Recomended tech tools for 2-8 day hold

[Brennen81]

Hello,

I am currently in the process of transitioning into the trading world from the advisor world.

Could anyone share their thoughts on which analysis you would you would use for 2-8 day positions? Part of my initial stock analysis is having long or sort positions for this amount of time.

My amateur opinion says, while viewing the day chart, set the RSI for the approximate amount of days planning to hold.

Would you use fast or slow or full stochastics? Which parameters viewing which chart (1hr, 2hr, 1day etc)

Any other types for this length of time?

Thanks for any help
Brennen

 

[Vicorka]

In average I assume 5 days or one trade per week. I would recommend hourly charts. Going into smaller time-frames would lead to more frequent trading. Stochastic and RSI are quite popular. When it comes choice between fast and slow I usually prefer Slow Stochastic as more smooth. Yet, if you focus on stochastics you may what to check Stochastic Momentum index (SMI) as well.

On my opinion I would prefer to have a set of indicators that cover price volume and volatility.

Still, I would say it depends on what stocks you trade. Since stocks have different volatility and liquidity you may run into situation when the same indicator that is good for one stock could be a total failure for another. You may check Stock Trading Systems and enter your stocks into search to see what indicators work well with them.