For position trades, you may not want to be too involved in the intraday timing for your entry. Nonetheless, rather than just buying at a random time, e.g. at the open or at the close, your entry price can be improved by taking note of the intraday trend using some quick-and-dirty methods.
A quick-and-dirty way to determine the trend is to say that if price is above the 50-period SMA, and the 50-period SMA is sloping upwards, then it is an uptrend. Reverse those conditions for a downtrend.
Now say you want to take a long position
- If the intraday chart shows an uptrend based on the method above, then immediately enter your position.
- If the intraday chart shows a downtrend, wait for the trend to change to up, then enter immediately.
If you want to take a short position, reverse the instructions above. If you want to add some complexity to trend determination, you can also add in an additional condition for higher highs and higher lows for uptrend, and lower highs and lower lows for downtrend.