Scalping the mini dow

[magten]

Hello everyone
I am wondering what time frame chart you guys find works best when scalping the mini Dow - YM...
I have tried the 1 min but it is a little fast if you know what I mean - whippy???
I like the look of a 2 min chart but still need to test it extensively.
The 5 min really works great but the trades are long, about 45 min to 90min long!

Can you guys share your thoughts on the above.
Thanks

 

[Snownation]

Personally, I don't trade the Mini Dow. So results vary.

When I scalp the FTSE100, I normally do 5 mins charts. It's not too quick, and not too dreaded. Just perfect for my strategy, and indicators.

 

[magten]

Personally, I don't trade the Mini Dow. So results vary.

When I scalp the FTSE100, I normally do 5 mins charts. It's not too quick, and not too dreaded. Just perfect for my strategy, and indicators.

Hello
Thanks for that. Could you tell me what indicators you find best for this time frame.
I have been using the MACD - which misses a little on the entry but it seems to catch most of the move. My trades are lasting about an hour each. Sometimes a bit longer sometimes shorter ave 60min. Is this the sort of time frame you get on the FTSE100? How many trades a day?
Any suggestions?

 

[rathcoole_exile]

Mag, if you're a relative rookie, I would suggest using nothing less than 15 minutes.
You probably don't want to hear that, but believe me, it's proven time and time again, anything quicker will kill a newbie.
lots of reasons or arguments against shorter TFs - overtrading, commissions, inability to think under pressure, spread, trading against the professional pit traders, etc etc
On time charts, the shortest TF I ever look at is 4 minutes and that probably throws up a maximum of 3 trades per session, average 1 or 2, which is fine with me since most of them are profitable.

But for scalping, i think its fair to say that many pros prefer to use Tick charts. I usually use 512 ticks, but occasionally 89 on the YM, and sometimes 144 or 233 on other futures contracts if I'm feeling frisky

To be honest, in my humble opinion, if you are new to trading(perhaps you're not, apologies if thats the case) , start out on daily charts.
slow and boring I know, but 99.9% of Pros will tell you, slow and boring is good...

One final recommendation, although it's mostly forex related, is to study Captain Currency's 3 Ducks method. It uses a 5 minute chart set up but only in reference to a 60 minute and a 4 hour chart.
I find the method also works well away from forex and I always now teach it to my new girls.

good luck, hope it helps

 

[magten]

Mag, if you're a relative rookie, I would suggest using nothing less than 15 minutes.
You probably don't want to hear that, but believe me, it's proven time and time again, anything quicker will kill a newbie.
lots of reasons or arguments against shorter TFs - overtrading, commissions, inability to think under pressure, spread, trading against the professional pit traders, etc etc
On time charts, the shortest TF I ever look at is 4 minutes and that probably throws up a maximum of 3 trades per session, average 1 or 2, which is fine with me since most of them are profitable.

But for scalping, i think its fair to say that many pros prefer to use Tick charts. I usually use 512 ticks, but occasionally 89 on the YM, and sometimes 144 or 233 on other futures contracts if I'm feeling frisky

To be honest, in my humble opinion, if you are new to trading(perhaps you're not, apologies if thats the case) , start out on daily charts.
slow and boring I know, but 99.9% of Pros will tell you, slow and boring is good...

One final recommendation, although it's mostly forex related, is to study Captain Currency's 3 Ducks method. It uses a 5 minute chart set up but only in reference to a 60 minute and a 4 hour chart.
I find the method also works well away from forex and I always now teach it to my new girls.

good luck, hope it helps

Hello
Thank you for the advice. I always like to see what others think and feel about these things. Afterall thats the best way to continue learning. Dont worry I am not anewbie as I started trading in about 88 however What I trade is evolving and so the advice here is appreciated. Afterall the same concepts apply if you are a twenty year vetran or a newbie, break the rules and get tought a lesson!!! or two.

I agree with the 5min idea. Its boring at times but it is pretty reliable compared to the shorter time frames.
Once again thanks.

PS : Slow and boring is good.

 

[magten]

Mag, if you're a relative rookie, I would suggest using nothing less than 15 minutes.
You probably don't want to hear that, but believe me, it's proven time and time again, anything quicker will kill a newbie.
lots of reasons or arguments against shorter TFs - overtrading, commissions, inability to think under pressure, spread, trading against the professional pit traders, etc etc
On time charts, the shortest TF I ever look at is 4 minutes and that probably throws up a maximum of 3 trades per session, average 1 or 2, which is fine with me since most of them are profitable.

But for scalping, i think its fair to say that many pros prefer to use Tick charts. I usually use 512 ticks, but occasionally 89 on the YM, and sometimes 144 or 233 on other futures contracts if I'm feeling frisky

To be honest, in my humble opinion, if you are new to trading(perhaps you're not, apologies if thats the case) , start out on daily charts.
slow and boring I know, but 99.9% of Pros will tell you, slow and boring is good...

One final recommendation, although it's mostly forex related, is to study Captain Currency's 3 Ducks method. It uses a 5 minute chart set up but only in reference to a 60 minute and a 4 hour chart.
I find the method also works well away from forex and I always now teach it to my new girls.

good luck, hope it helps

Hello
Thank you for the advice. I always like to see what others think and feel about these things. Afterall thats the best way to continue learning. Dont worry I am not anewbie as I started trading in about 88 however What I trade is evolving and so the advice here is appreciated. Afterall the same concepts apply if you are a twenty year vetran or a newbie, break the rules and get tought a lesson!!! or two.

I agree with the 5min idea. Its boring at times but it is pretty reliable compared to the shorter time frames.
Once again thanks.

PS : Slow and boring is good.