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Multiple Time Frame Charts

Multiple Time Frame Charts

I've mentioned many times before that if you are a long term investor or longer term trader you should be looking at charts with weekly time frames only because the daily fluctuation in price should not matter.  If you are a day trader than obviously the weekly chart can't help you at all.  Most day traders including myself will use a 5 minute chart to enter and exit trades but this is not the only time frame I will use.  I usually confirm my trades by reviewing the next major time frame chart for me that is the 60 minute chart.  The daily chart is what I use to first get the stock on my watch list.  Once I have determined the trend of the stock is up or down based on the daily chart then I will use the 60 minute and 5 minute charts to confirm and decide on an entry price. 

One chart is only part of the puzzle. 

Trying to day trade using just one time frame chart is like a pitcher in baseball trying to pitch with only a fast ball.  The batter has the advantage if he knows the ball will be coming at the same speed on every pitch.  A pitcher is severely handicapped against a batter who knows what pitch is coming.  A pitcher that can change speeds has the advantage.  By looking at multiple time frame charts you have the whole picture not just one piece of the puzzle.  So after I find charts that are trending on the daily chart I then look at the 60 minute chart.  This is where you can find the stocks that are ready to make the explosive 3 day moves.  Once you have a pattern you like on the 60 minute chart you can then go to the 5 minute chart to time your entry.  You enter using the 5 minute chart because there will be times when on the 60 minute chart the stock looks great but on the 5 minute chart it could be overextended and due for a pullback.  You can get a better entry price by waiting for that pullback on the 5 minute chart that you would never see on the 60 minute chart. 

Higher time frame chart carries the most weight

Always trade in the direction of the higher time frame charts trend.  By this I mean if the daily and 60 minute chart is in an uptrend do not short a stock that is overextended on the 5 minute chart.  Simple wait for the pullback and then enter a long position at the trend line or support levels.  Also what looks like a bear flag and a great short entry on a 5 minute chart could just be a pullback to support on a 60 minute chart and the stock could be ready to make another move up.  This is why looking at the higher level time frame is the best way to confirm your entries. 

Shorter time frame charts for quick exits

When trying to exit a trade with a profit looking to far up in time frames can cost you profits. A 60 minute chart may show an overbought condition with volume decreasing a signal that the move may be stalling out.  It will take you too long to see this on a daily chart and as a result your profits may slip away while you wait for a sell signal on the daily.  Stops should be entered based on the higher time frame chart because the trend is clearer.  The 5 minute chart is too erratic to try and place a stop.  If you do the likelihood of you getting shaken out is very good.  Keep in mind your stop will be looser if you use the daily chart then it would be on a 5 minute chart so that means more of a loss if it is taken out but a lot less chance of getting whipsawed. 

MA Crossover Trading

As mentioned in the opening paragraph.  The moving average is a good directional indicator of momentum.  I use it on the 5 minute chart when I'm day trading.  For example on a daily and 60 minute charts if I see that the 9 EMA is above the 20 EMA I know that the momentum is up.  I will then look for a EMA crossover on the 5 minute chart.  Once I have a positive cross over I enter my trade because I have conformation from the higher time frames that I am trading in the right direction.  The signal to exit the trade would be a crossover to the downside on the 5 minute chart.  I will then wait for another crossover to the upside on the 5 minute chart to reenter.  I do this as many times as I can knowing that the crossover on the higher level charts has confirmed the direction of my trade should be long. Once there is a negative crossover on the higher time frame chart I am finished trading on the long side in that particular stock.    

Scalper's and 1 Minute charts.

Scalpers prefer to use 1 minute charts this is because they are flipping the same stock many times in one day.  I don't do this often but have done it on occasion.  I'm not a scalper unless on an otherwise boring day when I can't find anything else to trade and I still feel like trading.  I will only scalp one stock and that is SIRI because it is extremely liquid and I can always enter and exit easily.  Scalping is simply trading an enormous amount of shares over and over for just a couple of penny moves.  With SIRI as liquid as it is it is a very go

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