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Intraday trading


Guest BondReal

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Guest BondReal

Hi Guys I have a question around intraday trading, I would like to know, what is the best breakdown of the candle stick chart to be viewing IE: 1D, 1H, 1M and then what moving averages work best for each of these ? 

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Hi @BondRealYou need to look at a couple of things first such as the market to are intending to trade and and how you are thinking of trading it.

For outright scalping many small trades you want to get very tight, even down to a 70 tick chart for example but if you are looking for 3 - 5 trades a day you need to stand back a bit.

The FTSE is relatively sedate compared to the Dax, the more volatile the market the tighter the time frame should be. 

Always start your day plan by looking at the daily chart. What is the trend, what was yesterday's bar, was it bull or a bear bar or a reversal bar (pin, twin or engulfing). Mark out significant levels.

Through the day on FTSE looking for 3-5 trades you will likely be on the 15 or 5 min but checking the 1 hour regularly.

Dax 3-5  you will probably be on the 5 or 1 min but checking the 15 min regularly.

With moving averages it's down to a quick backtest. Zoom out and experiment for best fit to find which one or two price is respecting. On a 5 min chart the 20 and 50 tend to work well, on a 1 min it may be the 50 and 100.  

 

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