Are Day Traders 100% Technical?

[Soultrader 12]

A day trader finds opportunities in a trending market or a rangebound market. You can buy the dips in an uptrend and short the rallies in a downtrend. You can fade the upper and lower extremes in a range or play the breakouts of key S&R levels.

 

Day traders are also aware of key economic numbers that are released everyday. I like to watch how the markets react to the news. I also like to watch the overnight session and the market reaction to any significant overseas news.

 

My question is are day traders 100% technical? From my own experience, I am 100% technical. I have never paid any attention to fundamental news, and economic numbers do not really bother me. All I do is watch the market reaction to the news.

 

As a day trader, there are only a few options available each day. Buy pullbacks, short rallies, fade ranges, play breakouts, or stay flat.

 

What are your thoughts on this?

[Kiwi 16]

100% technical. Read momentum, structure, and behaviour at critical points.

 

The only value of news is not to enter immediately before it - wait for either a reaction to trader or wait until the news induced noise leaves the market so you can get back to doing your normal thing.

[MrPaul 10]

Read momentum, structure, and behaviour at critical points.

 

As a day trader, there are only a few options available each day. Buy pullbacks, short rallies, fade ranges, play breakouts, or stay flat.

 

 

100% agree:cool:

[TinGull 10]

yup, same here

[torero 10]

99% technical and 1% not-so-mental!!! LOL:D

[Guest scalptrader]

100% Technical, 100% Automated - the only way to make real money!

[calsprdr 10]

Once in a great while special opportunities arise. I am speaking now of the limit up day

corn had on Thursday August 11. The WASDE report came out Thursday morning and every corn trader should have known what it would say. Previous reports had highly overestimated corn yields given current terrible weather conditions, and one could expect this report would revise expectations downward -- extremely bullish for corn prices. You would have had to be in the market before the previous session close at 8:15 EST (the report was issued at 8:30 EST). The market reopened at 10:30 EST.

Does anyone not think this is a day trade?

So I'm in the 99% camp

[xioxxio 10]

Once in a great while special opportunities arise. I am speaking now of the limit up day

corn had on Thursday August 11. The WASDE report came out Thursday morning and every corn trader should have known what it would say. Previous reports had highly overestimated corn yields given current terrible weather conditions, and one could expect this report would revise expectations downward -- extremely bullish for corn prices. You would have had to be in the market before the previous session close at 8:15 EST (the report was issued at 8:30 EST). The market reopened at 10:30 EST.

Does anyone not think this is a day trade?

So I'm in the 99% camp

 

No, by definition day traders are flat at the end of the session. I would put you in the camp of a short term trader.

[windsurfer 10]

the toughest question for me is what to do on breakouts- fade them, or go with them. or does it depend? if it depends, what are your "100% technical" rules for deciding?