support and resistance is basically it. i say "basically" cuz there's market internals and constant monitoring of news wire. here's a grid i have setup on thinkorswim that has all the market internals that i monitor. it's a lot of information but i've been looking at this stuff for so long that it is pretty much 2nd nature. much easier to do than to explain. i also have numerous spreadsheets that i import data into and slice and dice to my own madness so-to-speak.
upper left corner to lower right:
list of indexes and indicies, daily COMP(NASDAQ), up/dn vol, adance/decline, VIX 5m line, (VIX & $TICK again in border for other panes), DOW 5m, S&P 5m, COMP 5m, $TICK 1m line.
I have other longer term charts (daily,weekly, monthly) with numerous channels and trend-lines. Some anchored back in 2015-16 area.
Here's an example of one of my charts (they're all the same). Nothing fancy. Just a regular candlestick chart with EMA(20), prior day high/low, and Floor Pivots (S1,2,3,PP,R1,2,3).
I watch the 5, 15, 30, 60 minute charts plus Daily, and try to trade the highest time frame possible. I have focused on trading NQ and MNQ depending on volatility and lot sizing/risk.
The only reason I have the indicators on my chart is because I know they are essentially standard basic indicators that are used and monitored by a majority of traders. I don't use them for entry or exit signals. I have another chart that is void of all indicators and I will study it for patterns, past, present, and forming.
no, i took position just before the open. my most profitable trades are the open of U.S. session and if i'm up at night the London. volatility is my friend. the rest is risk/money management which is not rocket surgery.
