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    Based upon this analysis, they implement trading strategies and capitalize on short-term price fluctuations Intraday strategies are also used to trade options Option prices don’t change as quickly as underlying stock prices, so traders use intraday prices to identify periods when the option is mispriced relative to the stock
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    Edwards and Magee (authors of the highly regarded classic text -- Technical Analysis of Stock Trends) suggest waiting for the next key reversal in the opposite direction However, others look for the first challenge of a major resistance area that fails for a retest This could be a moving average, trendline, horizontal support or prior gap
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