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Signals from multiple time frame charts
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Signals from multiple time frame charts

  #1 (permalink)
Trading for Fun
Bay Area, CA
 
Futures Experience: Intermediate
Platform: Think or Swim
Favorite Futures: YM, ES, 6E Futures, Weekly Vertical Spreads
 
Allistah's Avatar
 
Posts: 136 since Jun 2010
Thanks: 5 given, 64 received

Signals from multiple time frame charts

Hey all --

I have a question for those that are trading multiple time frame charts.

Lets say for example you're using a weekly and a daily chart. You look for a signal on the weekly to show. Then you look to the daily for the signal from the daily. You get both. You enter the trade. Then things turn around on you quick and you end up with a loss. The signal on the weekly is now gone as well as the signal on the daily.

So my question is this... When you get a signal on a longer time frame like the weekly, do you wait for the entire week to roll by so that the signal will be sure to "stick" before looking to the daily for an entry signal?

I know you can go either way but I just wanted to know what peoples experience with this is and how you've dealt with it.

Thanks for any info anyone might have,

-Allistah

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Huntington Beach, Ca
 
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On my multiple timeframe entries, I do wait for the candle to close before I take a trade - the pattern isn't valid otherwise.

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  #4 (permalink)
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I would advise you to only use bigger charts for guidance in overall trend direction, key support/resistance areas, key market structure, etc.

Your entry chart should be one chart and one chart only. Any "signal" should be on this chart, and no others. Timing the entry should be from this entry chart, no others.

For the ES, my smallest chart is my entry chart. It is a 100k volume chart, which is roughly equal to a 60m chart. Next I have a 500k chart, roughly equal to a 4h chart. Next I have a daily chart. Next I have a weekly chart.

Each morning I start with the weekly, and move down to the daily, down to the 500k, and then ultimately the 100k. By the time I hit the 100k I know exactly what I am looking for, and I simply wait for it to materialize on the 100k so I can trade that area. I don't look at "signals" on any chart except the entry chart.

If your signal is "gone" after the fact, then you need a new signal. Sounds like an indicator or something that is repainting. If you simply use price and key s/r areas as places to do business, they will never be 'gone' or disappear on you. But of course they will be wrong. Not every trade is a winner. But I certainly wouldn't describe it as the signal being "gone".

Mike

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  #5 (permalink)
Trading for Fun
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Posts: 136 since Jun 2010
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Thanks Mike,

That was very helpful. So you use that many charts? I think I read a post that said you don't really use indicators except RSI? What chart do you use that on and are all the others naked?

In my first post I was citing Alexander Elders triple screen. You wait for macd and an ema on the weekly and then an oscillator and an ema on the daily. Every time I try this stuff I get stuck with not knowing if the candle/bar should close before it is "confirmed" on whatever chart I was looking at.


-Alli

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  #6 (permalink)
Trading for Fun
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Posts: 136 since Jun 2010
Thanks: 5 given, 64 received

Last night I watched/listened to the webinar with the guy from Bend, OR. He talked about the things that cause a trader to fail and a lot o what he said made sense. This is what caused me to start asking questions. ..and yet this morning I have more questions.

I don't know where I am going wrong and I'm struggling to make my trading work.

Is this the forum where I can ask for guidance? I need to try and document why I think I have not succeeded after 8 years.


-Alli

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  #7 (permalink)
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Allistah View Post
Thanks Mike,

That was very helpful. So you use that many charts? I think I read a post that said you don't really use indicators except RSI? What chart do you use that on and are all the others naked?

Here is what is in front of me 24/7 to trade ES:

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


The other weekly and daily SPX charts are minimized, I look at them only briefly each day.

The RSI indicator is only used when examining swing high/low's for divergence, it is not used during any other time.

Do not try to copy anyone, including me. It won't work.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #8 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received


Allistah View Post
I don't know where I am going wrong and I'm struggling to make my trading work.

Is this the forum where I can ask for guidance? I need to try and document why I think I have not succeeded after 8 years.


-Alli

Sent from my iPhone

Read this thread front to back:
https://futures.io/elite-circle/11125-ask-any-trading-question.html

It should be an eye opening experience, and you should come away with a definitive list of things you are doing wrong.

From there, start watching the psychology, risk and discipline based webinars on futures.io (formerly BMT). There are many good ones. Skip the methodology ones for now, that isn't the problem for 90% of people.

Create a journal on futures.io (formerly BMT) and start posting to it daily. This isn't an excel spreadsheet to list entries and exits. It's to talk about why you entered, why you exited, what you were thinking, confidence level, etc. Review the journal at the end of every week, it will be another eye opening experience.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

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