I have just posted my trading set up today. I trade with 3 monitors: Monitor #1 has the 699 tick chart, Monitor #2 has the 233 tick chart and my trading platform, Monitor #3 has the 2097 tick chart.
These charts are all multiples of 3 and they have the same template. I enable the global cross hairs on all 3 and only take trades when at least 2 time frames line up and are in directional agreement, three in agreement is golden. This may not give you a lot of trades for the day but they are usually quite good.
Examples of today's ES trades were at 6:32, 7:28; there were several other high probability setups. This is an odds game don't trade without the odds in your favor.
I trade with targets and a stop loss of 6 ticks until my first target is hit at 4 ticks, then the stop loss is moved up to -2 ticks. I take 1/3 of my position off at 4 ticks, 1/3 at 6 ticks while constantly moving up my stop loss. Depending on the strength of the trend I go for a runner unless I see any weakness in which I hit the flatten button. This seems to work OK for me, hopefully this will help.
The following user says Thank You to GarryM for this post:
Thanks GarryM for sharing your trading set up. When using tick charts it would be good to know if you use Zen Fire, as I do, or IB or some other data feed that bundles the ticks. There is a world of difference in the number of ticks sent and therefore how the charts look.
GarryM, thanks for the setups. I am still trying to get a handle on multiple timeframes. As for now I am connecting to the market with two different laptops so I don't have to switch back and forth to different windows. With a little practice I'm sure I'll get it down. I did find the Divergence indicator useful however. I just need to find a way to filter out some of the false buys and sells. Any pointers?
I am leaving IB for Zen-fire shortly. I have been using charts on TOS and have recently switched to NT and am still working on coding my indicators for NT. I look forward to seeing the difference.
Thanks for your reply, let me know if you need anything else.
When I started trading I thought many screens were necessary, I have found they do make life easier for me, but not a requirement. There is a multiple time frame indicator on NT that may be of help to you. The settings can be in your choice of multiples.
I too trade ES with these 3 timeframes. how did you come up with them? I got the idea from eminiwatch. I really like this timeframe. I trade the middle chart (699) and use the higher chart to get the direction of the trade and the lower chart for timing the entry.