When you are looking for setups, for both swing trades and position trades, what time frames do you focus on? Daily, weekly, monthly? I'm having trouble with this. When if ever do you look at a 1 year daily chart?
I have 4 charts on my screen, 1 and 5 minutes as well as 30 and 365 days. I do intraday, swing and position. For the past couple months I've been sitting the market out...
I've been focusing on whatever the climate is... For example right now the EUR is in decline and commodities and safe havens up... But then I have a hard time not taking profits when I'm 10% up, even if that only took 2 hours. I've found that with such large leverage, it's hard to stay focused on the long-term. Which is unfortunate because the medium- to long-term is the easiest to predict.
I'm confused .... So 1 and 5 minutes are obviously intraday and i guess you use them for day trades (and swing trades?). FOR THE 30 AND 365 day charts, whats the time interval you use. For examle, the 365 day chart - is it daily, weekly?
For position trading I'd start off looking at monthly levels and then refine down to daily or 4h for entry.
But problem is... With such high leverage, I'm almost forced to do day trading whether I want to or not. Does anyone else encounter this problem? And I can't just lower the leverage because that's the leverage that's offered.
Why does the leverage force you to day trade? Also why can't you open a new live account and change the leverage. Normally get a choice up to a max.
%% YES\ yes; on all those + 10 year candle charts/all data + hourly charts. YOU will get used to it, after some time. Monthly charts confirm we are not in SEPT/selling season , but FEB + MAR may sell like SEPT.............................................. Took profits on SPXS today + use including ,but not limited to all those time frames. LEARNING , maybe focus mainly on daily candles\close price, 50 dma + 200 day moving average.... As you get better , maybe can do intraday KGT. ALMOST always use 1 year chart for dailys\even though 6 month daily charts are easier to read. Good question