July 23, 2013
- in Uncategorized by schooloftrade
Multiple Timeframes make Easy Profit Day Trading Mini Russell
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This morning in our Live Trade Room we
used multiple
timeframes while day trading the Mini Russell futures market and found some very high-percentage-trades
that allowed us to hit our daily profit goals today.
used multiple
timeframes while day trading the Mini Russell futures market and found some very high-percentage-trades
that allowed us to hit our daily profit goals today.
Using multiple timeframes for day
trading means that we will begin with a slower chart timeframe to help us find the long-term-trend direction,
and we will combine the trend with major support
& resistance levels that will tell us exactly where to enter the
trade.
trading means that we will begin with a slower chart timeframe to help us find the long-term-trend direction,
and we will combine the trend with major support
& resistance levels that will tell us exactly where to enter the
trade.
 |
| Mini-Russell Anchor Chart |
The first chart we used this morning
was a 60-minute timeframe. This ‘slower timeframe’ is often
referred-to as the ‘anchor chart’ and today we found a bullish trend and a
bullish price
channel. We used these clues to
tell us to buy because of the long-term-trend moving higher, and to look for
the buying opportunities around the lows of this bullish price channel.
was a 60-minute timeframe. This ‘slower timeframe’ is often
referred-to as the ‘anchor chart’ and today we found a bullish trend and a
bullish price
channel. We used these clues to
tell us to buy because of the long-term-trend moving higher, and to look for
the buying opportunities around the lows of this bullish price channel.
With the anchor chart prep done, we
knew that buying was our best direction, and we needed to be patient for price-action to test the
lows of the price channel so we could buy those lows for the high-percentage-trades
today.
knew that buying was our best direction, and we needed to be patient for price-action to test the
lows of the price channel so we could buy those lows for the high-percentage-trades
today.
 |
| Mini-Russell Entry Chart |
The second chart we used was much
faster, and we call the faster timeframe the ‘entry chart’ because we will be looking for an entry pattern
on this chart that will go in the same direction as the long-term-trend. The entry chart we used today was the 89-tick
chart and we were able to find the perfect entry pattern to get long after when
we saw divergence signal after a failed 5th Wave Pattern.
faster, and we call the faster timeframe the ‘entry chart’ because we will be looking for an entry pattern
on this chart that will go in the same direction as the long-term-trend. The entry chart we used today was the 89-tick
chart and we were able to find the perfect entry pattern to get long after when
we saw divergence signal after a failed 5th Wave Pattern.
We know that the high-percentage-trades
occur in the first 2 Wave Patterns and the Mini Russell had over 5 Wave Patterns so we had a
clue that we were ALMOST ready for a price-reversal. We took the long trade when we saw the price-reversal
entry and we managed our trade correctly according to our rules.
occur in the first 2 Wave Patterns and the Mini Russell had over 5 Wave Patterns so we had a
clue that we were ALMOST ready for a price-reversal. We took the long trade when we saw the price-reversal
entry and we managed our trade correctly according to our rules.
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