Strategy Description: My general methodology suggests (in an upmoving stock) to short against the high of day in afternoon, or long against vwap; as a very general set of principals.
It becomes quite important to define exactly what looking for if looking for a bigger move, slightly more than a scalp against the high of day.
So here is the setup:
(1) Stock has to be up more than the ATR, combined with a nice reason for rolling over. E.G. AMZN in below example has been up for 7 straight days.
(2) Because this is a trend reversal trade it is pretty important to allow the trend to reverse. This means 3 waves up ++. First wave is early buyers, second wave is buyers, third wave is future bagholders; who have been faked into the stock.
These waves can be determined by consolidations.
Then a trend-line break accompanied by a lower high can be used to set risk against the high of day.
(3) The target for the trade is somewhat dependent on how much you believe in the trade bigger picture, but it's a good idea to get a decent portion of profit taken early - after all the trend is still up and action is usually muted in the afternoon.
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