How do you guys prepare for you intraday trading ?
- Thread starter cashclay
- Start date
My style is very short term so no I don't look at anything older than the prior few hours.
I look at the latest valid signal that matches my trading plan (usually this has occurred within the last couple of 5-min price bars) and see if there's an opportunity to get in on it. If there is, I look at five or six other charts (1-min, 15-min, 30-min, 60-min, daily, weekly) and tally up all the reasons the trade I'm contemplating will fail and all the reasons it will succeed. This usually confuses the heck out of me and wastes valuable time, causing me to miss the proper entry because I didn't place an order as soon as I saw the valid signal. Then as price immediately makes a quick, strong favorable excursion right after moving through where my order would have been filled, I emerge from my analytical reverie, shout "Doh!", and chase price right into where my profit-taking order would have been filled, then watch as price stalls, and then turns the other way right through my stop loss.
This generally wakes me right up and I'm ready to start my trading day.
This generally wakes me right up and I'm ready to start my trading day.
I look at the latest valid signal that matches my trading plan (usually this has occurred within the last couple of 5-min price bars) and see if there's an opportunity to get in on it. If there is, I look at five or six other charts (1-min, 15-min, 30-min, 60-min, daily, weekly) and tally up all the reasons the trade I'm contemplating will fail and all the reasons it will succeed. This usually confuses the heck out of me and wastes valuable time, causing me to miss the proper entry because I didn't place an order as soon as I saw the valid signal. Then as price immediately makes a quick, strong favorable excursion right after moving through where my order would have been filled, I emerge from my analytical reverie, shout "Doh!", and chase price right into where my profit-taking order would have been filled, then watch as price stalls, and then turns the other way right through my stop loss.
This generally wakes me right up and I'm ready to start my trading day.
LOL that's why my first trade of the day generally fails to, over thinking it!!
Very short term, Range and Momo mixed trader, M1 only, I don't even bother with the time and news out, let the SL take care of, setup with the right news can run huge, where as SL will generally get me out although badly for less of a loss.
First, I read my favorite online news resources and watch the financial news TV to see if there's any big news of the morning that may impact the price action of what I'm trading. This will help me develop "part" of my market context for the trading day and gives me important clues about my position size on Shorts and Longs.
Next, I go for a morning walk and think about any screw ups the prior trading day and I rehearse in my head the correct action I should have taken.
After that, I return home and do stretching...then open the charts (intraday) and begin trading.
240m = overall view
15m = overall w/ a tad more detail
5m = trade
1m - microscopic
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How do you guys prepare for you intraday trading ?
Platform;
Make sure my account / platform connected & ready
Charts
Keep the TL / channel from the 240 overall
Wipe the 15 /5 / 1 clean except for a session divider..., and maybe an s or r noted
Make sure all charts reflect the exact same context
Mark the open
After the open - sit patiently until the over night BS clears / mkt reveals its intention (unless an uber clear signal / setup staring me in the face)
Me
Know the times /what announcements / earnings/ reports due out
Make sure I've gotten plenty of rest / eaten
Get centered / objective/ focused / relaxed / matter of fact (Family labels it pissed off - LOL)
Make sure I hit the bathroom before the open (nothing more distracting/ irritating imo than needing to go)
Off to the races
RN
I look at the previous days trend, and overnight trend coming into the open (ES). My bias will be with the prior day/overnight trend.
I also check the economic calendar before open so i know if there's any big news out during the day.
I also check the economic calendar before open so i know if there's any big news out during the day.
PreMarket trend...generally indicates the longer day's trend. that has been my experience with broad-based general market ETF's
I start trading Crude oil at 4am my time as I am in Mountain time zone, I get up without alarm at 3:30 most of time, start laptops, coffee, restroom, stir coffee and sit down scanning what has happened last six hours on one minute charts and check 60 minute for trendlines. That's it since almost all trades end under four minutes, only 2-5 times a week trades longer duration. When you scalp markets, much less to prepare.
I monitor to see if price hit any of my alerts, and if it did I have trades working or perhaps the areas I faded were broken-through and I was stopped out.
Most of the trading I do is done before I get filled, I do not make decisions in real-time or after I'm in a position.
Most of the trading I do is done before I get filled, I do not make decisions in real-time or after I'm in a position.