Registered: Dec 2008
03-31-12 02:22 AM
Quote from BobbiDigital:
I attempt to trade the same basic entries the first half hour or so on 1 min chart switching to 5 min when there's enough formation to look at. I look back at hourly and daily for S/R, to see if price is lingering near any 'key' levels. For instance, if a stock is up on the day consolidating at its high. That's where my analysis gets murky.
Perhaps price tests and fails the shortest TF it will go back and test the longer TF level (prior), repeat, etc..I cannot find where and when price is most likely to move -
sometimes price moving towards noise is good, as it may traverse the whole range and then some (stops), but sometimes it bounces right off. Sometimes no resistance overhead is good, weekly, monthly, 52 week highs, but sometimes it is just fizzing out.
Do you like to see S/R overhead (noise/high volume, key levels=>stops) en route to profit targets or prefer a prior break of S/R and price potentially just taking a breather before continuing the trend?
First let me say I do not understand your question(s).., this post.., or your thinking
Trading the same setups off a 1 min.., and then?? off a 5 min – are totally different setups – unless your signals are converging… AND/ OR you understand how smaller TFs are the foundation of, and build – higher TFs
If the signal is not converging… or you don’t understand how smaller TFs build higher TFs – then you’re blind folded – standing in a dark room – while trying to hit a moving target
When our analysis is murky – the solution is easy – we sit on our hands and observe/ analyze until the murkiness clears
Btw – saying you use the 1 min during the first half hour (aka the open… aka one, if not THE – most volatile times of the day, on a reoccurring basis) – is a train wreck in the making
Unless you’re trading momo, and from the way you’re describing S&R.., PA – I don’t think you are – you need to stay out and observe until you get a read / idea what’s going on
No patience imho (probably stems from not wanting to miss a move – learn to let go)
2nd sentence – let a higher TF be the guide, while obviously never ignoring current PA
3rd sentence – no clue what you’re saying / asking
4th sentence – S&R is constantly surrounding price to one extent or another - what I like to see, is what Bone posted – an ambush point, and of course a target
Ambush point defined;
Where smaller TF signal(s) converge with higher TF signal(s)
Pick one – there are many
How to identify a target;
Use a higher TF in conjunction with horizontal and/or diagonal lines
Sounds as though you do not have an actual trading plan – admittedly I could be wrong though
Not meaning to sound like a prick with this post…, but damn your thought process is muddled