the hourly is better than the 4 hour on this setup..the mobile phone is different as you are limited to 2 charts if trading with IB..or 4 charts if trading with Amp..you are also missing the monthly..which is also important..the more you use it for live trading the more you will see the importance of the various charts.. hell..i might as well give ye the money to trade now..as what more do ye need..ye are looking at exactly what i look at..on my pc..laptop and my phone..so..if ye can't make some money trading the MES..and hold on to it..what do you think might be wrong
it is just another way of looking at the same information..it is more suited to longer term trades (more risk) than shorter term trades (less risk)..but that doesn't mean that you can't make more money..but it also means..you can lose more money back from the money you make..which..is a MORTAL SIN
you also have too many things on the charts.. delete everything and start with just the 'last price' line in white..then..after a while looking and seeing..add either a horizontal line for the open price in yellow..or set it up to auto plot if your software allows it..but i just move the line each day when the open prints at 09:30 NY TIME
delete all your interval vertical lines as well..not required..keep the charts BARE with just the last price line plotted in white..until you start to SEE what is going on.. think of it this way..what i am saying is the exact same as the difference between an Art Expert examining a painting..and a Gobshite looking at it..the former will see the meaning in the artist's painting..while the Gobshite will just see the "lovely colors" painted by the artist !!!
of course..this is just my opinion..if you have worked out some other way then that is fine..but if you are not making any money..and holding on to it..then what i have explained about the MES..and the setup..is one way to do it..if you can't do it.. after a while trying of course..then..you still are not aware of the OBVIOUS pre requisite to trading any market !
So the attached image is your suggestion? Yes... why yes this is correct. I have not learned to read a chart yet.
BUT..the Gobshite will still look at just the "lovely colors"..while..the real Art Expert will "stick" with the artist that he knows best..
here is an exercise for those interested..those who are not..well..no sweat get an A4 sheet of paper..lay down in landscape..in centre left of page draw a capital A..in centre right of page draw a capital B.. circle the 2 capital letters..draw a line connecting A and B..draw an arrow in the centre of the connecting line pointing from A to B.. at A write $1,000..at B write $2,000 at top of page write..how do i get from A to B without losing my money..in the shortest time possible? in the top section of the page..above the connecting line..write your Do's in the bottom section of the page..below the connecting line..write your Dont's start to get from A to B in the shortest possible time.. amend your Do's and Dont's to make sure you get to B.. the shortest possible TIME will depend on how often you trade..and the duration of your trades ! if..by chance..you lose all of your money..then..do not fret..just start again..BUT..if you lose all of your money again..then..you are what is called.. A GOBSHITE