One valuable lesson I have learned and put to great use in my trading is understanding the probability of larger scale moves by gauging what the daily chart looks like. One of my favorite weekend activities to do in preparation for the next week is to go through my watch lists to set alerts and review them each week if an alert has been triggered. The alerts save me for over-trading when the stock is in a tight channel and would only just churn, as well as taking my eyes away from where the momentum truly lies in the market each day.
Below is an example of alarms I have currently have set on UA, which after its earnings and a massive gap down, is staying within a channel. Until it makes a decisive move out of this channel, it isn’t something that I want my focus to be pulled into when it more than likely won’t produce large momentum or elicit larger than normal volume.