What do you think of daytrading only with 5-min charts?

K

Kovacs

Specifically:

- a 5-min chart of the ES
- a 5-min chart for each stock
- and a 1-min nyse tick chart

I think this will probably give me fewer but cleaner trades and will be more profitable in the long run.
 
Quote from Kovacs:

Specifically:

- a 5-min chart of the ES
- a 5-min chart for each stock
- and a 1-min nyse tick chart

I think this will probably give me fewer but cleaner trades and will be more profitable in the long run.
More...

You'll be missing a lot of valuable information contained in the prints, and without some form of multiple timeframe analysis you will get yourself into setups that look great on the 5 minute but are just horrendous on the hourly. If you can seriously make consistent money trading NYSE stocks off only the five minute chart I would be incredibly impressed. I'm sure it's possible... but it has to be incredibly difficult.
 
Quote from FXTraderWill:

You'll be missing a lot of valuable information contained in the prints, and without some form of multiple timeframe analysis you will get yourself into setups that look great on the 5 minute but are just horrendous on the hourly. If you can seriously make consistent money trading NYSE stocks off only the five minute chart I would be incredibly impressed. I'm sure it's possible... but it has to be incredibly difficult.
More...

I have Level 2 and Time and Sales up at all times as well. forgot to mention that.

I just find myself getting mixed up in a lot of noise on the 1-min and 2-min charts.
 
Kovacs,

I strongly recommend a small and bigger time frame simulatenously.

For example:

5 min and 30 min (Multiple Days)

As far as your TICK, try loading them on a 1 min chart and apply RSI length 7 on them, easier to read the extremes IMHO.

Hope it helps.

Anek
 
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