One of the most powerful trading strategies traders like to employ is to enter and exit of trades using new highs and new lows over a certain period of time. An example what traders would do is to sell on a new 20-day low and buy on a new 20-day high. This allows one to trade on the daily chart without having to follow the market throughout day. The key is this strategy is to only trade in the direction of the trend as that is where you will find some of the biggest moves.