like how many minits charts should i keep and in that chart which indicators should be kept with what parameters for day trading.
The best technical indicators for daytrading depends onour comfort level on which one to use. Any of these indicators (oversold, overbought) and trend indicators (higher high, higher low) should help. How many charts depends on what timeframe you plan to trade. You would usually need at least 4 charts. An hourly chart, 15 minutes chart, 5 minutes chart, and 2-3 minutes chart. 5 minutes chart is most traders use for entry/exit intraday, you could make at least two good trades with 5 minutes chart on fast moving stocks.
JessicaM has a very nice summary on Market Profile, you might want to a look at the market profile approach on daytrading.
Ask a question or leave a reply