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Learning Day Trading, need some advice on approach advice
I have been trying the 5 min chart Futures AH (AEST) and during market hours.
I just use the MACD and look for support and resistance nearby and try to get in and out within minutes, catching momentum when the signal is right and moving the stop up to protect the capital when it turns against me or momentum disappears.
It's not going well yet, and I don't know if it is just a long run of bad luck, or whether I am making too many trades, or if it's something else. The approach I am doing feels right.
What is it I am getting wrong that I rarely make a win? It's about 80/20 right now after a few days and nights of trialing this. Should I be waiting for the lucky big one to cover all losses or am I making a rookie error?
Below are three short videos of losers on 30th June (AEST timezone) that I think I did right, but they still got nuked. Any critique or commentary would be really helpful if anyone has time to check them out. thanks.
Each trade was entered just before the filming started:
Try learning swing trading first . The longer the time frame the grater the reaction will be at key areas . Swing trading will give you a better understanding of market conditions . Like we have been in bearish conditions for a number of months for example . Bullish trade set ups on any time frame are not going to work well under strong bearish undercurrents . hope it helps .
Thanks, I tend to do exactly that on the bigger time frames, but the <15 min chart doesn't really feel the same to me, it gets strong runs in both directions and I suspect a lot more difficult without using order flow. I'll just keep getting a feel for it until something clicks, or doesnt.
try 60 an 240 min. the 60,240,daily, weekly , monthly ideally needs to be one time framing in the direction of the intraday trade what ever product your trading .
Step 1 Abandon candlestick analysis.
Step 2 Focus on transaction volume
Step 3 The order book will tell you forward-looking data
The fourth step is the transaction speed and the interaction between the transaction parties
Technical Analysis Using Multiple Timeframes by Brian Shannon is a great starting point. Particularly the chapter about how prior resistance turns to support vice versa. Good luck.
for your trade to move in the correct direction and for larger targets you need higher time frame market players . they are not looking at 15 min . mostly top down charts . weekly , daily , 240 min. 60 min. if at all .
All of those are classic patterns, without the seeing the bigger picture, not 100% sure if they are actually bull or bear, was just looking to the left on your charts and made a guess. Can filter in the direction of a clear bigger move.
