***My goal for this journal*** ***Please do not post in this box!!***
It's my intention to one day have a post here about each of the 10 elements I believe are all one needs to understand to be a successful Day Trader. I've knocked a couple off the list already and I'll try to get to the rest soon then add a link to the posts on the first page of this journal for easy navigation. (Yes, I recognize there are other important things to consider but I think this list is a great start for beginners/struggling traders and very easy to learn and track on a daily basis)
1) Yesterday's High / Low / Close and the Overnight High and Low (Y_High, Y_Low, Y_Close, ONH, ONL)
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2) Today's Opening Range with A_Up and A_Down levels (Opening Range = OR)
3) Average Daily Range (ADR = the average range of the past xx days- I use 14 days)
5) Volume Weighted Average Price (VWAP || Daily and Weekly)
6) Volume Profile Chart (VP || Past several days)
7) High Time Frame Chart (HTF || I like to use a smoothed chart based on volatility so I only see trend, key reversals and consolidation areas)
8) Relative Volume (RVOL = Today's cumulative volume up to this point in time compared with the average cumulative volume at this time of the day)
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9) NYSE Tick (referred to as just Tick)
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10) VIX (Implied Volatility of the S&P 500 index || I plot mine inverted so it "tracks" my price chart and makes it easier to interpret)
Elite Spoos thread first post ( just need a place to stick this so I can remember when I need to reference)