Well, the answer to this post may change in future but at the time of writing this post I need three screens. Most intraday traders look at 5 minute candlesticks. Swing traders look at 1 day candle stick. On the other hand live market depth (supply and demand) too is essential before entering a trade.
On normal days swing traders don’t enter at random time. They enter only when certain indicators show the buy or sell signal. Meanwhile day traders look at support and resistance levels. Scalpers may take a quick trade based on supply demand gap.
Earlier I used to scalp but of late I realised that if I enter at strategic points my profit magnitude would be big. Now the reason why I say I need to look at three screens is because I can confirm my entry based on multiple data. Multiple data means supply demand, support resistance etc.
If you are using leading indicator then you can jot down the support resistance on 5 minute time frame and 1 day time frame. One of the leading indicator is Pivot Points. Pivot Points tend to show support and resistance and they tend to be constant for the respective time frame. If you jot down both 5 minute and 1 day’s (trading day’s) pivot point then you may not look at the screen because you already know the support and resistance. However, I use 20 day exponential moving average too. So I need to look at the screen. In addition to these two indicators I use indicators like MACD, RSI and Bollinger Bands on both 5 minute and 1 day time frame. Live market depth tells where the stock is heading. Also you should be aware of how big players manipulate the market to prevent yourself from making a wrong entry.
Every stock has its own properties. So I’ve written this post based on the stock I trade. There are stocks that don’t obey basic rules and behave wild. So back testing the indicators is essential. What works for one stock doesn’t necessarily have to work for another. Well I’ve mentioned the indicators for the stock I trade, if you want to know the stock I trade then I charge ₹100 for it. You can pay me via Google Pay or Paytm and send the screenshot of the transaction and transaction id via WhatsApp to +91 9964813325 to know the name of the stock. I also share end of the day chart analysis on this website and tell you how you should have traded the stock. You can see my analysis by hitting on ‘EOD Chart Analysis’ in the sidebar of this website. Well, that’s a wrap to this post. Don’t forget to check out other posts on this website before closing the tab 🙂
Disclaimer : Trading stocks is subjected to market risks. Please read all the terms and conditions before investing. The motive of this post was to teach little things about stocks for those who do not understand much about stocks. Candidcanblog.com will not hold any responsibility for any losses incurred to the readers of this post.