I have heard that for intraday checking use the 1 day chart and the 5 min chart. these are the best time frames. Other traders use so many time frames and it will end up confusing you. Just curious if you would agree?
disagree. why trader gets confused is because their mind is not agile enough. the market moves in various fashion/manner/speed ... so you can't have just 5 min chart alone. talk about NQ. I use volume chart. sometimes, I use 500V chart. sometimes 1000V chart, 3000V chart. if you use time-based chart, sometimes you have to use a seconds chart, sometimes, 1 min chart, sometimes 5 min chart ...
If you trade off the price ladder, you not using time or volume frames. Best you have knowledge on managing the trade, risk and lastly entry. Timeframe often times is matter of personality, smaller timeframe or volume often times produces more trades unless more rules to slow down number of trades.
Try a unirenko chart one of these days. Compare the three. Would be curious if you could see any advantages on an intraday timeframe.
I tried renko, unirenko, heikin aski, kagi ... charts before. I still prefer the typical candlesticks. different types of charts shouldn't impact which timeframe/volume chart to use for trade entry.
i use time & sales and 2-day 1-minute chart like this tip: it's a Big help to see extended premkt gap data starting 5amET
%% Good question; not really confusing. I have a monthly candle pattern in my mind before entry. And like KC's chart\use 2 days,2................................................................................ 5 minutes maybe the most useless / too much noise/DON Bright Daytrading CO hated it. IF you had yesterdays clo$ing price in your head or note book , 1 day could work about 95% as well as 2 day chart.,
I miss Don, he was The smartest guy I knew re direct access trading. His TASC column was my favorite, well worth reading