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  #4 (permalink)

Reading UK
Trading Experience: None
Platform: Custom
Broker/Data: Interactive Brokers
Favorite Futures: My 3 boys
Grantx's Avatar
Posts: 1,631 since Oct 2016
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rleplae View Post
Few comments :
dont change your charts all the time, stick you what you have and only change 1 thing if needed at a time
the setup should be complimentary, looking at a higher time frame is quite common
you can have daily, 5 min, tick bars etc.. you look at it top down, for example the daily you look at
the start of the day and once in a while, it is for the context
what i mean, is if you are all the time in tick charts, you tend to loose the bigger picture

but last but not least important, you should put the charts on YOUR screen that work for YOU
every person has his capability and his way of doing
there is no GOOD or WRONG combination

1) don't change it every other day
2) get used to it.. = many many hours of screen time

Yeah always keep any eye on those higher timeframe charts. Find the levels that everyone sees and be extra careful trading near them (if youre a scalper) because thats where the bigger swings tend to occur, and where you get minced.
Also, if youre on tick charts then your other charts should all compliment each other in a supporting role. Your whole goal is to determine where the trend is and have a plan on how to jump on. This whole story of the market only trend 25% of the time is an excuse for lazy people. There is always a trend somewhere, it might be on another timeframe, or another instrument and your job is to find it. If the market is ranging then jump around the timeframes and figure out the context, or set an alert and go look at a different instrument that you can work with. Keep busy and stay nimble.

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