In unsure , high mkt stress environments the worst thing you can do is watch short term charts, they will only be accurately demonstrating the stress. Notice on the 60min that it didn't take out yest lows, the blue channel is today, after a triangle contraction it expanded up and continued the up channel, close enough to the upper line to book some profit. Notice the power of the diamond is still in force on the daily. Stop on the reversal into short from the round # of 5800 is 529, the center line on the daily. Bottom line and point of the post is that it's way too easy to make this more complicated than it really is, there is no big secret in a gold box somewhere. It's just a bunch of clowns, me included ,who don't fancy going into servatude for the man and either have the courage of their convictions or not.
Banjo, Yea I can only agree with your post, but for me as a newbie in this game and without a solid confidence yet it's always a bit hard to decide in realtime what approach (choice of the timeframe for example) is the best for a certain market environment... I am absolutely sure trading is simple, but knowing when to apply simple tool is not that easy.
Banjo, From looking at your chart I now see what you mean by simple things... That small trendline inside the channel... Beautiful trade and no reason to say "tough market" cause it is still running up nicely... Outstanding!
I am still around, but guess no party was today... P. S. I thought you went in a booze-up because of Chelsea loss and that's why didn't show up these days...
Yoohoo, And if seriously, I watch 1min for like half a day today and must say that began to see order there! And it's really not that harder than 5min... Even easier in some ways as it moves instantly not makes you wait forever for something to develop... Also I watch CCI to see how it can give clues for reversing/getting out etc... Helpful really! Will try to trade 1min from the next week...
lol sat up all night - body clock wrecked freinds came round 11am and I ahd caught a few hrs sleep ended up all night last night out today got a few scalps here and there saw it was messy but 1&5 lots of chances
As for 1min I have found that reading it is easier when I don't concentrate on every single bar (except points of reversals confirmed by CCI), but on a general 1min picture, what with a help of an indicator makes it quite readable...
if you can use a HLC (not HLOC)on 1 min and use EMTL for angulars and Horiz with CCI it will cut down on visual noise and soon make sense