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0:59 Strong day 1 bounce set up ($ELTK stock)
3:45 Determine daily support level with volume breakout
6:43 Day 2 morning dip buy set up ($LCI stock)
10:36 When NOT to buy the bounce? ($AKTX stock)
This long trading strategy is also known as the first bounce set up, morning panic, or buying the pull back. It’s the best way for beginner traders to grow a small account.
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I believe buying the first pull back is the best long strategy for day trading beginners to build their small account. The risk is usually defined and the probability of success is high, if the trader is selective of set ups with these two KEY criteria.
1. Daily chart set up
2. Intraday volume around daily support lines
Buying the strong day 1 bounce strategy:
This is a great beginner long strategy in a buyer’s market especially with all the low float penny stocks like $ELTK running. Do not buy the whole dollar break outs on these plays, because most day traders cannot handle the volatility. Buy the first pull back to daily major support area.
Buying the Day 2 morning dip:
This is similar to day 1 set up, except this set up usually happens within 30 min of the market open. $LCI has been setting up weak premarket. But the stock will dip down to major support area from day 1 and the daily chart. If the support holds with volume, then thats a place to enter long and ride the bounce up to yesterday’s highs. This is also known as the red to green set up.
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