My two trades today gives you a really good look on how important the daily chart is to the success of your day trading. My first trade in XLNX I found on my list because of a red bar ignored on the daily chart. Some use the RBI's for an entry pattern, I don't but these are excellent plays if they happen on the daily chart and you zoom down to the 5 minute chart to find your entry. This is exactly what I did on my play in XLNX. Price action broke out and rallied hard at the open only to pull back hard. I avoided the first buy that triggered but when price started to form a bullish base I waited for the breakout. From the chart it looks like I was a bit early but in the end I was greatly rewarded as I sold my position into the close...
XLNX 09042014
My next trade was in CREE which closed the prior day with a nice solid red bar after days of spinner type bars displaying traders indecision. The red bar gave me a clue that price should be heading lower. I entered my play short during lunch, and like many lunch time plays, I had to wait until the afternoon for a late day break down in price.
CREE 09042014