I recently found out about this triple screen system, originally created by Alex Elder, and later adapted by many such as Don Miller. I day trade, not swing or position. Elder and Miller both talk about using the 1 min chart to find the entry points for positions. I could not get any specifics out of their tapes. Is anyone out there using the triple screen system in any way? Does anyone know how i can use the 1 min chart to find a good entry point?? I use 13, 3, and 1 min charts. The 3 min is my main one, I use the 13 for overall direction and the 1 I am still trying to figure out how to use. Anyone that can give me any help on this, I would be much obliged.
Haven't seen it but you might try some tradestation type user groups. Here is one to start...but nobody there has it. Might try wealthlab community too. https://www.tradestationworld.com/discussions/topic.asp?TOPIC_ID=4858&SearchTerms=triple,screen
I use it in any way. But I don't daytrade, at least I'm trying not to just 'cause my head hurts from staring at the monitor, and I want to not be glued all day long, so I'm more interested in trading the larger time frame. To me, it seems sensical that once your "favorite" time frame points out an exit or entry, then stepping down a time frame permits you to further exact a better (hopefully) exit/entry. That's what you would look to do with the Elder Triple Screen.
The only problem i have is that I do not know how to use the 1 min chart to find good entry/exit points. That is what i need help with. Another thing i am wondering about is that i use bar charts now. Is there a benefit for me to switch to candlestick?? and learn the patterns? appriciate it.
Hmmm... Is there a chart frame that you do know how to use to find good entry/exit points? What I meant is this...are you implying you know how to use another chart frame to find good entry/exit points... but can't duplicate the same success on 1min chart? As for intraday candlesticks...I use them alot myself. In fact...I'm often confused about my trades without them They provide more visual info than bar charts or line charts. Lets put it this way...if your trading successfully via bar charts... don't switch. If your trading successfully via another chart interval (not the 1min chart)... don't switch. However...if your not a successful trader...explore both the 1min chart (and other time frames) along with intraday candlestick chart. Many traders don't like the 1min chart because they think it has too much noise. In fact...every trader is different...uses different trade methodologies. Some will find the 1min chart extremely useful and others will find them a nuisance. Only you as a trader is the deciding factor about whether a trading tool works or not. Trading Tip: Print out a few months of 1min charts and you'll quickly figure out when the noise generally appears. Thus, you'll know when to use the 1min chart and when to not use it. You'll also learn to quickly switch to a higher chart interval like the 3min or 5min chart when the noise appears on the 1min chart. Once you become more familiar with chart intervals that work well with your trade methodology... you'll develop a taste for particular chart intervals. NihabaAshi