It is interesting to see post in various corners as to "how" they are reading a chart. Also interesting, is the various charts referenced. As I see it, different time frames make sense for gauging trends, however I'm not convinced that a 15m "signal" has any bearing on a 5m chart player. My gut would say smaller time frames work for scalpers, and higher time frames work for institutional or "big boys" trading. Deep pockets, can swing longer with the trends.
There are those that use one chart for trend, and another chart for decision making. Once a trade signals (various definitions) they will switch to a lesser chart to capture a "better" entry price. Essentially, what is the trend, and trade with the trend. A 15m charter may use a 5m for entry, whereas a 5m charter may use a 1m to time the entry. Regardless of the scenario, practice and find what works for you. If it's one chart, or a host of charts.
Quickly: Today we had a range run open with a LONG BOT BO. A bearish channel developed into midday, and the bulls broke that channel for a run at the BO-5 at 1248.5.
Ranges for the ES today were: long 1243.5 mid 1241.5 shorts 1239
Since we are discussing chart variations, one I like is the 8 minute chart. A hybrid, so to speak, of a 5m and 10m. For Fibonacci followers, it's a fib chart value. (1,2,3,5,8,13,...)
There was an inner channel today of the larger one seen in the 5m chart. It appears as a flag type look in the 8m. When PA seems choppy, I will often switch to the 8 to smooth out trading.
The 50CBs seem better defined, as does the BO long. Certainly the upward bias from the MID range is better defined.
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