More importantly, the most straightforward day trading strategy is also the most flexible and hence the most powerful in the hands of a seasoned trader. These strategies are simple and easy to follow. This is why we limit ourselves to looking for pullback setups and to a maximum of two trading indicators. First, find the trend. Keep it simple and choose only one trend-following tool to help you. Having a systematic way to define the trend is essential, but always remember that the market can have no tradeable trends.
Learning to recognize when to step aside is an essential contributor to your trading edge. Jumping onto a train while it is speeding can get you to your destination. We can hop onto the trend while it is blazing away. But we face the obstacle of setting stop-loss orders to protect ourselves. This difficulty is not a deal-breaker if you are looking to ride a trend for the long run.
However, day traders have limited profit potential within the day. Hence, we need precise stop-loss points to support our positive expectancy for our setups.
This is where a retracement is helpful. It helps us pinpoint when the trend is slowing down so that we can hop onto it with controlled risk. For instance, in the Holy Grail trading strategy , a retracement is when prices fall back to the moving average in a bull trend. For confirming a retracement, very often, price action alone is sufficient. So try to keep it simple. It points out the different criteria you can use to filter for pullbacks.
So, choose only one tool to help you with defining the retracement. Yes, we might miss out on some trades because of how we define pullbacks, but that is a cost we pay for consistency. If you can use the same tool you chose in the first step, then congratulations, you are a champion minimalist trader. You must know precisely when to enter a position and when to exit so that you can act without hesitation when the opportunity arises—having specific rules also help to define our reward-to-risk ratio for each trade.
Instead, try using the tools you have chosen from the earlier steps to trigger your entry. Look at the chart below. It shows the simplest entry for each of the pullbacks we identified earlier. The primary value of the entry method is the stop-loss it implies. Thus, when we use a bullish bar to enter, its bar low serves as a solid initial stop-loss level. For more profit-taking methods, check out this guide. Here, we used only one trading tool: the trend line—no trading indicators.
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