Only checking once a day for hourly chart

I'm trading trends and use the hourly chart as opposed to the daily chart since the trends tend to only last a week as opposed to a month.

I only check my charts once a day and then adjust my stop losses. Is this too infrequent? Will the stocks change too much during this time?

set up alerts so that if the stock passes a level that you deem to be too much of a change then it makes you go check and then decide what to do

you must have iron discipline not to be running back to the screen every 5 mins ... congrats!

IMO, if you use an hourly chart it needs to be checked hourly. It has to complete so there is no point in checking it every 5 mins. If checking every 5 mins, use 5 min bars.

Similarly, once a day only needs daily charts.

It all deprnds on one's personality but, whatever you do, use the right tool for the job.

It depends on the strategy. Entry criteria on a profitable system surely can't give off more than one or 2 signals a day at best. Personally I trade off the 4 hour and I stalk a trade days in advance because it takes time to evolve. How is the 1 hour any different. Checking every hour isn't a bad thing, just superfluous in my opinion.

forker said:

It depends on the strategy. Entry criteria on a profitable system surely can't give off more than one or 2 signals a day at best. Personally I trade off the 4 hour and I stalk a trade days in advance because it takes time to evolve. How is the 1 hour any different. Checking every hour isn't a bad thing, just superfluous in my opinion.

Click to expand...

Two reasons ( and purely personal ones-- nothing to do with what is best).

The first is my dislike of the larger distance that the stop has to be. A four hour, for me, is too far.

The other reason is, also, personal. Until this week, I traded only mornings ( 8-12)because of my work schedukle. 4 hours is out because entry points are purely coincidental if it happens in that period. 1 hour gives me only 4 bars. Not enough, either. So my preference was 15 mins. Now I have a laptop in the afternoons and that increases my possibilities so am trying 30 min bars. I may go to 1 hour if I get over my stop phobia.