How do you spot stocks that can be day traded? Do you have certain criteria to identify a stock that can be day traded?
I look for the chart setup first, and the stocks need volume for me to have any interest. I look for those stocks to be strong at the opening few bars. Often times a stock will open higher, then selloff, and never return to the high of the opening few 5-minute bars. I am looking for the stock to trade above the opening few bars and see volume (buyers) coming in to the stock at higher prices.
This strategy requires one to watch closely the movement of the stock. It can be quite stressful depending on the size of the position. I do not trust this market right now, and have been playing small and taking profits quickly!
I hope this answers your question!