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Stop buying penny stock breakout spikes. Buy the dip long set up is better for beginner traders with a small trading account.
1:35 Daily chart trading pattern best for dip buying
3:35 How to draw STRONG support and resistance lines to buy the dip
7:54 Using high short interest to your advantage when buying the bounce
Buy the dip, or buying the bounce is the best long strategy for day trading beginners to build their small account. The risk reward is much better than buying penny stock break outs. Here is what I look for when I’m picking stocks to buy the bounce.
1. Parabolic Daily chart pattern
This kind of daily chart pattern provides traders the best momentum and volume to the upside. Essentially you are buying the bounce on trends for a long continuation to the upside.
2. Drawing strong daily support and resistance levels
The strongest support and resistance lines are from the daily. I look to buy the dip intraday trading at support lines that are drawn from the daily chart. Same way the daily resistance levels will likely act as the top on intraday runners.
▶️How to draw support and resistance lines in day trading:
3. High short interest
Heavily shorted stocks with high short interest are likely to squeeze when momentum is shifting to the upside and the buying volume comes in.
▶️Best stock scanner for short interest:
▶️Other delayed resources:
When to Buy Stocks Overnight
How to Trade PART TIME while Working a Full Time Job
How to Grow a Small Account in 2020 Day Trading
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