On a 5 minute chart plot the 21 ema.
Basic idea is to get long when price rises above the 21 ema and get short when price falls below the 21 ema.
Price can often fluctuate above and below the 21 ema creating whiplash and false signals.
In order to reduce this chop, wait for a full candle bar to show up outside the 21 ema and don't jump in right when the price crosses the 21 ema. After you see a full candle outside the 21 ema, one can wait even further for a reversal candle. This is because often times price reverses from the 21 ema. Now if the reversal fails, get in.
Day trading is tough and requires one to be glued to the computer all day. It is also stressful after one enters a trade and waits for it to be successful. My hats off to day traders who can handle the excitement.
I'd love to hear from you with any suggestions, tips or tricks.
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