If you want to be serious day trader you must study the work of Toby Crabel . He wrote a book Day Trading With Short Term Price Patterns and Opening Range Breakout some years back and now it sells for 300 plus dollar on Amazon. You don't need to buy the book but if you search for his name you will see several sites describing his concept of narrow range day. Nr4 and Nr7 have now become common lexicon due to his book. Essence of his idea is that when range contracts it signals a possible volatile move on either direction.
http://traderfeed.blogspot.com/2007/03/toby-crabel-and-epistemology-of-trading.html
Link to download the book by Tony Crabel:
http://www.filestube.com/4c46a8d6894b841e03e9/go.html
Bright Trading strategy
Moo= market on open order Loo= limit on open order. If you have not heard of these then you are not true day trader
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