If you're currently day trading or practising, by now you're probably familiar with using Horizontal and Fibonacci levels as a significant part of your setup.
To enhance your day trading strategy, looking at the finer details of price action would be the next step.
The examples that you see here are very expansive, while including Fibonacci they also utilise the advantages of time and volume.
A day trader that adopts Time Price Opportunity (TPO) and volume, will see through the noise that often distorts the average day trader.
If you're currently day trading or practising, by now you're probably familiar with using Horizontal and Fibonacci levels as a significant part of your setup.
To enhance your day trading strategy, looking at the finer details of price action would be the next step.
The examples that you see here are very expansive, while including Fibonacci they also utilise the advantages of time and volume.
A day trader that adopts Time Price Opportunity (TPO) and volume, will see through the noise that often distorts the average day trader.
Such strategies should be studied and practised before you commit to applying them.
You are strongly advised to take notes of the criteria for this strategy and if need be; revisit relevant modules such as TPO and FootPrint charts to further your understanding.
Key Points of the Lesson
UTILITY
Advanced strategy producing 1-4 trades per day.
Combines momentum, volume and confluence.
Less time-consuming than CCSS.
IMPLEMENTATION
Footprint statistics software ⇒ Exocharts, Atas.
Key components:
TPO charts
Open Interest
Volume/Momentum
Fibonacci
DAY TRADING STRATEGY STEPS
1.Momentum
The 15 minute market structure shows the trend.
The volume will show the strength of the move.
Open Interest shows the aggressiveness of the move.
2. Fibonacci
The primary tool for confluence ⇒ Champions Channel.
The 0.796 level can be used in low-volume environments.
The 0.28 level can be used in high momentum environments (trending days).
3.Volume tools and TPO
Volume tools ⇒ Value Areas, Points of Control and session VWAP give entries.
TPO charts: Single Prints or High Time Nodes are highly favourable.
PRACTICAL EXAMPLE
TIPS & TRICKS
Reading momentum and market context is crucial ⇒ Are longs or shorts getting aggressive?
⇒Is Open Interest following the aggression?
The 5 million volume chart is recommended.
Session VWAP + POC+ Fib level ⇒ strong confluence example for this strategy.
A perfect trading strategy does not exist.
The final piece of the puzzle is found with experience.
Patience is very important ⇒ no setup = no trade!
TAKE HOME MESSAGE
Momentum gives trade direction.
Volume **gives entries.
Fibonacci gives confluence.