Does anyone feel getting a mkt bias can hurt your trading?
- Thread starter lilduckling
- Start date
I'm always aware of the higher timeframe technicals. If I trade against the higher timeframe, it is a scalp only, i.e. one swing only, and I do not let it go against me after it moves in my favor. Using the dominant technical conditions on the higher timeframe allows me to use more leverage and sometimes go for a bigger win. Of course, you'll get fewer trades. I believe one of the keys to successful trading is knowing when to increase leverage and a higher timeframe filter is definitely helpful.
The question that comes to mind as I read your message is whether you are trading the 60 min or daily time frame or if you are trying to catch 2 or 5 min moves. I think less is more in scalping. It makes sense to look at the daily to spot the most recent battle direction of the market. Be sure to know what levels or zones need to be breached by buyers or sellers to draw in more trading in one direction or the other. I'm in the process of gaining this skill now as opposed to scalping strictly off the tape and DOM (tough game in a low volatility environment). Good luck.
i trade off the 2 min..... but look at the 15, 60, and daily time frames to see where support/resistance areas are.... but sometimes..... the higher time frames are telling me they are ready to break down, and i get a nice long signal on my 2 min chart... and i hesistate.... missing out on a nice big fat up move
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lduck;
Maybe not bias but have some definite opinions;
daily charts help for sure/ mainly post & premarket.
Like moderator said higher time frame caries more importance for me, like larger oak tree is worth much much more.
Sure smaller pulpwood is a great, but different market.
Oak tree harvest age =50 years, , apple tree harvest =2-12 years ;
youre right about 2 minutes being valuable;
& you get 30 of those in an hour chart.
Quite a few of 2 minute periods in useful apple tree;
intra day trading dont look on daily much at all,
but look on daily much after hours.
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However my personality enjoys riding atrend intraday/whatever ;
as long as possible for profits[small pullback only] and
my definite opinion for entering trade means nothing when price hits my written stop. Adios amigos[goodbye]
As much as i like daily/weekly charts dont see much use for them intraday at all ;
the way you wrote, perhaps you dont mean it, youre looking @ daily charts intraday.Sure write daily s/r on worksheet
