NEW Intra Day Trading System.

From Greg M

Lions and friends… As I spoke about in my post market video, bottom of the page.

I have been doing a bit of intra day trading using SPY as of late, working on a new system I created.

Here is a sneak peek at a part of my new system with its associated set up/indicators. I put this together using Think or Swim.

Please feel free to set this up for yourselves, paper trade with it, and please let me know how you do. Or how we can improve it!

ENJOY!

GM

I am using Renko Bars, these settings

These are the chart settings.

Chart should look like this (below).

The trick is to only enter trades, either long or short, when the on balance volume suggests who is in control- buyers, or sellers. Then, only enter trades if the price action goes beyond 0.5 standard deviations away from the mean (parallel white lines). The other indicators then give you signals which are color coded and have a corresponding arrow when they are set up as I placed above.

Look at the chart below as an example. This is showing a clear DOWN signal. Here you could short SPY, or if you were long, pull profits.

Please let me know what you think. Or as I said, suggest ways to improve this.

THERE IS ONE OTHER COMPONENT TO THIS I AM STILL WORKING ON.