How do I pick Stocks for intraday options trading?

NEGI RK Thursday, September 07, 2023

Every Strategy has a specific/particular way to pick stocks for the next day.

I would like to share the way I pick the stocks for my price action strategy.

Price action strategy is all about Support/Resistance, Trendlines, chart patterns, and breakout.

so, what are chart patterns? ( take a look below)

So, when does a breakout happen?

Eg:

What happens to a pressure being applied on an inflated balloon?

It's obvious that it will burst. Isn't it?

The same goes for the stocks too, The more consolidation the best the breakouts are.

So, you will have to find the stocks which make no movement or nearly zero percent chance. (A stock making 1% -2% moves is still a vague movement according to me and you can have some patterns being formed in those)

1)Firstly sort the stocks, by just clicking the percentage change option in trading view(which you can find in the upper right corner of your watchlist- I have attached the screenshot below, have a look).

2)Now, you have to go through all the stocks one by one on both side of zero percent change ( in the above screenshot –CCCL, DISHTV scrip is zero percent change)

Trust me no Screener is gonna help you find those patterns

3) Just take a look on every chart for a minute, whether you see any of the above chart patterns and redlist those stocks if you find any (it comes with experience - I use only triangle and channel patterns personally as I feel they fetch me good money)

Watchlist for Tomorrow (24.11.2020)