Here is a technique I use for day trading.
- Use 1hr chart for day trading, to see the trend.
- See any tops or bottoms, Head and shoulder, Double tops or bottoms.
- It is the maximum area of support or resistance.It may act as starting or ending of Elliott waves.
- Draw trend line , trend channel for ew counting.
- Identify whether it is wave 1/5, or a/c.
- We can also use divergence to identify wave 3/5,a/c
- We can draw channel for wave detection.
- apply wave rules for wave counting.
- Use stochastic to see the change in this time , it can also identify wave with rate of change.
- Use MA short term , intermediate term, long term 13, 21,50,100,200 to see price reaction with thse MA.
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