Longshot, Trying to help someone here, everyone can look at the same charts in a different way. Everyone chooses their own period which they are happy with, for example - Trader A looks to trade the tick charts and looks at 1 minute and 5 minute for confirmation - Trader B looks to trade 5 minute charts and looks at 30 minute and 60 minute, perhaps even daily bars for confirmation So trader A 's confirmation signal (5 minute) can be trader B 's entry trigger. I only buy the pullbacks in a rally and vice versa on the short side (No bottompicking !!) but this is my particular style. Of course everyone has their own, but as I stated before, it all depends on how you decided to trade. Edit : Support / Resistance zones are more important if they are from a higher time frame and are confirmed by the trading time frame
The time frame I choose has a lot to do with the market. In a strongly trending market. ......13 minute is fine. And if I am not home all day, daily is just great. In a very flat market 1 minute against a 13 minute backdrop. If the trend is flatter than that......forget trading and catch some rays
Jack Hershey wrote: Market pace. I trade a fractal that represents the market pace. I also watch the next fastest fractal for anticipation. Jack, could you explain that statement in alittle more detail?
I look at the Stable Homotopy Rings of Spheres of the Orthogonal projection onto a 4 hypersphere. This gives me a stationary series to look at. I then apply a Topological invariant in the form of a Simplicial Homology map that is one to one and onto (or in other words, the map is an Isomorphism) from the reals to the p-adic field. Once this is done, I use Deligne's proof of the Reimann Hypotheses over finite fields (used to be known as the Weil conjecture's) to show that in fact all markets are attracted to GANN numbers. Once I do this, I can sacrifice a chicken to the trading Gods, while using the bones of the carcass in a craps like throw to see where the bones land which tells me if I should take the square root of these numbers, or simply use them whole. Since this space is a Ring, I can apply Cohmology and look at dual spaces to make sure I am not fooling myself. Finally, since this is a Ring, I can invert all the way back to get a signal in time/price space. nitro
as avid Jack watcher, I think he means the mirror image on 2 diff time frames, for exmp: 1m and 5m, if MACD cross on 1m then you can anticipate that it will cross on 5m.
The shorter the time frame in which examine price action, the smaller the trend component is. Price action is fractal. That means that as shorten or lengthen the time frame, price action remains similar in behavior. Thus, five-minute charts have roughly the same appearance as hourly charts, daily charts, weekly charts and monthly charts. agree??
As long as my 5 min Magic 8 ball does not conflict with the daily magic 8 ball I am in on the trade !!