One of the best things a trader could have is multiple factors on the charts to increase the odds of a successful trade. Often many beginner or novice traders buy or sell a stock just based off one support/resistance level. While that is a start, the IntheMoneyStocks.com traders are taught to look for two or more factors to increase the odds of a winning trade.
For example, today we can look at an intraday chart of Wells Fargo (WFC). First, note the sharp decline on WFC into the 10 minute 50 moving average. This is generally as strong level of support. However, notice the 10 minute chart gap fill came into play at the 25.50 level. This is the second level of support. Third, it is also important to look at the 3:00pm EST pivot from December 13, 2009 serving as support as well. Here in one intraday chart we have three separate support levels that increased the odds of a successful intraday trade.
Remember the charts do not lie. Don't rely or depend on a lagging indicator or oscillators to make a trade. Go right to the horse’s mouth and trade price action. Remember what we say as ITMS traders, "buy support and sell resistance."
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