I have just posted my trading set up today. I trade with 3 monitors: Monitor #1 has the 699 tick chart, Monitor #2 has the 233 tick chart and my trading platform, Monitor #3 has the 2097 tick chart.
These charts are all multiples of 3 and they have the same template. I enable the global cross hairs on all 3 and only take trades when at least 2 time frames line up and are in directional agreement, three in agreement is golden. This may not give you a lot of trades for the day but they are usually quite good.
Examples of today's ES trades were at 6:32, 7:28; there were several other high probability setups. This is an odds game don't trade without the odds in your favor.
I trade with targets and a stop loss of 6 ticks until my first target is hit at 4 ticks, then the stop loss is moved up to -2 ticks. I take 1/3 of my position off at 4 ticks, 1/3 at 6 ticks while constantly moving up my stop loss. Depending on the strength of the trend I go for a runner unless I see any weakness in which I hit the flatten button. This seems to work OK for me, hopefully this will help.
Thanks GarryM for sharing your trading set up. When using tick charts it would be good to know if you use Zen Fire, as I do, or IB or some other data feed that bundles the ticks. There is a world of difference in the number of ticks sent and therefore how the charts look.
GarryM, thanks for the setups. I am still trying to get a handle on multiple timeframes. As for now I am connecting to the market with two different laptops so I don't have to switch back and forth to different windows. With a little practice I'm sure I'll get it down. I did find the Divergence indicator useful however. I just need to find a way to filter out some of the false buys and sells. Any pointers?
I am leaving IB for Zen-fire shortly. I have been using charts on TOS and have recently switched to NT and am still working on coding my indicators for NT. I look forward to seeing the difference.
Thanks for your reply, let me know if you need anything else.
Hobbit,
I believe the tick settings are static and unchangeable, the problem is that they are not multiples of 3, which is important to me. Are you still on TOS? is so send me a private email.
G
When I started trading I thought many screens were necessary, I have found they do make life easier for me, but not a requirement. There is a multiple time frame indicator on NT that may be of help to you. The settings can be in your choice of multiples.
G
I have just posted my trading set up today. I trade with 3 monitors: Monitor #1 has the 699 tick chart, Monitor #2 has the 233 tick chart and my trading platform, Monitor #3 has the 2097 tick chart.
I too trade ES with these 3 timeframes. how did you come up with them? I got the idea from eminiwatch. I really like this timeframe. I trade the middle chart (699) and use the higher chart to get the direction of the trade and the lower chart for timing the entry.
Linear Mode
