Best Indicators For Day Trading – We Don’t Need No Stinking Indicators!

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Best Indicators For Day Trading – We Don’t Need No Stinking Indicators!
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What’s Up Traders – Happy Monday!

And with that Monday the market brings brand new opportunities. I’m often asked by new traders, what are the best indicators for day trading? And as you’ll see in this video there really isn’t any best indicators for day trading. But there are those that have a distinct advantage by acquiring a couple of skills.

What are those skills you might ask? That first skill is the ability to read the market and anticipate the possible outcomes. The second skill is consistency. That’s the reason that you trade on a sim account like the one above. You do this until you are profitable. So, with that said let’s take a look at why today’s market environment was the perfect opportunity to learn some of this.

Best Indicators For Day Trading?

One of the things that I’ve been teaching you lately is the fact that we can almost predict how the market will run for any given day based on how it moves in the pre-market and today was no exception.

If you take a look at the pre-market this week and compare it to last week’s action, you can almost see that we should expect light volume. Just keep in mind that this is only a tiny thing and at the end of the day the market can do anything. On the other hand do not take this tactic as the gospel. Only use it as a clue.

After the open we have a great looking short that stops us right out followed by two longs that both work to target. And then we get a change of direction to the downside again.
Where we immediately get another short opportunity. I took this trade and originally had a target set of two points. Again I am trading the beginner trading plan where I use automatic profit targets. The thing to realize though is that this area has now become a strong area.

And continuing along with this strong area if you look at the market as a whole you will begin to notice that we are actually moving sideways. Take a look closer and you can tell that we are actually in a range and moving to the side. What this tells me is that our targets now have to be changed to the strong area. The reason for this is that the market most likely isn’t going to break the range.

We really have no idea when it’s going to want to do this. So, in order to make it less risky for ourselves the best bet is to take profit at that strong area. And this is basically what I did for the rest of the morning.

Overall as you can see because of my adjustment I managed to do very well.