The Brains Trust - 2024, page-1756

The big picture view is important as the starting point. It ends up how long do you want to wait between paydays. I use the 30 minute chart as my longterm chart and switch down to a five minute chart for entries at the 20ema. If you have a big basket of instruments you can find a couple of trades per week where a dump and dump trade or a pump and dump trade are taking off for a parabolic move straight up or straight down as we saw on the XJO this week.
The worst thing for traders is the tendency to want to trade movement and once you get the mindset reset to trade setups rather than trade the market or trade price a whole new world opens up.
The fun begins when weekly templates are introduced into the mix.
Monday is day.1 the opening range for the week
Tuesday is day 2 and typically expands the range
Wednesday is Day 3 the midpoint of the week and resets to day one on the backside of the week
Thursday is day 2 on the backside of the week and typically gives us range reversals
Friday is day three the closing range of the week.
The easiest money is made on Wednesdays and Fridays while learning the process and the hardest part is learning not to trade until a setup appears.