RE: CHARTS -T LINE TIPS8 Sep 2016 17:18
Good afternoon flexmw. I cannot stress too strongly that no one should follow what I do or my trades. We all have different size funds to invest with, different styles, different risk/reward targets, money management etc.
If day trading I use daily, 4 hour, 2 hr 1 hr and lower frames mainly 10, 5, and 1 minute depending on what strategy I am using. For scalping 1 minute only, short term range trading trades lasting minutes, sometimes even seconds with high bet sizes way outside normal money management parameters.
Also I trade different fund sizes requiring different approaches e.g. a client has a fund for his daughter with a few million in it with a high risk approach so trades are sometimes entered early whereas my grandchildren's fund has much much less and I adopt a more cautious approach and bet sizes are small.
So there is no easy answer to your question. Depends on whether you are LT or ST investing. I don't tend to hang about any share for too long. If it is not performing I quit and move on.
So, in MY case I use monthly and weekly for overall market direction and horizontal support and resistance but use daily and 4 hour to trade but check down the lower frames 2,3 hrs and 1, 5 and 10 minute frames from time to time to get a feel of what price is doing. Lower frames not as reliable as higher frames. The latter cut out the noise and lower time frames can whipsaw you.
Hope this helps.
GLITA