hi rocky555, call me Roy
What indicators are you using....
I use 6 "Chart Styles" if you get StockCharts lingo. One each for 1-minute, 5, 15, 60, daily, weekly, and monthly. Rarely use weekly and monthly except for bullish percentage and the like for context. Most of the indicators for 1-minute through daily are almost the same:
Above the price box: RSI (14), Wm%R (14), CCI (10) or TSI (25,13,7)
Price box: Candles, EMA (8)(15) different for each time frame, B-Bands (20,2,0)
Below the price box: Volume bars with ema (60), MACD with histogram (8,17,9), Slow STO (5)(5), Slow STO (14)(3), Accumulation Distribution, Chaiken Osc (3,10), On Balance Volume
That's a lot of indicators and I DO NOT recommend the entire set to anyone else. These have been arrived at by considerable study of the algorithym underlying each and lengthy (months, years) trial and error. Although they make for a very busy screen, each has some bearing in some instances, not every time by any means. I've been at this for a while and so this particular mind has been trained to absorb "the pictures" quickly and maybe add to the overall landscape.
Also StockCharts provides for only a single keystroke to toggle from one chart style to another, which I consider invaluable; on Fridays, especially, it'll be 1 and 5 -minute very frequently, with 15 and 60 minutes thrown in occasionally. Handy as a pocket on a shirt. Also it only requires to or three keystrokes to change any parameter desired, for example when I might want to enlarge a certain area of the screen to magnify certain candles - I use that lot and am quite confident that it gives me an advantage in detail analysis over competing technicians who can't do that on the run. Good tools can lead to improved technical analysis if they fit the mental inclination of the technician. But I do not recommend a lot of complicated indicators until/unless the more basic ones are well understood. Bad outcomes can be the result of poor technical analysis. And for sure, it must be understood that the indicators themselves are often "lying".
I'm pretty sure that the 75% to 90% of wannabe traders who the books say fail, lose all their stake and have to go into another line of endeavor, just don't cut it for whatever reason, not mentally suited, expecting it to be easy (common fatal error), and particularly not understanding that it takes hard work and lots of it. For several years I was a member of another board (private) whose active membership over time numbered less than 30 or so. Less than a handful continue trading today.
... and what is your mindset as your determine to enter a trade?
Too long to go into detal here, but I'll mention couple of "GOT TO" factors:
1. Do I have the direction that the stock is going to move correct?
2. What is my exit strategy when (not if) the entry turns out to be a mistake?
3. How far in the wrong direction is it prudent to let an error run?
4. Is the trading volume sufficient to permit an easy entry and exit for the size of trade I want. Examine the bid/ask for price spread and size of bids on both sides.
5. Etc., etc
I NEVER enter a trade without a clear exit plan that will minimize loss. That's the mantra at this desk: Take profits relentlessly and get out of a bad trade fast.
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