It's a good question and I'll try and answer it as clearly as I can. Just need to remember that every trader is different and one's temperament is a very underestimated quality in share trading. I work within a share trading group outside of HC and it's fascinating to see all the different personalities and what combinations fit their comfort zone.
Anyway, I'll combine a 2, 5 and 10 min charts for entries as between those 3 I can get a pretty solid feel for momentum and strength. But if sticking to those time frames for exits, I was finding that I was smashed out of trades to quickly and paying heaps of brokerage for very little gain. See, as you'd well know, for every spike in SP there's a backtest and those tests were flicking me out. So by switching to a 5, 15 and 30 min charts my results improved dramatically and had a smoother 8/20 to act as a tour guide.
Here's an example:
Check out how jumpy the SP is on the 5 min chart especially in relation to the 8/20 and yet then look at the 15 min chart and the 8 has been nicely above the 20 only testing it on Fridays close and late this afternoon. Today certainly wasn't a traders day on this one as the opening gap never closed and you won't get traders jumping in on highs.
I'm a bit slower than most but I also worked out that different stocks trade differently in terms of volumes and spreads so by sticking to only a handful of favourite stocks, you get to know each stocks little patterns as the orders flow through. (reading the tape).
Hope I've made sense.
Cheers
PS, hey I wasn't too far out with my little scenario yesterday, I indicated an open of 4.64, out by 1 cent.
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Last
$3.05 |
Change
-0.100(3.17%) |
Mkt cap ! $9.185B |
Open | High | Low | Value | Volume |
$3.13 | $3.15 | $3.02 | $74.55M | 24.33M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 89482 | $3.04 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.05 | 37502 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 31294 | 3.030 |
12 | 119629 | 3.020 |
6 | 50011 | 3.010 |
54 | 211167 | 3.000 |
11 | 153088 | 2.990 |
Price($) | Vol. | No. |
---|---|---|
3.050 | 11000 | 1 |
3.060 | 10330 | 1 |
3.070 | 36169 | 4 |
3.080 | 41571 | 4 |
3.090 | 30000 | 2 |
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