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I look for areas of confluence on the daily and hourly charts for intraday trading, and on the weekly and higher timeframes for swinging. I use the full stack of indicators in the upper left of the charts, including SMAs, EMAs, Bollinger Bands, and the linear regression channel. Many times the SMA and EMA will converge, or form a narrow ribbon, and when price of the asset I’m trading approaches this area at the same time that $QQQ is approaching a similar area, there is added confluence. The 5 SMA on the daily and hourly is useful for dip buys on stocks that are breaking out, and the 325 SMA and 377 EMA sometimes give areas of demand or supply for more climactic moves. I only execute at these moving supply and demand zones, and I watch the tape when entering to confirm that price is building in my favor. I also use these areas to gauge my measured potential in the trade, as more space to the next line is beneficial for a bigger move. I use these lines to scale out of my position as well, and once I start taking profit, I typically use a breakeven stop on the remaining balance. In addition to these supply and demand zones, I look for things such as a tight daily channel, areas of congestion on a chart, Wyckoff analysis, harmonics, and other patterns I have come to recognize over the years.
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