What do you think of daytrading only with 5-min charts?

Discussion in 'Trading' started by Kovacs, Jun 25, 2007.

  1. Kovacs



    - a 5-min chart of the ES
    - a 5-min chart for each stock
    - and a 1-min nyse tick chart

    I think this will probably give me fewer but cleaner trades and will be more profitable in the long run.
  2. You'll be missing a lot of valuable information contained in the prints, and without some form of multiple timeframe analysis you will get yourself into setups that look great on the 5 minute but are just horrendous on the hourly. If you can seriously make consistent money trading NYSE stocks off only the five minute chart I would be incredibly impressed. I'm sure it's possible... but it has to be incredibly difficult.
  3. Kovacs


    I have Level 2 and Time and Sales up at all times as well. forgot to mention that.

    I just find myself getting mixed up in a lot of noise on the 1-min and 2-min charts.
  4. Kovacs,

    I strongly recommend a small and bigger time frame simulatenously.

    For example:

    5 min and 30 min (Multiple Days)

    As far as your TICK, try loading them on a 1 min chart and apply RSI length 7 on them, easier to read the extremes IMHO.

    Hope it helps.