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I guess it's a matter of trading odds and methodology. I'm not a scalper
in/out for a couple of points. I work from the top down for trend and bottom
up for entry. I'm unlikely to enter a short trade on the 1 min or 5 minute
chart unless the 30 minute chart is at a likely up trend failure point. Once
I'm in and the trade has moved with me away from my initial stop, I look to
the higher time frame to give me price objectives and resistance points and
the low time frames to time my exit. Further I supplement my day trading
with high probability position trades, so I want to know how the higher than
daily time frames look. It's profitable for me, other's mileage may vary.
Earl
-----Original Message-----
From: Ira <ist@xxxxxx>
To: eadamy@xxxxxxxxxx <eadamy@xxxxxxxxxx>
Cc: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Saturday, October 24, 1998 12:22 PM
Subject: Re: MKT Rally on light volume
>There always seem to be the worry that you are missing the big picture.
What
>difference does it make what the weekly and monthly charts are doing if you
are
>trading 15 or 30 min chart, or using the direction of those to trade the 3
or 5
>min charts. The fact is that the 5 min will turn down before the 30 and
the 30
>before the 60 and the 60 before the daily, etc. So if you are trading your
>cycle and time frame properly and as your successful system tells you the
big
>down move will not be a surprise as you will be in it way before it shows
up as
>the obvious to the gurus and longer term traders.. Good Trading.
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