Anyone trade the eminis solely using Price action from a 1 or 3 minute Chart ??

[piezoe]

Quote from js11222:

The whole question comes down to one's having visual acuity and feeling for the ebb and flow of market action. It helps to understand when looking at a chart which side is on the offensive/defensive.

If you happen to have those qualities any chart will do with or without indicators, but specifically a 1 or 3 minute chart with volume study is a very effective and clear setup for daytrading.

I scalp Crude and rely on the 15 sec chart for entries but glance at 1 and 3 min charts with volume for perspective.

For daytrading pay particular attention to quiet periods with little pullbacks after a big volume run. They invariably lead to more movement in the original direction.
We had many of these setups in the indices in the last few days. The higher the participation, the better the charts work.

TA is beautiful.

Underlining above is mine. I trade from a 15 min chart and a 3 minute chart to break the 15 min bar into 5 segments. I am looking at price and volume. I often look for periods of accumulation or distribution followed by stops being taken out. Using price and volume, I can usually tell which way the market will eventually break from a plateau and when it does i am ready to hop aboard for the ride.

Today, The ER2 traded less than 5000 contracts all afternoon until 3:35 est. This was not a good day to trade the ER2 and your underlined point above is why.

Yesterday, on the other hand was a good day and the price/volume signals were loud and clear, and there were plenty of volume bars in the afternoon near 5K or above.

 

[Ansare]

Zdawg - I would love to use tick charts as I find them smoother than price as well, but TOS does not yet have user-defined ticks. The two they have don't work for me. TOS does so many other things well that I don't want to switch.

I trade ES and YM using just a five minute chart and a moving average in dots instead of lines. Helps me visualize things better.

Ansare