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| Day traders depend on key intraday reversals to pinpoint many short-term opportunities. These price swings can occur for many reasons. Keep a close eye on 2 and 3 day highs/lows as well as other small landscape features that attract price movement. Place a Fibonacci grid over several days of action and compare retracement levels with morning gaps and intermediate swings. This exercise will often pinpoint natural reversal pivots. Also watch the time frame above the trade setup. When extreme intraday price levels also represent significant highs or lows within larger time frames, cross-verification supports a significant reversal. |
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