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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: David Lind who wrote (1889)	7/15/1999 1:05:00 PM
From: marketbrief.com	Respond to of 18137

hi david, I use the five minute chart since I have time to execute a trade using a traditional on-line broker in that time frame (it's impossible to be quick enough to enter the order while wacthing the 1 minute chart, in my experience). Obviously the time frame you choose should suit your appetite for risk since the larger the time frame the wider your stops have to be. ~Smart$

To: David Lind who wrote (1889)	7/15/1999 2:16:00 PM
From: -	Read Replies (2) \| Respond to of 18137

David, Normally you have to pay about $70 per month exchange fee for CME quotes, however there are a few ways to get at them. For example, MB Trading waives the fee if you do over 50 trades/month. There is also a new Java-based website (you don't have to refresh to get live charts) (www.commodity-something.com -- maybe someone else knows it, or I can try to find it again) that offers free S&P Futures quotes real-time... this is a recent innovation. If you don't have the futures, then as a substitute use the DJIA and the NDX or COMPX, with the TICK. WRT multiple timeframes, I like to watch the daily, the 15min, the 5min, and the 1min. I have a multi-quote window setup in RTIII so that when I drag a symbol out of a Minder window onto the Level II panel, I'm instantly looking at the chart in four time frames as well as T&S. I generally use the first three time frames to analyze price movement and the 1min chart+T&S for finessing the entry/exit. There is more information in the higher time frames, so they can be very useful in giving you setup information; also they filter out the "noise". If you're a scalper, that may not matter; but it can improve your odds. I find knowing how to read the daily charts is "the master skill". In the 15min timeframe, you can catch a lot of great trends using a 20EMA. One of the nice things about using the S&P's and the higher time frames is, if you're in a position you're confident about, if it "jiggles" against you, watching the higher time frames can give you the confidence (rightly or sometimes of course wrongly) to stay in the trade. I manage my larger swing trades that way. Of course, you still need a good method of risk control and you're going to have trades you stay in because of using that methodology which stop you out. It depends upon what you're comfortable with, your risk/reward parameters, etc. I made some tutorial posts a month or so back in this thread about trading stocks with multiple time frames and using the S&P Futures, and I'll be writing about that and related topics on TigerInvestor.com. Good trading, -Steve