Quote from increasenow:
great stuff MINS...what time frame charts do you trade off of?...15 minute, 1 minute etc....thanks
I trade off the 5min but i also use combination of all time frames. When im trading the ES i have the 5 min and the 15 min open and i usually do my analysis overnight on daily, 540 min, 240 min, 88min, 60min timeframes.
If you use different timeframes you can get confluence zones with FIB projections which can be used in conjunction with strong support and resistance values in the charts.
Areas with high confluence usually have higher probability of being effective.
I then use 5 min chart to begin Elliot wave analysis, which i then go onto the 15 min, then to larger and larger time frames. As i am concerned more with shorter time frame, i can always re-adjust the very long time frames.
I also use market profile to give some direction of which way the market may turn, again if this is consistent with all my other analysis then it often turns out to be higher probability of success.
But no indicators can beat price action and i find stuff like Stochastics useful for longer term trades but for me it lags to much on 5 min timeframe.
This is just a few of the things i do, but like i said im just a beginner. I have had a decent start to futures trading as i not lost money but i still find psychological side of trading the hardest and probably 50% of whether you will win or lose.
Psychology i have to work on as often sell to early and ignore my targets due to fear of losing the gains.