Day Trading ?

1) experts says that "technically a person should long if scrip opens above the pivot point and short if it is not the case" but most of the times a scrip opens above/below the pivot points, moves immediately( in 1st 5 min.) in a 5-6 rs. range and then consolidates in a range of 1-2 rs. for the whole day... how to trade ( daytrade) in such a situation ?

2) i am trading with 5 paisa, they have only few indicators in their real-time software, so how to day trade using RSi and Stochastics ? they dosen't have the facility to draw trendline on the chart, neither to export it.

seniors pls. help ...

Very Simple...Do not day trade...if u like to trade try swing/position successfully first. OR if u r hellbent find your own way...

daytrading is the surest and quickest way to blow away your trading capital and may b more,because it is addictive.

As the famous quote goes, " Trading isn't risky, being uneducated is"

Hi shreyadr, i sometimes trade the open but, not with pivots. my fav setup: use 5 min chart for this one. first 3 bars after the opening. mark the HIGHEST CLOSE and LOWEST CLOSE(ignore the colour of bars) of 3 of them. if the price CLOSES above the HC(in case of an up gap) trade it or if it closes below the LC, fade it. the stop is the price closing inside the opening range. this setup works good for me cause, its hardcore technical so placing a stop is best part( no emotions). if u can READ the volume, it will help. PAPER TRADE FIRST. peace...