Day trading, but what charts should you use?

Trading Discussion
1

Hey everyone, I’m throwing out another question to see which different charts everyone uses for day trading. So here goes.

What charts do you use normally use for day trading, do you stick to one chart only or do you check more than one chart for each trade? Also please do give an explanation of how you are using the charts and what your specifically looking for.

2

My day trading charts line up like three ducks in a row, all trending the same direction.

Daily - trend. Utilising Ichimoku.
4hr - entry
1hr - confirmation.

3

Choosing the right charts for day trading is an important part of developing an effective trading strategy. There are several types of charts that traders commonly use, including:

1. Candlestick charts: Candlestick charts are popular among day traders because they provide a clear visualization of price movements over a specific time period. Each candlestick represents a specific time frame, and shows the opening, closing, high and low prices for that period. Candlestick charts are useful for identifying trends and patterns in price movements.

2. Line charts: Line charts are simple and easy to read, and show only the closing price for each time period. Line charts are useful for identifying long-term trends and general market sentiment.

3. Bar charts: Bar charts are similar to candlestick charts, but use bars instead of candlesticks to represent the opening, closing, high and low prices for each time period. Bar charts can be useful for identifying market volatility and key support and resistance levels.

4. Renko charts: Renko charts represent price movements using bricks, which are drawn only when the price moves a certain amount in one direction. Renko charts filter out noise and can be useful for identifying key support and resistance levels.

Ultimately, the type of chart that you use will depend on your personal trading style and preferences. It’s important to choose a chart that you find easy to read and understand, and to use it consistently in your trading strategy. Additionally, it’s important to use technical indicators and other tools to help identify potential trading opportunities and manage risk.

4

Do you mean em candlesticks, renko & lines?
I use the candlesticks only.

5

There are different style variations when it comes on to day trading.

For an Intra Day Scalp entry, I typically focus on the Daily, 1H, and 5-minute timeframes.

  1. Daily - I use the daily TF to find Higher Timeframe macro flows/directional bias
  2. 1H - I use the 1H TF to find Short-term macro flows
  3. 5-Minute - I typically use the 5-minute TF for Entery Patterns

For an Intra Day Swing entry, I typically focus on Daily, 4H, and 30-minute timeframes.

  1. Daily - I use the daily TF to find Higher Timeframe macro flows/directional bias
  2. 4H - I use the 1H TF to find Short-term macro flows
  3. 30-Minute - I typically use the 30-minute TF for Entery Patterns

Regards,
CRXSSFX

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