If you read me on
Trader-X, you know that I traded longer time frames and even some swing trades. I still swing trade in my longer-term account, but in my day trading account I tend to focus on 5-minute charts.
If you were an avid reader of X, you know he focused mostly on 15-minute charts, and often
made reference to the danger of trading faster time frames (5, 3, 1-minute charts). I agree with that, and think that anyone new to trading should concentrate on longer time frames and slower charts - that way, you have more time to react and make decisions. I did that for many years, and slowly worked my way to 5-minute charts which is where I feel the most comfortable.
The backbone of X's trading is Fibonacci principles and Candlesticks, and I incorporate them into every aspect of my trading as well. But I also look at other indicators - namely the open and standard Pivot and Swing points. Finally, I incorporate a few simple Moving Averages into my trading.
I will post some charts in the near future as I work to find my rhythm as a Blogger. I don't know if I will post daily, or just a few times a week. I don't want the Blog to control my life and thus get burned out quickly, so my initial goal will probably be 3 or 4 posts a week.
Now to movies - "I Am Legend" was amazing. Will Smith is a great actor, and his performance rivaled Tom Hanks in "Castaway" - Hanks spent most of the movie talking to the volleyball, and Smith spent most of the movie talking to a beautiful German Shepherd. I really enjoyed it - it kept me on the edge of my seat and the special effects were fabulous. I highly recommend it.
As far as rentals - check out "The Kingdom" for a good story and some nice action, and "Superbad" for an entertaining and fun time.
If I don't post again before midnight, I want to wish everyone a safe and Happy New Year. If you are driving, don't drink...if you are drinking, don't drive. Those are my only two rules.
