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I am not a day trader but I recently installed Real Time so that I can time Buys and Sells that an analysis of Daily Charts has signaled. Can anyone give me some general guidelines as to what time interval might be useful to try and improve my odds a little with the day trade as opposed to just blindly buying or selling at or near the open.
Thanks,
Bill
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It is always good to analyze multiple time frames, e.g. with monthly, weekly, daily and hourly. You have to put more emphasize on the larger time frames, they are more important than the smaller ones. You can for example look for a long signal when the weekly time frame is bullish and the bearish daily timeframe shows some signal of a trend change.
Hope this info answers your question in some way,
Arne
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Thanks, Arne
I was actually interested in how to time the trade during the day using real time, ie I have already decided the stock will be sold that day I watch it during the day and try to improve my odds as to getting a good price. Is it best to use a 1 min, 5 minute or 15 min, etc, interval to implement this trade? I basically just watch a simple indicator such as the RSI and trend line breaks to put in the order.
Bill
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I think this is a very subjective question to start with, but you might have a look at Pring's KST. The formulas are here on the forum. They look at multiple time frames and work on different intraday periodicities, e.g., 5-min, 10-min, 15-min. There's even a tick version. The variables are adjustable. You could try to tweak the ROC averages some. I think the answer to your question is: it depends on the security that you trade and how your system performs with the timeframe you are evaluating... no hard answers.
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Thanks,
I looked for the Pring formula for Real Time. I could only find those for daily, weekly, monthly. Can these be used to represent 5, 10 and 15 min?
Bill
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There are several methods that could be employed to improve the probability of your success. However, with time constraints I can't give you the full detailed version but I will give you something very solid and specific to focus on. Use 15 minute intervals on your charts and look for breakouts in the direction of your daily signals using the first 30, 45, and 60 minute periods from the opening price.
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bsaxon,
Somtimes what you could do is use a shorter term version of what ever your using to time your entries
or exits.You have to understand that if your using a system and it calls for entry at open ,then if you change something
it is not the same system anymore.Yes there will be times that you get better entries but probably the better entries does not justify the times you misssed the boat by just getting in at the open.
I really did'nt read your post in great detail ,but I got the impression that your might not be able to watch the market closely during the day,in which case stick with what your system calls for.If you still want to try intraday entries,maybe run some tests on time of day.For example if your looking to go short then tests different times where the markets have reversed toward the way you want to go.Like lets say its the open and the markets go up first then a reversal at lets say 9.45 am might give you the better entry for your short that your looking for.The time frames is kind of subjective if you could sit there and watch it then use a 5 min. or 15 min.time frame if not use a 60 min. time frame and check it every half hour or so to see how it is forming and if getting close to what you r looking for. Hope this helps.
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Thanks to all. This is most helpful.
Plato, I think this is really what I want. Just a simple direct approach tha will give me perhaps 65% odds in my favor that the trades will represent something more profitable than just arbitrarily buying at the Open or the Close or randomly in between.
Does this seem a good approach? I have two stocks my daily and weekly systems have pegged for a sell and one for a buy today. I have constructed simple trendlines and/or Fib Retracement lines on a 15 minute chart. If the sells give a breakout with proper volume, etc to the upside I will wait to sell until the trend stalls and turns down and vice versa on the buy stock. In other words I will use the same techniques I use on a daily chart to decide on a B/S and go with the trend.
Can you suggest any reading I might do that would educate me on this subject?
Thanks again,
Bill
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