Day Trading Stocks the Wall Street Way: A Proprietary Method For Intra-Day and Swing Trading by Josh DiPietro

Author:Josh DiPietro [Josh DiPietro]
Language: eng
Format: epub
Tags: Business, Personal & Professional Development
Publisher: John Wiley & Sons
Published: 2015-09-14T21:00:00+00:00

Observing the Framework of Entry and Exit Strategy with Step-by-Step Procedures and Guidelines

Before I jump into the steps, here are some basic pointers. I've said it before and I'll say it again: you're looking at the map here, not the road; I cannot say “this is only the framework” enough.

Each stock you acquire and begin to trade with my system will have to be tweaked a bit. As I mentioned previously, some stocks move faster than others; some stocks have fewer tiers to trade; some stocks react differently at swing levels, and so on. The point is my guidelines are general. These lessons don't apply across the board. This is a major reason why you need to be formally trained. Even after I train you, it will take you some time to get married to your stocks. It's all about patience and due diligence. I'm sorry, but I can't offer a simple, straightforward golden-goose strategy. There is no such thing.

Previously I briefly went over the general market price barriers: .25–.50–.75–.00. In this section I map the generalities on when to enter/exit an intra-day trade. I've shown you how to gather your whiteboard (prior) price levels, and I've shown you how to confirm a newly formed intra-day high/low (the 5-candlestick rule for resistance/support). Now you just need to know what price to enter at once your prior or new levels break.

Remember the number-one principle of reverse-countertrend trading: we only enter after our predefined price levels break. And remember this Golden Rule: you enter your trade at exactly 25 cents or 50 cents past your entry price level.

You won't be required to trade using the general market price barrier technique, but it does help to reinforce why I go 25 and 50 cents past S/R levels:

Every 25 cent level is a standard/general market price barrier, whether you're entering or exiting a trade.

There's general market resistance, regardless of intra-day support/resistance levels, when the stock breaks through these price levels:

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