The TREND is your friend.. The biggest lie ever!
- Thread starter MarketAddict
- Start date
Next week I can guarantee "demand" will be present (in the form of institutional money)
Will it be bought..., or used for liquidity
RN
ops:
I especially enjoyed the "1-min" charts. You guys trading off that are amazing.
Having traded off both, I highly favor trading off a tick chart with the number of ticks based on the normal activity of the contract. But I do follow 1 minute charts. For example I use a 50 tick chart for the Nikkei225 Mini. The more active ES would need to be set at a larger number of ticks. When I traded off 1 minute charts I thought tick charts would be too detailed. But after closer examination and finding the appropriate number of ticks for each
contract, I would never go back to 1 minute charts for trading.
If you have never experimented using tick charts, please give it a try. You might find it interesting if it can fit into how you trade.
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I especially enjoyed the "1-min" charts. You guys trading off that are amazing.
1 min chart can be pretty noisy when price is chopping around. But sometimes it can show good details when price is not choppy.
2 min chart is less noisy and looks ok for trading, but sometimes it is too big and details can only be seen in 1 min chart.
5 min chart is even bigger and hard to see details...I aint sure what is the advantage of 5 vs 2 and 1 min charts.
It all the same..., exact..., PA
The advantage - which fits your eye / personality..., AND - does not turn you into a spastic monkey
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There is a thinking that a LTF somehow reduces risk - provides quicker insight
Just not true
It a microscopic view into a larger bar / larger TF (time sample) - iow..., it shows the PA comprising that larger bar / time sample - whatever one chooses that larger bar / time sample to be
1M crack is extremely addictive..., and all the rage
In the wrong hands (the right hands are very few and far between btw)..., leads to over trading (impatience / inability to follow one's approach / methodology..., trade plan)..., loss of bigger picture (confusion / surprise by the fact price heading into a big ole S or R)..., inability to remain neutral (causes internal bias as opposed to focusing on price's bias)..., and several other adverse behaviors (adverse to successful trading that is)
Do I use it - yes..., as a microscope
I trade the 5M
Best that "trader" not always construed as an active verb
jmo
RN
What he said!
Everyone I've worked with (including myself) who was drilling down to 1-min or similar tick-based bar intervals, was focusing on finding a way to use the smallest stop loss and feel a sense of comfort and even certainty on individual trades.
At its best, this mindset can lead to an eternal quest for a Holy Grail of loss-free trading. At its worst, this mindset can ruin you by leading to "over trading (impatience / inability to follow one's approach / methodology..., trade plan)..., loss of bigger picture (confusion / surprise by the fact price heading into a big ole S or R)..., inability to remain neutral (causes internal bias as opposed to focusing on price's bias)..., and several other adverse behaviors (adverse to successful trading that is)".
Who among you using bar intervals of 1-min, similar or less is a consistently profitable day trader?
I personally lost/lose money when I forget to focus on the 5-min (or similar) picture and I wonder if anyone here trading a 1-min or less bar interval is consistently profitable in real time (not in static hindsight analysis).
Agree with RN & ND.
One can use 1 min to scalp especially if they have a read from a 5 mins chart or so. Its needs lot of focus & drains your energy super fast. More importantly such small timeframes you are very prone to lot of chops as well as lot of fakes that you need to withstand. Since trades trigger so often, chances of many stops quickly is high if discipline is not in control in using such timeframes. It can be done but it is super hard work. Its lot easier and less work / stress doing the same using bigger timeframes. One big use of 1 min is vol exhaustion alert to indicate that this area is of interest.
One can use 1 min to scalp especially if they have a read from a 5 mins chart or so. Its needs lot of focus & drains your energy super fast. More importantly such small timeframes you are very prone to lot of chops as well as lot of fakes that you need to withstand. Since trades trigger so often, chances of many stops quickly is high if discipline is not in control in using such timeframes. It can be done but it is super hard work. Its lot easier and less work / stress doing the same using bigger timeframes. One big use of 1 min is vol exhaustion alert to indicate that this area is of interest.
Why do people take trading strategies like trend following which show a historically proven relevance over time periods of 6-18 months (read: long-term trading) in intra-day trading? And then they whine "Oh but it doesn't work".
It's like taking a Ferrari and going offroad with it, then complain what a piece of junk it is.
It's like taking a Ferrari and going offroad with it, then complain what a piece of junk it is.