Trading plan

Discussion in 'Trading' started by trader1974, May 2, 2020.

  1. trader1974

    trader1974

    IMG_20200503_050412.jpg

    Day trade M15-H1 Is this correct?
    Many here in ET use M1-M15
    What is better?
     
    Last edited: May 2, 2020
  2. Overnight

    Overnight

    #1 is a faulty premise. What if we don't trade time-based charts?
     
    TooEffingOld and Sekiyo like this.
  3. trader1974

    trader1974

    ¿Perderemos también? :rolleyes:
     
  4. trader1974

    trader1974

    With M1 the stop jumps many times
    So ... why not use M15?
     
  5. I hate this answer, but it's also the correct one: it depends.

    Personally, I've never found much daylight trading 1-min charts though.
     
  6. Sekiyo

    Sekiyo

    Because the stop is wider ?
     
    trader1974 likes this.
  7. EsKiller

    EsKiller

    If you are looking to trade trends, don't look at anything lower than a 15 min. 15 min, hourly, and 4 hr are your friends in ES.

    If you are trading reversals or congestion / chop, you might need to filter down lower.
     
  8. trader1974

    trader1974

    Maybe it would be better H4, H1, M15, M1. Sometimes in one minute the stop jumps several times.
    But sometimes the operation goes well from the beginning.
    Maybe Sekiyo is right.
    What do you think EsKiller?
     
  9. Sekiyo

    Sekiyo

    I don't trade off the minute chart anymore.
    Got a 5 range and 10 range chart for ES.

    It really depends on you and your style.
    If I had to choose 1 chart I'd pick the 5 minutes.
    For intraday trading it's perfect (I believe) Signal / Noise wise.

    But it will be too slow and too wide for a scalper...
    With not enough signals. But less noise ...

    I don't care about risking 20+ pts on MES.
    My last setup on MES but not filled (Price stopped @ 830)
    Entry 2840 / SL 2871 / TP 2780

    3% vs 6% per contract;
    P(win) of about 1/2 according to my spreadsheet.
     
    Last edited: May 3, 2020
    JoeyLowe and trader1974 like this.
  10. trader1974

    trader1974

    2 ranges, curious ...
    Some use time candles, others tick candles, but 2 ranges have never heard of it.
    Then you read the pure action of the price
    Brilliant
     
    #10     May 3, 2020