A simple price action approach
- Thread starter metal
- Start date
would it or would it not be easier to trade using this sort of chart...?
just asking, ok?
not saying that it is better or worse or anything like that, alright?
being old and senile and visually handicapped, i would go nutty with charts used by younger generation, even though they might be much more powerful and what not....
cheers.
Quote from ES.Dreamer:
I trade cash + size, and was trained by a professional.
Just trying to guide people in the proper direction.
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ESD
11 cars is size?
Here's the final channels chart on the 5-min.
Looks great in hindsight with the two long entries at the 20ema at 12:20 and 13:00 targeting the upper limit. Wish I could say I saw them in real-time, but unfortunately I didn't mark the purple channel in until price was almost at the upper target.
In real-time, I was seeing the break back into the red channel at 11:55 as a long trade. I didn't have the purple channel marked off yet. I also had the smaller yellow up channel on the chart at that time (seen on my previous 5-min chart) and that confused me a bit too.
Another trade I didn't see in real time was long at the 10:15 bar at the 20ema. A valid trade but price never made it to the upper limit where profits would be taken. Probably would have stopped out around breakeven when price broke back below the 20ema and lower limit of the red channel around 11:30.
What about the potential long entry at 15:25 at purple LTL? There was also support from the 14:00 low. Seems like a valid trade.
Looks great in hindsight with the two long entries at the 20ema at 12:20 and 13:00 targeting the upper limit. Wish I could say I saw them in real-time, but unfortunately I didn't mark the purple channel in until price was almost at the upper target.
In real-time, I was seeing the break back into the red channel at 11:55 as a long trade. I didn't have the purple channel marked off yet. I also had the smaller yellow up channel on the chart at that time (seen on my previous 5-min chart) and that confused me a bit too.
Another trade I didn't see in real time was long at the 10:15 bar at the 20ema. A valid trade but price never made it to the upper limit where profits would be taken. Probably would have stopped out around breakeven when price broke back below the 20ema and lower limit of the red channel around 11:30.
What about the potential long entry at 15:25 at purple LTL? There was also support from the 14:00 low. Seems like a valid trade.
Quote from ES.Dreamer:
I trade cash + size, and was trained by a professional.
Just trying to guide people in the proper direction.
Uploaded with ImageShack.us
ESD
LOL...thank you.
I was thinking along those lines today. I wouldn't mind getting away from all day chart-watching. I guess it's force of habit to try to learn this new method on smaller timeframes, because that's what I'm used to working with.
It seems cl and 6e give more opportunities on a 5 min timeframe. More movement and better trends than ES.
It seems cl and 6e give more opportunities on a 5 min timeframe. More movement and better trends than ES.