Two Questions For Practicing Day Traders

[ironchef]

Trading the chart only.. I see setup long about


this is a 1 minute chart so i am guessing you are trading for small moves. just looking at the chart, seeing the price move and with no other market, etc context. I see a setup about 32 on the x axis where price breaks prior support with entry just above prior support and would exit on first or second pullback for a profit of 30-40 cents per share.
Another setup is about on the x axis where price reverses down at about 43 on the x axis. The entry would be on the first or second pullback up with another profit of 30-40 cents per share.

is that what you are looking for
toucan

No.

I am indeed trading with the 1 min chart with 3 min, 5 min, 10 min and tick by tick as guides.

 

[ironchef]

No, 1 min charts are noise. Don't trade them. Free advice.

Thank you for the advice.

Unfortunately that is what I am experimenting with. Can't change in mid stream. I will make adjustment in a couple of months after review.

 

[ironchef]

Yup,they're seeing ghosts.

No, 1 min charts are noise. Don't trade them. Free advice.

Thanks for your counsel.

If @Buy1Sell2 is right, I can make money buying and selling noise.

In all seriousness, the 1 min chart is very noisy but sometimes there are signals in a noisy system? The issue with longer time frame is that a 5 min bar is the combination of 5 one minute bars, an averaging process, yes, less noise, but sometimes the signals could be masked. There is a reason why some great traders before computer read tapes.

People in communication system, submarine sonar, astrophysics... often can pull signal out of a very noisy environment.

 

[ironchef]

I want to say again that reading @Buy1Sell2's Risk Management thread is one reason I am so far profitable.

Risk management is a necessary condition to be profitable. Is it sufficient? I don't really know yet.

 

[tomkat22]

I'm not saying there aren't intraday trends,there are,but just 1 bar isn't going to tell you much.

 

[padutrader]

Thank you for your counsel.

we must help each other........ or genuinely try to.... and not make fun of anyone what ever be their skill level..... i see too much meanness and have seen too much meanness and will be quite happy to leave this world ...the time is nigh
enjoy whatever you hold in your hand... and hope no one grabs even that

 

[padutrader]

I'm not saying there aren't intraday trends,there are,but just 1 bar isn't going to tell you much.

one bar in any time frame is not going to tell you much..... but sometimes -and that is the irony-IT TELLS YOU EVERYTHING

 

[padutrader]

isk management is a necessary condition to be profitable

many people think small stops means small risk...... a bit of common sense tell you it means....
WTF does it mean.... i never could find common sense on Walmart

 

[p0box4]

why do not help others like i am doing......i am not charging or making fun of others like you.....i am discussing with others and YOU what are you doing?.AT LEAST WAIT QUIETLY AND SHUT YOUR MOUTH

Why should i shut my mouth if you can post lies and whatever you want? This is a public forum and i have every right to post whatever i want, just like you so. If you don't like it you can ignore it. I know you don't like being exposed, been there plenty of times, but that isn't my problem.

You aren't helping others, you are pretending you are profitable while you aren't, you are tricking people, big difference.

It's like saying you will teach someone how to do surgery while you don't know how to do it yourself.

 

[padutrader]

I know you don't like being exposed, been there plenty of times, but that isn't my problem.

oh you mean exposed like Mother Theresa

i am not getting anything out of it except lot of appreciative people telling me how much they like my posts
so just keep exposing yourself for the arse hole person who does not help anyone or post any charts or anything about trading .
LIKE YOU SAID THHIS IS A public forum