triple screen trading?
- Thread starter melee
- Start date
It has been instrumental in my trading, more as a concept than a method. The first trading book I read years ago that actually made some sense, because Elder frames his discussion in the overall scheme of things, without simply detailing technical indicators.
As with others who have read the book, it changed by thinking about my entire approach to the market. It got my head out of the trees, into looking at the overall forest, into more of "why" things happen as they do.
Triple screen timeframes can be weeks, months, days, hours, minutes or ticks, depending on how short your trading timeframe is. For example, if you are trading intraday, you may want to be referencing daily and 10 minute charts for setups, and a 1 minute chart, or less, for specific entry on price action.
A longer term trader might want to use monthly or weekly charts for a trend, and daily charts for entry.
Good Luck.
Triple screen trading works for me but like any system/market perspective it must be mastered. I don't use Elders indicators but I do have short, medium, and long term charts for the markets I trade.
I have my own way of defining time frames for each chart but others on ET have gone into some detail on how they do it. I believe ProfLogic provides a few examples.
As lindq stated it has some really good elements.
I started with it (years ago!) and have used a version of it for some of my trading up until about six months ago, when I decided that looking at two trends would be easier than looking at three, and being sure to only take trades on the secondary trend when the primary trend's price action was congruent with its trend ...
The originator of the ES Thread, B1S2, talks about this at length, and uses the concept for any and everything he trades. Believe me, it works for all instruments, across all time frames.
Sincerely hope that helps.
Good trading,
Jimmy Jam
I started with it (years ago!) and have used a version of it for some of my trading up until about six months ago, when I decided that looking at two trends would be easier than looking at three, and being sure to only take trades on the secondary trend when the primary trend's price action was congruent with its trend ...
The originator of the ES Thread, B1S2, talks about this at length, and uses the concept for any and everything he trades. Believe me, it works for all instruments, across all time frames.
Sincerely hope that helps.
Good trading,
Jimmy Jam
screen 1 - data vendor A - monthly/weekly/daily/60 minute/240 tic
screen 2 - data vendor B - 60 minute/ 240 tic/indicators(fine resolution)
screen 3 - order placement
screen 4 - scrolling real time news
screen 5 - cnbc
screen 6 - bloomberg
screen 7 - cnbc asia/europe
screen 8 - order placement redundancy
screen 9 - equity charts flash rate (100's of charts flashed every 15 seconds
screen 10 - dvd/visualization/music/atomic sync clocks/economic calendars
5 mobile broadband cards
2 hardline internet access
mobile phone web trader
premium air filtration/conditioning system
comfortable seat
natural daylight/bio metal halides if natural light not possible
supplements/vitamins/excercise/meditation
Its best to know what the market is doing, since the market references itself along multiple timeframes, and will stall at price points that aren't evident in one timeframe but evident in others.
screen 2 - data vendor B - 60 minute/ 240 tic/indicators(fine resolution)
screen 3 - order placement
screen 4 - scrolling real time news
screen 5 - cnbc
screen 6 - bloomberg
screen 7 - cnbc asia/europe
screen 8 - order placement redundancy
screen 9 - equity charts flash rate (100's of charts flashed every 15 seconds
screen 10 - dvd/visualization/music/atomic sync clocks/economic calendars
5 mobile broadband cards
2 hardline internet access
mobile phone web trader
premium air filtration/conditioning system
comfortable seat
natural daylight/bio metal halides if natural light not possible
supplements/vitamins/excercise/meditation
Its best to know what the market is doing, since the market references itself along multiple timeframes, and will stall at price points that aren't evident in one timeframe but evident in others.
