Using Daily Charts for Day Trading

Today’s video highlights a technique for aiding day trades by doing analysis of the daily chart, using VIPS as an example. There is a formula for making money with Carolyn Boroden's Fibonacci Time and Price discussed on Options Profits and Real Money Pro. Boroden looks for three trade setups: Fibonacci Price Cluster, Symmetry or Two-Step Pattern. This week’s trade setup is in shares of Green Mountain, shows where defined risk levels are. The most recent decline totaled $35.81, very close the size of the prior pullbacks, which is helpful in estimating a support area. This level can be used as a potential swing trade trigger, but is also useful for trading on an intra-day basis when combined with our trade entry criteria.