Let me explain Quickly how it works & What i look as professional traders
01 ) You have to identify the Trend based on your Methods , Moving average , , , whatever you are trusting and have tested in the past ( Important)
02) You have to learn about a Little bit ( Google it or Trading view education section is there you can get the link form it )
03) You must have a capital to hold positional trade for Future contract( the scrip you wish to trade ) , its important because when sit on trade long or short , when you identify trend continuation its advised to take the benefit of full move
04) Please keep small list of scrip , if you want to trade more number of scrip then you will probably end up in losses , My friend once told me to handle 1 Year 6 babies for one hour and i found the answer why i should not trade multiple scrip at once ( its impossible )
internal tool names :
POC: Point of control where the major trade takes place during that session when you see formation of ,
visually you will find tool will give an red bar ( You can change the color if you want ) crossing in the middle of candles
Value area low : its lowest low during that period
Value area high : its highest high during that period
Lets come to rules
I am not big fan of bottom fishing and i am not big fan of top selling so please do not miss use it
01 ) You can select 15 mint period time frame and check weather the open is below the previous and wait for 15 mints candle to complete if it brakes the Previous Low and close above the previous low you can look for buy set up above the 15 mint candle high brake , and start trailing the stop after 2 candle formation
02) if it close candle below the Previous close Go for short but remember usually they move down only to come back up to make short cover so look for proper direction of the trade
03) When price opens and close above Previous day , it indicates further rally , but usually they will try to retest the Current and them move up
04) Same is true for short selling when price Opens below the previous it will come down for few candle and then it will move back up and retest the before heading for down ward move
05) in all the aspect important is you must track it real time and You must have a Judgmental direction based on HTF
06) Now its not only for Day traders its also for Swing traders , they can use any time frame they wish , 1 Hour , 4 Hour , Daily , and weekly it works the same way how it works for day traders
So please understand the concept and Look to improve your trading Quality and Have patience during the trend ride Earn well and Live well
All along i was struggling with bits and pieces of knowledge.
Now only , slow and steadily iam gaining confidence. Still a long way to go. But,i am confident now.
Thank You again and ofcourse "Lord Krishna".