Hourly ? That is long-term IMHO. I'm at 200 ticks....much clearer trends with that level. I also have 5 minute charts to determine overbot and oversold conditions.
ES Journal - 2019/2020
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That's a fast chart - but I agree that it's very useful with regards to entries and exits as long as one does not lose sight of the big picture.
What's your typical stop and target?
Stop usually around 10 ticks....but strictly visual when set. Target is discretionary....based on momentum indicators....PVO and SMI.
Cool. What is PVO and SMI?
Price Volume Oscillator, Stochastic Momentum Indicator. PVO uses volume in it's calculation....and I smooth it a bit. It sometimes leads price action. (See thin red line). When it crosses the orange line or zero line, it portends a move up and vise versa. The yellow line in the summation of the PVO. The thin white line with the arrows is the SMI. The thick white line in the chart is a 10,000 trade adaptive moving average. Hope that helps.
yup, it is long term but tried to incorporate it into todays trading not the wisest decisions. Normally i use tick charts but last night changed to an hour chart just to test one of my strategies and found out quite rudely, it sure is not for intraday and not compatible with my trading for intraday.
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