One common strategy used by intraday trading is shorting stocks rather than buying, in shorting hoping that the price will fall the trader borrows stock from his broker and sells. However, there are some technical problems with shorting like the broker may not have shares to lend in a particular issue.
Other Tips and Strategies:
Trend following: this is a strategy which is most commonly used, in this the trader assumes that the stock which has been rising steadily will continue to rise, and vice-versa with falling. Thus the tip which the trend follower follows here is that he/she buys the stock which has been rising, or short sells a falling one, expecting that the trend will continue.
Range Trading: in this trading strategy the tips which intraday or day trader follows is that he buys the stock which hits the support level and sells the one which just hits the resistance level. The trader does so thinking that every time the stock hits a high, it falls back to the low, and vice-versa. Such a stock is said to be "trading in a range", which is the opposite of trending.
Contrarian investing: is a market timing strategy. In this the trader assumes that the stock which has been rising steadily will reverse and start to fall, and vice-versa with falling. Thus, the contrarian trader sells the stock which has been rising and buys the falling one, expecting that the trend will change.
News Playing: every one of us knows that every news regarding any stock or company or even its sector has a positive or negative affect on its prices and movement. Thus the basic trading tips or strategy which the news player follows is to buy a stock which has just announced good news, or short sell on bad news
Scalping: In scalping the intraday trader tries to exploit the inefficiency of the market when the trading range expands and volatility increases. The trader enters the market at key points and take quick profits from small moves for doing so he applies technical analysis concepts such as over/under-bought, support and resistance zones as well as trendline, trading channel etc.
Price action strategy: In this traders follows the stock tips which rely on a combination of price movement, chart patterns, volume, and other raw market data. This kind of traders are also called "Technical Traders" who follows technical analysis and makes decision whether to go for trade or not. Although technical analysis requires an understanding of how markets work and the core principles within a market.