For those of you that do not know, I meet with a group of other traders every Wednesday at our local public library. We each have different trading styles and techniques that we share with one another as well as discuss the general market conditions. They requested a copy of the swing/day trade setup screen I had shown them today and now I am sharing it with all of you. Note when swing trading I use a one hour/day chart and when day trading I use a five and/or fifteen minute chart. Also I always use the active trader tool for entries and exits as well as the time & sales screen which I usually set to 1000 min ( not interested in every nickel dime trade just the big movements).
On the price action I use the crossover of the 6 and 8 moving averages for my buy or short entries with conformation of the MACD crossovers and relative strength of the closeness of the zero line. The Stochastic I use for further conformation by it's relationship to the over bought/ over sold lines.
To exit a trade I use common sense on taking a profit as it is available. (Usually with a tight stop.) Remember bulls make money, bears make money but pigs get slaughtered.
As with any strategy I always use the Person Pivot Points to get a feel for that days action relevant to it's support and resistance.
I find this set up works best with highly liquid ETF's. When I am not selling naked puts and get the urge to pump up the adrenaline I usually pick between the SPY, DIA, QQQQ or the IWM to use this strategy on.
Hope this helps. If you have any questions just ask.
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