by Helmut Schmidhofer
There is only one job that is tougher than being a day trader and that is being a floor trader. At least the day trader has his computer with access to instant data from all directions. All the floor trader has is the seat of his pants (his intuition) and the speed of his brain and the strength of his voice.
Both day traders and floor traders make a living from their craft, if they are good.
Day trading is NOT speculating, it is a sport. You have to love the action to be a day trader. What is understood is that the term "day trading" means intra-day trading.
If speculating is the fuel that drives the market engine, day trading is the oil that keeps the engine running.
Would anything on this site assist a day trader? Of course. Moving averages and oscillators of all descriptions are the staple chart analysis of day traders, using 5 seconds (tick term) and 30 minutes (medium term) to 4 hours (long term) time frames.
I am not sure that day traders ever look at the epochal trend of one week, let alone three to six weeks?
I wondered if SCHM bands might work for day trading. Here is the result for 23 February 2007:
The moving average of 50 thirty minute time frames has been centered and spaced 80 pips apart. A well known day trader, Bunnygirl, says "50 pips per day is a realistic goal". An 80 pip wide SCHM band should deliver that.
Can you see an Elliott wave forming? This is discussed next.
Back to other oscillators Proceed to Wave Theories
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