How do you determine when to adjust chart settings?

[JSOP]

How do you determine when to adjust chart settings?

When you are no longer profitable.

 

[wrbtrader]

I never change time-frames to find a trade entry point or set-up or stop-loss level. I know the set-up I want on the dailies and if it isn't there I just don't want to look at shorter and shorter time-frames to see if I can find it there "in miniature".

Always seems like "cheating" to me. I hear traders say they "wanted" to be long some forex pair but couldn't find an entry on the dailies but they found one on the 15min chart and next thing you know they're long. This seems like rigging the game against yourself. I know there are some fine successful traders who look at set-up on a long time-frame and entry on a shorter one but to me its always seemed like voodoo.

You can backtest to determine which time frame is suitable for your trade method. Thus, you then take the voodoo out of the picture.

Yet, if you've found something (time frame) that works for you...no need to fiddle around with the backtesting.

Anyways, I've seen traders do what you mention in that they would use the daily chart for their setup but if they couldn't find a trade setup...they would then lower the time frame to like the hourly, 30min, 15min to see what's happening there and then if they see a trade setup on those lowered time frames...they would take the trade.

If that work for them (they had testing results & real money results) to show it works for them...seems like something to keep doing.

Reality, getting back to the chart configurations...they would not really be changing the setting from a daily time frame to a lower time frame. Most likely they would have a multiple monitor setup with the daily time frame up on the monitor along with the lower time frames up on the monitor too...all at the same time.

The only thing they would need to do then is just move there head (neck, eyes) to see the other charts without clicking in the charting program to view a different time frame.

For me, the less clicking I had to do in my charting program...the faster I was in my analysis and I was more relaxed prior to executing trades in the broker platform. I first learn about this connection from a behavior finance student.

wrbtrader

 

[tomorton]

Yeah, I know, its probably just me. I'm certainly in the minority when it comes to adjusting time-frames.

 

[tomorton]

You can backtest to determine which time frame is suitable for your trade method. Thus, you then take the voodoo out of the picture.

Yet, if you've found something (time frame) that works for you...no need to fiddle around with the backtesting.

Anyways, I've seen traders do what you mention in that they would use the daily chart for their setup but if they couldn't find a trade setup...they would then lower the time frame to like the hourly, 30min, 15min to see what's happening there and then if they see a trade setup on those lowered time frames...they would take the trade.

If that work for them (they had testing results & real money results) to show it works for them...seems like something to keep doing.

Reality, getting back to the chart configurations...they would not really be changing the setting from a daily time frame to a lower time frame. Most likely they would have a multiple monitor setup with the daily time frame up on the monitor along with the lower time frames up on the monitor too...all at the same time.

The only thing they would need to do then is just move there head (neck, eyes) to see the other charts without clicking in the charting program to view a different time frame.

For me, the less clicking I had to do in my charting program...the faster I was in my analysis and I was more relaxed prior to executing trades in the broker platform. I first learn about this connection from a behavior finance student.

wrbtrader

Just seems like forcing the situation. I mean, you spend time and effort to devise a strategy with a TA set-up and all the proper risk management and everything. And when the objective set-up doesn't fit what you subjectively want to do, you just find a loop-hole in your own rules and get in anyway.

I know some people make it work, but I can't take the principle on board.

 

[wrbtrader]

Just seems like forcing the situation. I mean, you spend time and effort to devise a strategy with a TA set-up and all the proper risk management and everything. And when the objective set-up doesn't fit what you subjectively want to do, you just find a loop-hole in your own rules and get in anyway.

I know some people make it work, but I can't take the principle on board.

Price action isn't the same every day nor from one hour to the next hour. For example, one day you may have 3 valid setups and the next day you have 7 valid setups...markets always changing.

To me, seemed obvious I needed to adjust the chart configurations (not the settings) to specific types of market conditions while still using the exact same TA setup. A complicated way to explain this is that I trade differently each day while using the exact same TA setup...the difference is primarily due to the chart configurations.

Chart settings use to be part of the equation until I went to a multiple monitor setup.

Its like the weather. If its raining outside...I bring an unbrella and wear a rain jacket. If its cold outside...I wear a hat, gloves, pants and coat. If its hot outside, I wear shorts, sandles and short sleeve shirt...same person and same planet.

It took me a few years into my trading to realize not to dress the exact same way when the weather changes...markets always do change.

I think that reason alone is why some traders use more than one trade strategy as to say that one size does not fit all.

wrbtrader