IanMacQuaide
Junior member
- Messages
- 15
- Likes
- 2
I trade the YM, (Mini $5.00 Dow Index.)
US Regular Trading Hours of 9:30am to 4:15pm Eastern Time (New York time).
Time frame for charts?
I use a 2min, but most use a 5min. Not all, but quite a few Institutional Traders and Large Traders usually use a 5min chart.
I keep an eye on the 10Min chart for direction.
US Regular Trading Hours of 9:30am to 4:15pm Eastern Time (New York time).
Time frame for charts?
I use a 2min, but most use a 5min. Not all, but quite a few Institutional Traders and Large Traders usually use a 5min chart.
I keep an eye on the 10Min chart for direction.
IanMacQuaide
Junior member
- Messages
- 15
- Likes
- 2
Oh indeed! But the OP sounded rather "NEW", and I thought it best to stick to the basics.
I know what usually happens when one "assumes", and I apologize.
Pazienza
Senior member
- Messages
- 2,334
- Likes
- 442
Hi Ian,
I found this interesting - is it something you know, or is it speculation?
I like both M5 and M15, although I think one has to be more careful (especially at the open) with M5. I often see what would ostensibly be a good signal on M5 at 9.30 (2.30 here in the UK), but I usually stand aside as often it's a false one and the real direction is given by the 15 minute bar.
Of course, the flipside is that when the move is good, if you wait for the M15 a big part of the opening move has gone.
I don't know if that's something you've found as well?
IanMacQuaide
Junior member
- Messages
- 15
- Likes
- 2
Paz, lol, here I go assuming again. When you say 9:30 NY time, you mean the opening bell?
I don't trade the opening bell, ever. There's certainly a LOT of traders that have a good method for trading the bell, but I'm not one of them.
I trade a 2 minute chart, with a 10 minute chart for general direction. (I assume by M5 and M15 you mean a 5 minute and a 15 minute chart.) On my 2 minute chart, I have a 12-26-9 MACD, and a 9 EMA. When the MACD crosses it's MA, and or crosses it's Zero Line AND it's own MA, and price crosses or has only crossed the 9EMA by a little, I'll enter in whatever direction it's going and scalp a few points. I'm getting a little better at hanging on for 10pts, but gotta work on hanging onto a winning trade.
As for something I know as opposed to speculating, in my very humble opinion, very little in life is a concrete fact. I speculate, or as my old Chief used to say, I'll take a SWAG at it.
Scientific Wild-Assed Guess. ;-)
The opening bell can be very profitable, and if you're seeing something that appeals to your trading instincts, go for it. SIM is a great learning tool for me. I have 2 computers running every day. One's real money, and the other is on SIM.
Ian
I don't trade the opening bell, ever. There's certainly a LOT of traders that have a good method for trading the bell, but I'm not one of them.
I trade a 2 minute chart, with a 10 minute chart for general direction. (I assume by M5 and M15 you mean a 5 minute and a 15 minute chart.) On my 2 minute chart, I have a 12-26-9 MACD, and a 9 EMA. When the MACD crosses it's MA, and or crosses it's Zero Line AND it's own MA, and price crosses or has only crossed the 9EMA by a little, I'll enter in whatever direction it's going and scalp a few points. I'm getting a little better at hanging on for 10pts, but gotta work on hanging onto a winning trade.
As for something I know as opposed to speculating, in my very humble opinion, very little in life is a concrete fact. I speculate, or as my old Chief used to say, I'll take a SWAG at it.
Scientific Wild-Assed Guess. ;-)
The opening bell can be very profitable, and if you're seeing something that appeals to your trading instincts, go for it. SIM is a great learning tool for me. I have 2 computers running every day. One's real money, and the other is on SIM.
Ian
