Very well put. I could not agree more. What is the point of "Trade this Chart" if you have to analyze four different timeframes, indicators, industry groups, et cetera? It will take inandlong 20 posts just to get it set-up. And, have you ever heard the term "analysis paralysis"? None of us know what the timeframe or the price or the instrument is when the chart is posted. It is trading at the core...using price bars (and volume) to determine what you are going to do. I think you have a good thing going here, inandlong. Keep it up!
ok, its fine with me if we dont put any indicators. i only asked if it was a daily because i told him to put up a 40sma. a 40sma on a daily is much different than a 40sma on a 5 minute chart, thats all. forget about the indicators
Actually, I have no objection to throwing a simple MA in there. I will not use it, but I know some people frame price with it. tko, I find what you said interesting - about the 40sma being different on a daily vs. a 5-minute. What do you mean? I used to trade with MA's, and used the same ones regardless of my timeframe. I think that all MA's work - you just have to pick one (or more) and stick with it consistently if you trade with them. But, in my experience what worked well in one timeframe worked well in another. Any input is appreciated - just looking to open a discussion.
actually youre right. i said its ''much'' more different but it really might not be ''much'' more different. i do believe that it is more powerful on a daily chart. just like anything else on a longer timeframe -- its just a little clearer.
Yes it does and very much so . Especially if one is trading with the cash. I hope that you are not saying that every market is moving the same like all others . Upon further study you might find out that there are intermarket differences as far price as price action and reaction forms. To understand daily price action one must look very closely on intraday dynamics of order flow .
not much argument here, tko. I think setups are the same across all timeframes. The difference is going to be the size of the move, and the power of the setup - as you put it. The setup on a 5-minute chart will yield results in proportion to that timeframe. The setup on a daily chart will yield results in proportion to that timeframe. But, a setup is a setup is a setup. Which is why I beleive inandlong is doing right by not posting price and timeframe. Have a great day trading!
Wow. A disagreement without cursing or name calling? inandlong, delete this post immediately and ban the users.
LOL! Yes, you're absolutely right. Who do these members that can disagree with each other without tearing down the house think they are? Walther, when trading real time, there is no doubt in anyone's mind probably that at least knowing what is happening in the next longer and shorter time frames is important. And on another thread it was suggested that I include a chart of the broad market, or the appropriate sector, etc., also. However, there are two ways to practice golf. One is at the range where you do the same thing again and again. The terrain doesn't change, the lie doesn't change, and you can hit the same club until you have blisters while you work on your swing. The other is on the course which represents actual conditions more closely. Both are valuable. I do think it provides an interesting twist of sorts to post a broad market chart with the trading chart. But I use QCharts, and I do not know how. So if some can help with that, I will do so.