Euterpe1, yes, this morning went well. Made enough money so I'm done trading for today.
This is the current chart setup (below) that I'm using to daytrade. Longer term charts like the 60min, 30min, and 15min charts are not used because both of the 1min & 5min charts provide shorter-term counter-trend trading opportunities that the longer term charts do not display. In fact, looking at the 60 ,30, 15 charts can create apprehension about trading long or short if they read counter to the 1 & 5min charts. I now prefer this chart setup to this one ... http://tinyurl.com/35nlkz ... for that reason.
Both the 1min and 5min charts use a CCI(15). Significant CCI value lines to watch for a +100, 0, and -100. When the CCI line crosses any of these lines, price action is confirmed in that direction. It helps sometimes to watch the value of the CCI (as opposed to the lines) because delays can occur before the lines redraw themselves so look at the values during tight moments. While the 5min chart provides the "bigger picture", shorter-term trading opportunities do present themselves which are visible in the 1min chart. Also, notice that opportunites arise when the CCIs spike significantly to values values of +200 & -200.
One advantage of this chart setup is that the 5min chart displays the full day's price action. Early in the day, it also displays a partial view of yesterday's price action. This is important because short-term SRs (support & resistance levels) are visible. The SRs are manually drawn based on obvious points where the herd turned around. I first draw them on the 5min chart ... and add these same SRs to the 1min chart (because they may not be visible if using only the 1min chart's price bars). If you look closely at yesterday's SRs in the 5min chart, you can how the herd respected these SRs during today's open. If looking at only the 1min chart, the signficance of the SRs is not immediately apparent until the 5min chart is viewed as well.
Also, putting the above together creates stronger trading opportunties when SR levels are reached *AND* a CCI has reached +100, 0, or -100. This "gathering of events" is like holding 2 sticks together and trying to break them as opposed to just trying to break one by itself. Together, they create a much stronger situation. Another VERY IMPORTANT gathering event is when BOTH the CCIs of the 1min and 5min chart are reading alike (example: both CCIs about to or just breaking above -100). This makes for a "3 stick" situation and is stronger still. But, as always, play it safe and IMMEDIATELY place a STOP LIMIT order after every trade entered. It's just stupid to drive your car without wearing seat belts ... which essentially what stop limit orders are.
The daily chart is also included because price sometimes reacts around yesterday's price bar ... wick top, wick bottom, candle body top, candle body bottom, and candle body mid-point. It's always a good idea to know what the "rest of the world" is doing at the moment. Price sometimes stalls and a quick look at the daily chart sometimes shows that one of these price levels has been reached.
While writing this, made 4 successful daytrades at this moment during the first 1.75 hours of the session while QQQQ's price has gone no where. Opened at 54.22. Last print is 54.23.
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