Friday, August 19, 2005

Chart Setup

I've gotten alot of questions on how I setup my charts and what time frames I use, so just to clarify everything, this is a picture of what my screen looks like when I trade.

The first chart on the left is a 5 minute Euro chart. I like looking at the quick movements while I'm in a trade. It gives me good indications of when to get out.

The 2nd chart is a 10 minute cable chart. I like to see how the cable is moving in relation to the Euro. If the Euro is going up but the cable is going down, I become very cautious and take trades more carefully.

The 3rd chart is my main chart. This is where I plot all my lines, and it is also the chart I trade off of. This is the 10 minute Euro chart.

The last chart is a 60 minute Euro chart. I usually do a weekend assessment on the Euro and I like to look at the big picture when I do it because it keeps me in perspective. I usually just like to glance at this chart before I enter a trade, just to make sure I'm not doing something stupid like entering long right below a major resistance level.

And that's basically my tools for trading. As much as possible, I like to keep it simple. Remember KISS. Keep it simple stupid! It's the best advice ever!

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