Dear intraday traders who use naked chart, What timeframe(s) you use for intraday trading and what instrument? If you use multiple timeframes, kindly state the purpose of each timeframe. Regards, oshjdf
Timeframes < 1min usually for scalpers although some scalpers use market depth / order flow...no charts. Timeframes > 1min to 15min charts usually for day traders that do not plan to hold the position overnight Timeframes > 15min charts usually for swing traders that plan to hold positions overnight Timeframes that are daily to higher...usually for position traders (long term traders) and investors although investors tend to use more than timeframes...fundamentals, industry info, economics and so on. The above vary from trader to trader but if you're asking your question to determine what's best for you... The answer is easy for you. Determine how many trade signals you want per day or per week...look at each time frame and then backtest your trade strategy to determine which timeframe gives you trade signals that fall into the number of trade opportunities you're looking for. For example, if you're comfortable with 3 - 5 trades per day...find the timeframe that your trade strategy typically gives you 3 - 5 trade signals per day. There's no exact way to figure out what's a good timeframe. You just need to open up your charts and start simulating trading your trade strategy to determine which timeframe is suitable for you. wrbtrader
Instrument: Euro Bund future Trading timeframe: intraday, no overnight positions Style: trend following, taking chunks of price moves in direction of trend only Trading chart: 1500V (1 bar=1500 contracts) Context charts: hourly and daily. Context charts define conditions that are tradable for me, when I must execute signals from trading chart and when I must skip any signal and wait. Context charts also define levels that are ‘danger point’ for me. Example: yesterdays high/low. If the context is tradable but there is less than 6 ticks distance from entry price to yesterdays high or low I will skip the signal. The reason is when such level is close (6 ticks for me) the risk of fast reverse or chop price action increasing. Why? Just because ‘big money’ potentially can step in. For me ‘danger points’ are today’s open price, previous days swing points, trendlines from context charts. Using such approach the 80-95% of price action on trading chart filtered out, and only small reminder 5-15% is tradable for me, tradable means trading signals must be executed.
I like the cut of your jib. do you trade with volume readout, for idea that bar is young/ old? moving average(s)? crazy ass fibonaccis? horizontal price grid? AnyThingAtAll? Simple Is Beautiful.