what about the days when s/r look like a hot knife thru butter. or the days when price does 15 things around s/r's...…?? 3 reactions to s/r are normal...….first is failure to breach......second is breach and pullback/failure to breach/ 3rd usually continues the next leg....to next pullback/reversal area. for me, no time based charts, no moving averages, always lagging, intraday is all I consider ever. when we can keep ourselves out of trade
I use time base charts. My decision to reaction time is still too slow for fast moves intraday so I'm mostly multi day trade where risk reward is better....and there is more then a few seconds to make decisions. I look at all timeframes though from 1 minute all the way to weekly to try and figure out what the market is doing. I only look at charts, no news or anything.
I use longer timeframe intraday range charts. News is my engineer/trader brother's love. I say "no external information". News is a mind biasing factor that I never care about. I follow the price based long term intraday chart. Most of news is pre market.. News terrible emini price goes up..…….News wonderful emini price goes down or not or maybe...fomc is deadly moments to avoid. most of time...I am strictly an intraday "primetime" trader. Eminis only. I use range charts exclusively. No price move no bars. The reason I do not use time charts is the need for a lot of info and you get monster bar teeny bar. plays with emotions and too many charts requires trader too much into trades. I let the system give the mechanical entry signals. Price goes where price goes on all charts, I believe 2 charts is max and one can be done. We each have a personality that suits a type of trading that is unique for us so my opinions are for my type of trading suiting my psyche. best wishes for success.
Ive tried using constant volume bar charts before but it just makes me want to scalp more because it cleans up the noise of the super short term. The time based charts help me focus on the larger moves without distractions.
I can only say keep doing what works for you. We can trade dozens of great systems as there are many of them. I prefer the {no thinking allowed system". Only see the setup that u see everyday and take the trades, donot think about them, only trade them. Make the rules, keep the rules. No thinking allowed. for me....the less u see the less u think......we are the enemy....mkt. offers we accept....win lose or draw..
Covered my short here... out at 7389 on NQ. 96 Points gain from Thursday when I opened my short. There will be another chance to short. And to keep things honest... The gap From Thursday to Friday on the S&P needs to be closed before we head lower I believe.
originally bs12 said may take a while to get good at intraday. years later, not happening....but, interday for u guys is great, I will stay out of ur hair, thanks for the kindnesses, eug