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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
Can you help answer these questions from other members on NexusFi?
On my multiple timeframe entries, I do wait for the candle to close before I take a trade - the pattern isn't valid otherwise.
“Myths and legends die hard in America. We love them for the extra dimension they provide, the illusion of near-infinite possibility to erase the narrow confines of most men’s reality. Weird heroes and mould-breaking champions exist as living proof to those who need it that the tyranny of ‘the rat race’ is not yet final.”
—The Great Shark Hunt, 1979
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".
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.
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.
I'm creating this thread with the purpose of a 'catch all' for any trading related question that futures.io (formerly BMT) members want to ask, but don't want to create a new thread for -- or find an existing thread to reply to.
I've …
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 nexusfi.com (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 nexusfi.com (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.
