Thursday, August 21, 2008

ER2 - Finding Support & Resistance And Using 1-min Chart For Entry

I'm still trading 5 contracts after US market opens. Hence when I'm shorting, I won't want to go in just when price is moving up in the lower time-frame.

So, I keep my 1-min chart (see below) on. For my 1-min chart, EMA 14 and 21 and MA 15 are used instead (For EMA and MA periods to use for 5min chart, refer to my earlier post).

For support and resistance, I look for them on my daily chart and the previous days' 5min chart. So far so good.

By about 10am, I'll use fib whenever there's a clear trend.

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