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Basically it’s going to be your main timeframe of choice
All right. In this new video,
we are going to continue digging into
the theory behind intraday trading
and actually we are going to be reviewing
one of the most important elements
which is the time factor.
The thing is that intraday trading
is very sensitive to the time factor. OK?
Getting the timing part is crucial
when it comes to intraday trading.
The reason for that is at the end of the day,
please remember that whenever you are intraday trading,
your goal is to enter and to exit the trade
within the trading session,
within the same day
and in order to do that,
you really got to nail down the timing part.
If by the end of the trading day,
by the time this session comes to an end,
either your stop-loss or your profit-taking levels
have not been hit, either of them,
well it means that something is not quite right with the trade.
Either you missed on your entry
or well, momentum completely faded away midway through,
which sometimes happens.
You think it’s right.
Everything is looking good and dandy
and then the market goes absolutely flat on you.
Well, obviously that’s not what you want to see. OK?
Don’t worry. In the future,
we are going to be talking about how to deal with momentumless markets.
But for the time being,
my point is that timing is something
you always want to keep in mind as an intraday trader.
All right. First things come first.
What are the timeframes,
the charts we are going to base our trading decisions
on as an intraday trader?
Well, that’s going to be what I call the setup chart
and the trigger chart.
Now the setup chart is the timeframe
where you analyze your charts,
where you seize the trading opportunity,
where you follow your chart,
waiting for that trading opportunity to pop up, et cetera, et cetera. OK.
Basically it’s going to be your main timeframe of choice