What time frame do you use when day trading to set your support and resistance?

Hypnosis00

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Quote from: 9thsky on August 16, 2021, 07:40:00 PM

When short term trading, at what time frame do you put your support and resistance levels? Also, how far back do you go in date range?

Personally, I often check what happens in the past days, 1 week or even to check the 1-month performance. It was very important not to escape from checking all of them to make some market analysis. Well, I do this for almost an hour, maybe I'd consume a lot of time for this but eventually, it gives me some time to think about what I should have to do and do observe the current market flow.

Actually, it depended on how fast you can analyze the market if you can make it for less than 10 mins, 5 mins, that was good but I didn't do it because getting into rushing is often to get a mistake that is why I spend more time on the analyzing the market.

Boov

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The reality of market trend is which I am projecting when going to day trading, and it's too difficult when volatility strikes. We should be aware of every problems that might occur when resistance became stronger, our support will probably break.
That's why I preferred 24 hour time frame, for me to monitor real time market changes.

9thsky

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Quote from: ?? on ??

Quote from: 9thsky on August 16, 2021, 07:40:00 PM

When short term trading, at what time frame do you put your support and resistance levels? Also, how far back do you go in date range?

The minimum timeframe for determining support\resistance levels is 4H and 1D. Anything below is not authoritative. As you know, the older the timeframe, the stronger the signal. In my opinion, the most optimal and accurate timeframe for determining support\ resistance levels, in any trade, is 1D.

You can safely send any resistance\support levels below 30M to the trash, they are useless.

How far back do you go though? How much time back does your support/resistance level start?

flip4flop

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For day trading I mainly use the 5/15/hourly charts. I setup an EMA cloud system and play support and resistance against the 8/12 EMA. If it breaks the 34EMA I will usually look to cut the direction I am trading to minimize losses or flip and go the opposite way to play the way up or down depending on if it breaks support or resistance.

Hippocrypto

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Quote from: 9thsky on August 16, 2021, 07:40:00 PM

When short term trading, at what time frame do you put your support and resistance levels? Also, how far back do you go in date range?

I don't have any date range to target on my spot trading, at binance it was too difficult to deal on price fluctuations. We can't beat the system if we used to play for it, so my idea is I only trade depends on price trend. I'm using cost averaging on both buy and sell.
Once the price goes up I choose to sell 10% or 25% depending on the situation. Same also when price goes down I would only buy with specific percentage on my buying power.

Questat

hero member

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I suggest you to think about what you can do with that short time frame? It is enough for you to analyze the market?
Well, for me, it takes an hour to analyze the market as I'm not just focusing on a single coin but look for others where I can make a good buy. Thus, if you could spare more time on the market, I think that was much better rather than spending only just an hour or two.
The reason why some people didn't succeed in trading is due to lack of time. If we can't make this, don't make ourselves get into trouble.

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

Even when doing short term trading, bigger time frames tend to give a much clearly picture of the exact support and resistance levels. So I prefer looking at the weekly, daily, 4H time frames first even when trading 15-minute charts.

Resistance and support levels basing on short time frames like 15-minute charts can easily be broken through, so they don't mean much.

milewilda

legendary

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Quote from: 9thsky on August 16, 2021, 07:40:00 PM

When short term trading, at what time frame do you put your support and resistance levels? Also, how far back do you go in date range?

Depends on you because there is no particular time on making out those support and resistances levels because whenever on the time you do sit down on the front of your computer you could really drawn those trend lines
with ease and also to think that we do have different timeframes too look upon and it should really be showing off some biases before you could make a decision rather than focusing on a single TF which it isnt right on getting decisions out of that stuff.As a day trader which do mainly involves scalping and hedging on short time frame and wont really be lasting for days as same as you mentioned.

Karish2return

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I use two frame rates on most cases the first one is of about one hour and another one is about one day, so in day trading it is beneficial for me to look back at the market a little, but first of all I personally analyze the coins then after i start to work on them and making a frame rate for myself that bring me to some profit.

sheenshane

legendary

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Merit: 1206

Let me ask first this question before I will answer your question.

How long do you want to stay in the market?
How much time do you want to spend per day as a day trader?

The higher time frame means low risk and less pressure of analyzing (4h might be good enough and take a minute to analyze) while you have a job and you only have time at night, while the low time frame which is if you can spend more time setting in front in your computer and it could be gain more experience faster in trading which is every trader wants to make successful in trading.

I can't be able to participate in day trading since I have work daily, therefore, I suggest you choose a low time frame like 5 minutes down to 1m to set your support and resistance, it will boost and enhance your experience in trading.

joniboini

legendary

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I think most day traders would use 1-day timeframe as their date range. Some traders that I know of use 4h, 1h, 15 minutes chart regularly. 4h and 1h is used to see the trend, while 15min chart is used to decide when to enter or exit the market. MACD and BB are the tools they use.

What about you?

9thsky

member

Activity: 240

Merit: 54

When short term trading, at what time frame do you put your support and resistance levels? Also, how far back do you go in date range?

Topic: What time frame do you use when day trading to set your support and resistance? (Read 132 times)