Wow!!! This reminds me of myself when I first started... Analysis-paralysis. The perfect term for this thread's OP. OP must be a Radiohead fan... "House of cards" FYI
You demonstrate your concept by starting with one example. What hope do you expect to have? This is statistically meaningless. It only MAY work if you have done this on HUNDREDS of trades across many different market conditions, done the statistical analysis and have PROVEN it works. Everything else is garbage
For starters I use the same software as you so this will work. I first open up a chart and then set the time frame to a 10day 1hr and draw in the MAJOR support and resistance prices levels over the past 10 days and a few MAJOR trendlines on this chart. So then when ever you go into your 5min(i prefer the 512tick chart for the /NQ) your major support and resistance and trendlines will show up on that chart for trading. Also since I have a few monitors I usually have a 15 and 30min chart up of what I am trading and the indexes that it follows. I also like to have the pivot points up on these charts for added support and resistance levels. If price breaks a 10day 1hr trendline, that is a pretty powerful sign with only 1 line on the chart.
u can scalp all the short time frames,butif you cant see thr bigger picture with it,you will get stomped on,see the big picture and in a bouncing market trade the shorter timeframe,but always be aware when the bigger timeframe will takeover
yeah i really like the TOS platform, but creating a custom strategy on there is rediculously challenging. and im afraid to use the pitchforks cuz then it would really look like a laser light show. mike what you do sounds like what im aiming for. Do you think i should just use 1hr trendlines instead of the 2hr, does it even matter? and yeah i might use the 512 tick instead of the 5 min, it is more accurate.
i dont know how dumb this question is but....on TOS you can choose whether to see "trading hours only" or all 24hours. i have bounced between both versions for a while. I think i prefer watching all 24hours. i think that seeing all 24hrs of trading should be more accurate since it shows everything, but just looking at the "trading hours only" could be more accurate since it focuses on when most people trade...........
thanks, ill do that. i could probably make my hourly lines a bit more accurate but this is what i think ill do, ill draw the hourly trendlines, then zoom in on the same chart to draw shorter term trendlines. on this pic i just drew 1 hour and 5 min, but doing it this way makes sense cuz i only see one chart and rolex wont have to go to the hospital. maybe there will be a big break aroud 12:35pm- 1pm?? (12-15-2008) ill be like the people on MSNBC and call it!! this morning was actually pretty sweet