I was thinking about also using just one set up such as a 1-2-3 buy or sell signal but I've decided against that. My aim is to get in early to an intraday move where I can see either an existing trend or the possibility of one and to try to stay on until the trend changes. Every now and then you get a day which trends strongly from start to finish and those are the ones I'm hoping to capitalise on. I think that most of the others will give me small wins and losses over time with perhaps, a small winning bias.
Here's an example in Bhp.
Click to enlarge
If I waited until there was a 1-2-3 buy signal I would have entered at 4168 just before 11 am. The stock had gapped open though, confirming a small uptrend so I waited for a pullback which came early and then entered soon after the open at 4157. The next serious swing low was after 1pm at about 4158 so my stop is just under that point now which would give me a breakeven result, roughly, if triggered. I'm still long and although the trend is looking tired, I'm staying with it unless stopped out.
The stock has closed now at 4167. The Spi was sold down during the match out period, driving down prices, only to rebound promptly afterwards. I sold out half just before 4pm at 4184 and the other half on the match. So not the windfall that this type of trading is aiming for but a reasonable outcome nonetheless.
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