Charts setup for intra day

#1
Hi All,

I am a newbee in trading. I have been studying the fundamentals of technical analysis and was wondering whats the timescale people use for intra day charts?
I have an account with sharekhan and the feed is ok. I might go for Amiroker with real time data.. could you guys please help?

Thanks,
Premi
 

AW10

Well-Known Member
#3
Hi All,

I am a newbee in trading. I have been studying the fundamentals of technical analysis and was wondering whats the timescale people use for intra day charts?
I have an account with sharekhan and the feed is ok. I might go for Amiroker with real time data.. could you guys please help?

Thanks,
Premi
Premi, Lets look at this way,
market is open from 915 to 3.30 i.e. 6hr and 15 mins. or 375 mins.
Thats means we will see following number of bars of selected timeframe.

60min 6
30min 12
10min 37
5min 75
3min 125
1min 375

If you are trading based on indicators etc, then first 3 timeframe will not give u enough opportunities in a day, so obvious choice is last 3. For many, 1 min chart will be too noisy and might give lots of false entry, so better choice is 5or 3min.
Personally, I use 3 timeframes for day trading - 30m as higher tf, 5min a decision making or main trading tf, and 1min as execution timeframe.

Again, it is 100% upto your comfort level and your choice. Probably if you are too quick in decision making and taking action then probably u can trade 15sec time frame and 5min chart will become higher higher timeframe.

Hope this helps.
happy trading.
 
#5
Many Thanks AW10 and trading_tricks. I will study different timeframes and paper trade to get used to the best one for me.

Also, as AW10 suggested the indicators, what are the best ones to use for day trading e.g. MACD, RSI, Stocastic etc?

I am trying to develop my own system at the moment and paper trading as well. Also how to select the best stocks for intra day? Is it based on the volatility and liquidity?

Many thanks guys,
Premi