Time frames

When looking for setups, not daytrades, but swing and position trades, what’s your go to time frame. Having been a longer term investor I’ve always focused on one year daily charts. But I’m thinking my decision making process for trades should start with a 59 day daily, then maybe drill down to say 20 day 1 hour or 4 hour charts, and for entry maybe a intraday 1 minute?

am I on the right track? Or am I totally bonkers?

 

To my understanding, all are arbitrary as are sections of EMAs, etc. Fractal analyses using short/medium/long time frames is designed to establish confluence of price behavior. For day trading, I have more often seen 15 min/1 hr/24 hr as an operational framework, with daily pivot/S/R to establish fixed horizontals.

 

I use two time frames: daily for setups, 3 months and two years. 5 minute for 3-5 days for entry.

 

I use daily for swing trades.
Entrys are set the night before. No need for anything smaller than daily. Price will hit my entry or it won't.

 

This'll give you something to compare to until you find something better.
Simple.
Why not start with weekly, and daily candles?
When you get a setup even if it is during the session, e.g. a gap or a fast rocketship move that gets far ahead of the 8-ema, if you get something like that, then
Downshift to a 10minute chart and watch for possible setup and entry trigger there?
Hold for 2 to 10 days.
Have no more than 10 pots on the stove at any one time.
Keep your eyes on your fries.

 

Got position sizing?

 

KGT, here's a setup / trigger combo that you might do some stats on to see if it's fit to be in your toolbox.
Maybe go back and find the first dozen Daily charts where you see this setup.
How many fit your written description for entry and stop, but did not work? How well did the good ones do? Look promising?

Here's a claim about the setup


Here are some examples -
Doji Best Friend Trade, Bigalow
https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-21#post-5368378

 

Thanks Easymon, I will look at this.

 

Most will laugh, but I check last nine years, so if instrument is in lower 25% of last nine years, wait for uptrend to develop then pullback to get long on dailies. I will take profit on partial position and keep the rest for longer term. But I always hedge the start of the trade as opening usually have greatest risk.

 

Learn to unlearn, think differently.
Just remove the concept of time on your charts.