At least for day trades, the simpler the system the better. Decisions can be make more quickly and automatically. Too many indicators, support/resistance, time frames, etc, would bog down the decision making process and make one less disciplined. It’s common to take out a stop order because another support is just below.
Today I had a rare good day. Profit-wise it wasn’t much – like $256, but most trades went in my favor, mainly small scalps. My portfolio value also went up despite existing positions in SDS and QID. I suppose taking half of them out last week was a good idea, so far.
I’m currently waiting for a number of setups to play out. One of them is DAKT and the other, MUSA. DAKT has been a high flyer and is forming a bullish wedge.
MUSA, the long laggard IPO has a thin zone waiting to be filled if the week finishes above 16.
Portfolio value: $139,150.