Can anybody give me tips on how to improve my short term day trade setup

R

rolando87

Hi guys,

I"m a new trader and hope to be trading for the next 10 years of my life at least. I'm pretty new and so far my account is down 10%, but i'm not sweating as I made some really newbie mistakes early on and didn't set any kind of stop loss. Lesson learned there.

Anyways, i'm trying to fine tune by day trading setup, and i only look at 1 minute candle sticks and prefer to be in really short trades of a few mins maybe an hour at most.

So far all i got is an RSI of 9 (9 mins), MACD of 6/13/9 ( all minutes), and EMA of 10 and EMA of 20 both minutes as well.

Any other recommendations/ should i decrease the time frame or increase the timeframe in any of these indicators to prevent whipsaw.

Any tips would be greatly appreciated, I plan to be in these forums for a long time so i will return the favour once i get better at this.

Thanks!
 
Remove everything except a 20-bar moving average. Have a 3-day 5-min chart up as well for reference (if you have no idea what you're referencing, just watch for a few weeks, you'll get it).

Wait for 20-30 minutes to pass after the open.

Is the moving average rising? Take a long position when price dips back down to the rising moving average and place your stop below the previous low.

Is the moving average falling? Take a short position when price rises up to the falling moving average and place your stop above the previous high.

Let me know how this works for you.
 
Quote from NoDoji:

Remove everything except a 20-bar moving average.
More...

I like the 20 EMA, but specifically with Range charts.

And the Range Frame depends on the market being traded.

There are also offsets which can be added to the 20EMA to depict momentum and extension, and exhaustion. Like training wheels for the 20EMA, if it's not already simple enough.
 
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thanks

Donald
 
Quote from rolando87:

Hi guys,

I"m a new trader and hope to be trading for the next 10 years of my life at least. I'm pretty new and so far my account is down 10%, but i'm not sweating as I made some really newbie mistakes early on and didn't set any kind of stop loss. Lesson learned there.

Anyways, i'm trying to fine tune by day trading setup, and i only look at 1 minute candle sticks and prefer to be in really short trades of a few mins maybe an hour at most.

So far all i got is an RSI of 9 (9 mins), MACD of 6/13/9 ( all minutes), and EMA of 10 and EMA of 20 both minutes as well.

Any other recommendations/ should i decrease the time frame or increase the timeframe in any of these indicators to prevent whipsaw.

Any tips would be greatly appreciated, I plan to be in these forums for a long time so i will return the favour once i get better at this.

Thanks!
More...
i do not know which market do u trade.use 5 min chart with dm and parabolic .when both r same dirction go for trade .its best work in tf at 10 pm-10.30 pm. or use macd and socatic 7-14-5 on one min chart .when both r crossing up or down go for trade .its scalp trade
 
Quote from rolando87:

Hi guys,

Any tips would be greatly appreciated, I plan to be in these forums for a long time so i will return the favour once i get better at this.

Thanks!
More...

IMO, you're approaching this bassackwards.

You're making a very typical newbie mistake of getting yourself wrapped up in indicators, thinking that they'll take you to the promised land. But it won't happen.

Rather, you should start with the basic concept and logic of how and what you're trading. Then use price action and indicators to support that.

As simple examples, are you trading Dell looking for weakness? Why? Are you trading a basket of equities looking for momentum? Why?

Your trading should have an underlying logic. Things happen for a reason. Indicators don't create the reason for making a trade, unless they are supportive of an overall approach based on underlying observations and testing.

Good luck.
 
Step #1: Immediately dump all indicators on your day trading chart.

Step #2: Don't trade for two years minimum.

(You don't believe this do you?)
 
Quote from rolando87:

Hi guys,

I"m a new trader and hope to be trading for the next 10 years of my life at least. I'm pretty new and so far my account is down 10%, but i'm not sweating as I made some really newbie mistakes early on and didn't set any kind of stop loss. Lesson learned there.

Anyways, i'm trying to fine tune by day trading setup, and i only look at 1 minute candle sticks and prefer to be in really short trades of a few mins maybe an hour at most.

So far all i got is an RSI of 9 (9 mins), MACD of 6/13/9 ( all minutes), and EMA of 10 and EMA of 20 both minutes as well.

Any other recommendations/ should i decrease the time frame or increase the timeframe in any of these indicators to prevent whipsaw.

Any tips would be greatly appreciated, I plan to be in these forums for a long time so i will return the favour once i get better at this.

Thanks!
More...

please let me know in advance when you trade...I will take the other side...

Are you trading minutes or price?....
 
Quote from NoDoji:

Remove everything except a 20-bar moving average. Have a 3-day 5-min chart up as well for reference (if you have no idea what you're referencing, just watch for a few weeks, you'll get it). ETC...
More...

NoDoji, thanks for bringing that up. I saw it in a book a while back (kleinman I think) and have been meaning to investigate it.

My impression was that it takes a lot of subjective judgment about market conditions to do well with that technique.
 
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