Which chart time frame do most intraday traders use for s/r?
- Thread starter cashclay
- Start date
You might benefit from putting some market structure around your trades.. being a gunslinger is cool and all, but past price does matter.
OP- you might want to look into market structure. Get a book. There are some easy ones to read. The Adam Grimes one is really good for market structure. I personally feel that every traders day should start with looking at the chart 2-3 time frames up. So for a day trader trading 5 min charts, my first chart of the day would be the weekly (possibly even the monthly).
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global financial market opening and closings, state of intervention time, global lunch times, global debt instrument opening and closing time, previous sessions high low and mean lines, current sessions pivot points and fibonacci retrenchment levels, previous session close, 70% value areas and the point of control, tracking expiration days, tracking report days and times.
this sir is what it takes to begin to even start daytrading and still you need a edge on top of that and some basic self employed business sense and conservation of capital skills. this is hard work, there are no easy momentum this and momentum that ez trading profitability.
i am not endorsing any of the above items i look at and i am aware of but you can bet i respect all of them as effecting the markets i trade. there are some other things i look at just to be aware of what's out there. then on top of all that i juggle my own algo i use to trade. it's like driving in traffic you have to be looking around you all the time, else your a fool.
btw i use range bars to trade daily to filter.
The higher the time frame the more relevant the support and resistance levels. However to a day trader, S/R levels on a weekly, monthly or even daily may not be relevant to any particular day's PA. I as do many use multiple time frames intraday and while I note S/R levels, they are secondary to my signals. To quote Victoria Pearson, old trading buddy and a one time associate of Linda Raschke "Support and Resistance are meant to be broken.
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Well you trade Forex...but in other markets sometimes levels show where the programs trade from..as they are the ones that created those levels.
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Or he might be right and you wrong.
Momentum trumps S/R so badly, I don't bother with S/R at all these days, i know S/R is used by all retail traders and as 99% lose, likely best to stay away.
M1 only here, trade what you see, history for the next hour or 2 is irrelevant.
Turveyd...I do not have the time to research your posts so please pardon me for this question...do you trade Forex profitably on the M1? If so you are a better trader than I am, because you discovered how to do it.
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Well stated!