Special note:Â Next Bullseye Drops Tuesday!
With small caps recently red hot, I want to discuss a few simple intraday trading strategies and concepts that pro traders use repeatedly.
As I have previously mentioned, once a small-cap stock has unusual volume, usually with some sort of catalyst like news, that gets my attention. That’s when I begin looking for my trading setups.
A strong stock will trend higher, making a series of higher highs and higher lows.
Then, when I’ve identified a strong stock that has the potential to continue higher I look for great places to enter the trade.
Small caps with a ton of volume sometimes tend to grind higher, usually playing games with retail traders with plenty of shakeouts. I try to stay patient and give myself the best chance to have a good trade.
One way to do this is to identify prior levels of resistance and use those areas as a potential entry point, as strong stocks can have resistance areas that later turn into support.
Let’s take a look at an example in OSCR recently:
Notice that the stock was already trending higher. That should be the first thing you look for.
Then, the first major resistance level was broken to the upside. There was a pullback and a retest, and the prior resistance acted as support.
The process is repeated the next day, when a support level is formed around the prior day’s resistance, and the uptrend continues. In fact, this happens two more times, when the prior resistance is broken through, tested, held, and a new up leg occurs.
This is the type of price action that occurs in a very strong stock.
Spend some time digging into that this long weekend and see if you tend to agree!
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