13 Rules Suitable Tool for Day Traders With Rule based

Suitable Tool for Day Traders With Rule-based

There are Many tools for day traders to use and trade but after 5 Years of Experience I have found out these tools are the best suitable for day traders including Options traders
Time frame: 30 Mints
Indicator: Donchian channel, Period 50
RSI: 14 Period
Moving average: Simple 20 Period 

Rules for Trading :
01. Wait for 30 Mints candle to close Red or Green, but let it close
02. if Price is in between the 50 Period Middle line and low line, and if price rising with RSI, then one can go long only above the break of high of 30 Mints candle and stop below that candle
03. Same is true for Red candle when the price is in the Middle of Top and Middle line with failing RSI
04. when Price hits Top or Bottom look for reversal sign in Candlestick pattern, Price rejections, bearish engulfing, Bullish Engulfing, piercing line, and Your RSI must indicate the Momentum is Low or high
05. For Going Long above Top Line break and close with a strong candle ( Visually strong indication), Here ignore RSI it will keep showing above 70
06. Going short below the line, sell below strong candle (Visually strong indication), Here ignore RSI it will keep showing below 35

Targets are easy,
01. if the price is extremely strong then start trailing the stop after 3 candles, and one must place the stop to low of the Next closed candle it means that the Price moving strongly should not even tag the low of the previous candle, Same is true for short selling
02. If the market is as usual, if you see the candle starts producing the wick on top, Book it, with profits
03. Usually, on the 4th candle of 30 Mints, you should look for booking by that time market direction will likely go slow down

You should not do
01. Do not buy or sell on a below-mentioned candle

Candle with both side wick, body range is too low
Candle with an extreme long wick, it may be any side
Candle with half body

02. if Price did not make a higher high/Lower low in next 2 candles, You must ignore that scrip, it will likely come down and retest the low in case green or high in case red
03. Do not trade in Range bond, which you have to identify on a daily time frame and ignore those
04. do Not change the Period of Indicator mentioned here as they have been tested by our team and they work perfectly