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I solely only used 3 minute timeframe for day trading.
I do not look at any other timeframe, because I personally feel other time frames is a distraction. I am looking for intraday swing trades.
I also trade with the trend of momentum. I do not look for key reversal areas.
I am only going to be in the trade on average for 1 hour in the mornings, so i am not sure why the need to look at higher time frame charts, just adds to confusion and missed trades.
The market moves in zigs and zags. A lot of those zigs and zags are meaningless, as far as the trend is concerned. In writing an indicator, math is a help, but I find that using a longer time frame really smooth's out the hic cups. I use a 2000 tick chart. Everyone who trades has their own likes and dislikes. However, when someone has a setup that they like, they might try looking at that setup in different time frames - in historical time.
Doubt there is a perfect time frame that holds for all time, mkts are too dynamic and volatility changes leading to different scenarios that may or may not suit your risk profile. Think defining the risk you are comfortable with then looking at variance within different time frames will lead to preference of a time bar locally. Being aware of shorter and longer time frames should just give you view points of others with different risk profiles and helps define a broader market prospective and maybe better entry or exit levels for your comfort time frame. Just my thought you need to be dynamic with markets
What a loaded question! You, just as every trader at some point in their journey asks themselves the same question. Some of us have looked to others for the answers. That too is part of the process of figuring out who YOU are as a trader. After you spend a few years trying to glean from the "experts" some of their expertise, you might come to the conclusion that you have to make your own choice of how you want to approach the markets.
As Al Brooks pointed out: "I don't listen to anybody". Well, that's because he developed his own personal style of trading.
Here are some thoughts:
1. As in any profession.... Just make money. That's the point of any work.
2. Get to know yourself. Your weaknesses and your strengths. Determine what you need to correct in your own deficiencies.
3. Embrace your own talents. Don't be intimidated that the "experts" don't trade your way. Eventually, you will encounter some successful traders who trade similar to the way you do.
4. Once you are comfortable approaching the market and have a peaceful strategy....."If it ain't broke, don't fix it!".
So to answer your question, I suggest the following:
1. Figure out how much money you realistically want to make in a day. Is it feasible? How many points will I have to make?
2. Do I want my trades to last minutes? Or hours? Or days?
3. How much of my capital am I willing to risk in the market?
I personally believe that you can iron out many of the most basic questions during your time on the Sim Acct. If it takes a few years or more, then that's what it takes. Not losing money is almost the same as paying yourself to learn.
Some folks are very intelligent and can learn a system quickly. As a retired nailbender, I have taken longer. But that's ok as we are all wired different.
There are many sizes of shoes. No one shoe fits all.
While my wife and I have learned together over the last couple of years, we absolutely see the market so differently. She looks at my trading/charts and just shakes her head. And I look at hers and wonder... "What the heck". Yet, we are both satisfied with what we do. Like I said "Just make money".
I use a 280 tick candlestick chart for entry/exits. I am happy with 3-4 ticks. I am happy to stay longer when a short trend develops. (Bank the green!) I also use a 15 minute chart with order flow volume profile,pivots/previous day OHLC and VWAP. That 15 minute chart doubles pre-market as a 4 hour chart to see where price stands, then I switch over the the 15 min. for use during the session. But my main focus is on the 280 tick chart. I am a little OCD and I do not like draw down, so therefore I have spent considerable time choosing wisely my entry points.
If you are anything like me, you will try every last suggestion. Try every bloody indicator. Go to naked charts. Add indicators back in. Take them off again. Eventually, you will FINALLY start to understand yourself and how you view the markets.
Like my wife says "Trading is a PERSONAL journey" unless you go to work in a prop firm and then they will TELL you how you are to trade.
No one on this forum can teach YOU how to trade well. Yes, they can help.
FYI, we have spent 60+hours a week for almost 3 years at this. Nothing else. It's just now that we both are starting to be comfortable trading and not intimidated. I believe this is because one has to understand the opposition before engaging them. And often we are the opposition.
This is a philosophical reply to a basic question.
In closing: What do you want? And how do you want to get there? Answer these questions before as you choose your time frames.
I used to look at 30 min, and didn't do very well there (ES). The smallest chart I look at now is the daily, and my results have dramatically changed. I dont get stopped out nearly as much ,and yeah it hurts when I'm wrong, but when I'm right the profit is really nice. my last trade was buying at the open of october 10th, and i took some heat was down like 2500 at some point, but I held the trade until last week for almost 9K of profit.
Futurestrader1968
Saskatoon
Posts: 6 since Jun 2019
Thanks Given: 1
Thanks Received: 24
Depends on market
snax
Chicago, IL
Legendary Price Action Student
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: MES
Posts: 2,171 since Feb 2019
Thanks Given: 9,617
Thanks Received: 9,627
I have traded with 1min and 5min bar charts and 5min bar charts seems to be a good fit for me and my style. 1min charts seemed too frantic for me but I was also trading bigger contracts ES and NQ at the time. Slowing down to 5min charts and trading the micros has helped me.
Willbur
Cologne Germany
Posts: 14 since Nov 2019
Thanks Given: 2
Thanks Received: 10
I trade the FDAX in short term. Means: holding time is 1 min to max 2-3 hours. I look at the daily chart every morning to see what expectations market participants who invest in the long term might have.
I trade in the 1 min chart and continuously monitor the 10 min chart.
In case of difficult entries I try to recognize accumulation zones in tickchart.
What I think you have to consider when choosing the TimeZone: Many brands are created reflectively. I.e. people or algos recognize patterns and react to them. So the question must be: in which TimeFrame do the colleagues, who can move the market and who trade a similar style to me use?
In the european retail scene there has been a lot of talk about volume charts in recent years.
Volume profiles, footprints, headmaps, etc.
You can get a small part of this volume information by looking at NTB (non time based) charts. In addition to the tickchart, I have a fixVolume chart where I can see, for example, where exactly the Volumen ran in a large peek.
