Does anyone successfully trades off the 1min chart only? I like looking at the 1 min, 5 min and 15 min for day trading. But a lot traders say the 1 min chart is just noise.
1 min?
- Thread starter focusonmoney
- Start date
Oh ok cool.
yea, I trade on the 1min chart
I used to use 12 tick for the 6E and would increase it to to 21 or 30 if the market
got busy, and usually started at 30 ticks for the ES
but I switched back to time based charts to retain the consistency of the micro
to the macro to cover the short term to long term and v v charts
I also went down to 5secs, can't remember how that went, maybe I'll try it again
it's possible to trade the waves of 1min charts, but is it worth the effort ?
I am not trading 1min price bars, I use 1min because that's the amount of detail I
want to see, but trades could last an hour and are really based on higher timeframes
the opposite of '1min is noise' is people using multi hundred tick charts, can't figure
that one. why use a 659 tick chart ? is it a magic number ? why not use time ?
I used to use 12 tick for the 6E and would increase it to to 21 or 30 if the market
got busy, and usually started at 30 ticks for the ES
but I switched back to time based charts to retain the consistency of the micro
to the macro to cover the short term to long term and v v charts
I also went down to 5secs, can't remember how that went, maybe I'll try it again
it's possible to trade the waves of 1min charts, but is it worth the effort ?
I am not trading 1min price bars, I use 1min because that's the amount of detail I
want to see, but trades could last an hour and are really based on higher timeframes
the opposite of '1min is noise' is people using multi hundred tick charts, can't figure
that one. why use a 659 tick chart ? is it a magic number ? why not use time ?
Most people on these boards are full of bullshit, so I would caution against taking any advice to heart before testing it out for yourself. It seems like people think they qualify as traders just because they have an account with an online broker regardless of their P&L statement or their lack of experience.
A spread trader and a swing trader will of course say that the 1-minute is noisy, but what if I as a day trader told you that I took 3 winners in a row in the ES the last hour trading breakouts of flags on the 1-minute chart for a total profit of 8 points?
My main chart when day trading have been the 5-minute, but during volatile period it is simply too tough to read as the bars get wide with large tails. Using the 1-minute helps me see what is going on behind the scenes. I do understand that people may perceive the 1-minute as noisy, but if one knows how to read it it provides valuable information.
Bottom line is that it depends on you as a trader, what your style is and what you are trying to achieve with your trading. Makes sense?