Feb 14, 2008

The return of the 5-min chart

If you all remember, I decided to abandon the 5-min chart last November due to changes in my personal life. Well... those changes have - well, changed. I've actually had the opportunity to trade the 5-min chart for about a month but got so used to the :15 and :30 that I just forgot about it.

However, after seeing some posts by Tom C. and my own recent struggles to find good opportunities, I figured I would revisit the faster timeframe. I like what I saw and will open a new window on every trade with the 5-min chart.

The good thing is that I don't really have to change much of my current trading style to accomodate the faster timeframe. In fact, I think the 5-min chart can actually help shorten my watchlist and keep me focused and better setups. And, I may start adding to my position if I get in early on the 5 and find another setup on the 15 later on.

We shall see.

I couldn't trade today but if you look at AMKR (10th bar) and NTGR (17th bar) on the 5-min chart... you'll see some nice entries.


5 comments:

Anonymous said...

00NR7,

I think the 5 minute chart is great.


Quentin

QQQBall said...

UA 50% retrace level confluence with gap fill area.

QQQBall

chancee said...

What about the ten? Seems like it would be just right.

OONR7 said...

chancee: I may also have a 10-min window open as well. I've traded a lot off the 5 and 10 and the 5 offers a little better risk to reward ratio.

bl said...

CEPH revisited- today it ended up at yesterday's open. Traded GNK today and exited the 2pm 15" bar at b/e...it then plunged 3 pts. S&P sold off. Better shorts than longs today: bbw ntgr cpla nvda tecd pcfb gpro beav ntap knot. 2/15breaks along with the S&P. Multi reversals with the solars coals.