$IREN (+0.93%) is struggling at a stubborn resistance level these days, which is always a thrill for long-term investors. I like to switch from swing to day trading. As the first hour and a half was quite turbulent, just to show you how you can make something out of small movements. A day trader lives from these small movements 😎💰
Day trading strategy: VWAP combined with box strategy
The orange box in the background is the previous day's range (the box). In the picture you can still see 3 trades on the left, the 3rd was long from yesterday 21:30 and was closed today in the 4th 5min candle. After that it was textbook. Since we are above the upper edge of the box, we will wait for the first red 5min candle with a longer wick at the top, if the next one is also a red candle that breaks through the body of the first one to the downside, then enter with a short. Get out again at the VWAP or the corresponding price action. I have hidden the volumes for the screenshot, otherwise it would be even more confusing. This is another dimension that shows me who is currently the buyer or seller.
The vertical red (sell) and blue (buy) arrows are entered automatically, so you can see my trades with the connected interactive broker, through which I trade directly from TradingView.
As always, only for friends and those interested in trading, the others just keep scrolling 😉
Edit 19:40: I then closed a short with a loss, and a long with a profit that didn't quite cover the loss from the short, but all in all a good day. I wouldn't be surprised if the price approaches the VWAP again towards the close of trading. But further $IREN (+0.93%) trades are too "hot" for me today. There were already too many anyway, I could have saved myself the last two - it's actually been my experience that more than 3 trades a day on the same stock tend to be loss trades according to my statistics.
