One for Trend and one for entry is perfect BUT . . . Learn to read one screen first. If a method is consistent, what works on one screen WILL work on a faster OR slower screen. The more screens the more confusion. The more indicators, even more confusion. Now apply all of that to minute charts which contain enough noise (created from their variable foundation) to stifle a person's thought process. Now add discretion and subjectivity created from calculations, Fibs, etc . . . and your head will explode.
It's not real clear why elder says to put trend following indicators on the "long term" chart, then oscillators on the intermediate chart....why not put all of that on just one time frame? cm
You trade the Oscillations that occur inside the Trend and Elder didn't know how to create a Chart which combined both. The Chart I posted shows the Trend Oscillations on the bottom and the Trading Oscillations on top.
also, in triple screen, if you use...say a daily chart for your entries, should your stops also be placed from that chart, or moved up to the longer time frame?
That statement about Elder not knowing may be valid but its not the only reason for sticking to multiple timeframe charts. Also your stop setting will depend how you use your charts. I have a long timeframe (which normally only shows up as a couple of grey mas on my other two timeframes) that I only occasionally look at because "big timeframe" flags and support and resistance are sometimes hard to see on the messier charts. I have a decision timeframe that I use to decide trend, decide entry setups and to set my major stops and targets. I have a short timeframe that I use to seek better entries than the decision timeframe and to snug stops up to events not seen in my clearer and less detailed decision frame. I post a picture of the short timeframe. Note that bars from the decision timeframe are mapped onto it. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1408143">