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I trade a 1000V as my entry chart and a 5 min as my medium timeframe. My avg hold time is 30mins-1hr.
I also use a 60 Min, RTH and ETH daily for longer timeframe analysis. But the core of what I looking at is price action on the 5 min. I use the 1000V to pinpoint entries.
EDIT: I tend to take 5-10 trades a day. I am looking to try and swing the day more. Although I may take small scalps if the opportunity is there. To me a scalp is ~5pts or 1:1 of what I am risking.
Can you help answer these questions from other members on NexusFi?
Maybe you will try NINJA TRADER BROKERAGE, their NT is a decent platform and low commissions mentioned on their website, not a mystery like some brokers that are not listing the commissions on their websites, I'll never open an account with such brokers.
You can download NT for free, they have good support, I use NT for several years with other brokers, I'm not a client of NT Brokerage, but I know that NT purchased Mirus Futures 1 year ago (more or less).
Maybe you check with Big Mike, he is very knowledgeable and a gentleman.
Did you try other tick charts than Fibonacci numbers, for example 150, 450 ticks for NQ? Every market is different (volume, tick size, volatility, daily range, speed, etc.) and you cannot day trade for example NQ, ES, CL using the same size charts. Of course multiple time frames is a must, usually multiples of 3.
Many traders are using Range bars to eliminate some noise but not to trade blinded as with Renko bars.
TennisOrDie, If you will feel OK using NT platform, probably the best is to buy in the future a lifetime license. Having a lifetime license you can trade using NT with lower commissions. There are many brokers you can use to trade with NT (Dorman Trading, IB, MB Trading, etc...it is a long list...).
See also CME's Broker Directory and search for brokers with NT https://www.cmegroup.com/tools-information/find-a-broker.html
Maybe you will find a better solution than Ninja Trader Brokerage, maybe using a different trading platform, who knows...you have to decide.
I prefer brokers located in Chicago for trading Futures on GLOBEX.
I would hold off on purchasing a lifetime license until you get your feet wet a little. It's an added expense you probably don't need at this point. Focus on your trading first and worry about your commissions and costs if you become profitable. A few cents per trade isn't going to make a difference in your bottom line.
I purchased Price Action Trading System last night. I have never read anything like this before. I now realize that up until this point I was basically just guessing on which way price was going to move.
It will definitely take some time to gain a full grasp on this new system, but it will be tremendously rewarding when I do. Price action rules all. I'm finally learning how to actually trade PROFITABLY.
I am still a little confused on second entries and fading false breakouts. I'll have to reread the manual again today.
1000 Volume chart. Tick is every transaction regardless of size. Volume is per every contract sold. To me it gives me a good gauge of the speed of the market.
Have you considered a trading combine from TST? Might be a good fit for a young kid such as yourself. If you prove you can trade and be profitable according to their metrics they will give you a funded trading account.
