Thanks for the kind words, Krishna....
1) Most of the times I have discussed daytrading in this thread but the basics are same even for swing trading.
2) Trading in line with higher timeframes is called " Multiple Timeframe" trading and is a very sound concept.For swing trading you can consider hourly bars in the direction of daily bars or even 15 min bars in direction of hourly bars. If one can find small,medium and large trends on same trimeframe, it is great but most people will find it difficult to visualise three trends on one timeframe and hence multiple timeframes give better trades.
3) The following setups are important for swing trading :
a) Re-test of swing low/high
b) Rejections and failures
c) The trend change and deciding the exact point where the trend changes.
d) Trending and sideways phase in any trend.
e) Various stages of a trend
The basics of daytrading and swing trading are same in my view except in daytrades you have to be much faster and the margin of error is very thin. Also profit booking is more important in daytrades than it is in swing trades as in daytrades profits tend to evaporate fast so it is a very delicate balance between taking profits and letting it run.
Smart_trade
Thoughts on "The A to Z of trading career - musings of a professional trader !!"