A Quick Guide to Day Trading with Blue Sky Day No Repaint indicator!

Well, check out this helpful quick guide to day trading that details how to develop a trading edge with our strategy.

There are thousands of equities to choose from, and day traders can pick virtually any sort of stock they want. So the first step in day trading is figuring out what to trade. Once one, or several, stocks, currencies, crypto-currencies have been selected, the next step is to trade and profit from them.

Time-frame:

Time-frame is one of the most important things when it comes to trading the market and it's up to your trading style, which you can fix it. Nevertheless, we suggest you set 15 minutes as your default time-frame for day trading.

Rules of Trading 15 Minute Charts:

This strategy works best for any kind of instrument including stocks, indices, currencies, crypto-currencies or even binary options. This is an intraday strategy. However, you can apply it to longer period charts if you are a swing or medium-term trader.

TRADING THE 15-MINUTE CHARTS

You will have to setup:

1. Blue Sky Day No Repaint Strategy Tester (primary indicator)

2. Blue Sky Day No Repaint Alerts (for setting up signal alerts)

(If you do not have access to our indicators, click here to purchase the subscription)

So now, we are going to learn how to trade intraday using our indicators.

There are two techniques that you can trade with:

1. Trade on a single time-frame. (15-min time-frame; in this case)

2. or trade using multiple time-frames.

What is Multiple Time-Frame Analysis?

If we trade on the 15-min chart, we should have our eyes on a 30-min time-frame also. Or a 30-min chart, we should be checking out the 1hr and so on.

Let's say we are going to trade EUR/USD for the day, now what we have to do is to switch our time-frame by 1x higher, i.e., as we discussed earlier that our default time-frame is going to be 15 min for day trading, so switch it to 1x higher i.e., 30 min and check on both the time-frame whether Blue Sky Day No Repaint indicator has generated the SAME signal or not. We have to make an entry on 15 min time-frame ONLY when both the signals are the same. Otherwise, we need to wait for the next signal to form.
Similarly, the same technique can also be applied to other time-frames such as 1>3, 3>5, 15>30, 30>45, 45>1 hour, 1 hour> 2 hours and so on.

Benefits of Multiple Time Frame Analysis

• Key levels of support and resistance may exist near your trade, but that can’t be seen on the time-frame you are trading on.

• The trend may appear differently on the time-frame you are looking at than where the long term trend is moving.

• Price may appear to have room to move on one time-frame where it is actually quite over-extended on a lesser time-frame.

• You can make a much more precise entry point on shorter times than on longer ones.

• You may take a great trade on a short time-frame and hit your target, but not realize you could have let it run for a way bigger profit due to the longer-term trend.

Feel free to email us on [email protected] for any queries, feedback, or feature requests.