Critique my setup and help me with any specific settings or studies?

[DM11960]

Hey all,

Long time lurker, first time caller/poster. Thanks for all you guys do, im really thankful to have this community. I've been browsing through the forums for about half a year now and finally got around to getting some serious technical analysis and indicators down. Below is my setup i've gone through countless hours of the forums browsing for the best analysis I could lay my hands on. Right now, im mainly using it just for analysis during the day and watching price action. I'd love to have overall market indicators such as SPY, NASDAQ, DOW, QQQ, etc. all the major indices to see how the forecast is trending and which way the market is moving. I'm also curious at looking at the bond aspect of the market and starting to study it more and more and get an in depth look at market sentiment and what makes the markets move.

I've included some images at all the major sectors on a website (Koyfin) that ive been using to look at the broader overall market, im looking at adding some technical indicators into these sectors and creating a layout/flow that is easy on ToS.

Daily Charts/Categories im watching:

• Index Watch
• Macroeconomics
• Banking/Financials
• Housing Market
• Tech

Ive also included my daily chart with other studies that i've integrated to get a feel on how an individual stock is moving to set up trades. My daily chart for the individual stocks for the time frame is set to 2D:5M (used this from research and lurking the threads from another user that said this is the best to watch). I'm wondering what I need to change, what I should edit, what I should add, and how I could add those overall indices into a nice layout that is easy to view, interpret, analyze, and gather the most information as possible.

• Daily Chart w/ Studies/Indicators

 

[horserider]

Arrows, arrows and more arrows. I would get rid of all those arrows.

 

[Pensar]

@fordays Keep it simple. Especially with day trading, when you need to be quick and decisive to get good entries, that many indicators will be giving conflicting signals and ultimately confuse or cause hesitation. It will be nearly impossible to see what the stock is actually doing.

My thoughts are that it would be better to only use 2-3 moving averages. As for what the overall market is doing, I run a watchlist with VIX, futures and some ETFs on the side, but it doesn't get used at all when day trading.

 

[rad14733]

@fordays I have to agree with @horserider and @Pensar that too much clutter will impede your ability to make decisions... Too many arrows is, well, just too many arrows... You need to be able to see price action and indicator action, which should already be telling you what the arrows distract you from... I'd rather have a couple labels than dozens of arrows... But I'd assume that you don't actually trade with the chart zoomed out that far... I'd also suggest monitoring several other timeframes for day trading and/or scalping so you have a better feel of the overall trend...

 

[DM11960]

@fordays I have to agree with @horserider and @Pensar that too much clutter will impede your ability to make decisions... Too many arrows is, well, just too many arrows... You need to be able to see price action and indicator action, which should already be telling you what the arrows distract you from... I'd rather have a couple labels than dozens of arrows... But I'd assume that you don't actually trade with the chart zoomed out that far... I'd also suggest monitoring several other timeframes for day trading and/or scalping so you have a better feel of the overall trend...

What time frames should I be looking at?

 

[rad14733]

What time frames should I be looking at?

Well, I scalp and day trade options on a 5m chart but also have another panel with 3m, 5m, 10m, 15m, plus have another 30m panel to monitor squeezes... And sometimes a couple more charts, depending on whether I'm doing research or testing... That's just my laptop... And on my desk trading station I also monitor indexes in another 4-Up chart panel... More than enough different views of the underlying and the markets themselves...

 

[floydddd]

geez, all those time frames. aren't they kinda equivalent to a bunch of arrows, what with one time frame saying one thing and another another, ad infinitum?

 

[Pensar]

geez, all those time frames. aren't they kinda equivalent to a bunch of arrows, what with one time frame saying one thing and another another, ad infinitum?

I usually use one timeframe at a time. The less I have to figure out and pay attention to the more focused I can be. Multi-timeframes can help though if you use the higher timeframe to find trades and the smaller timeframe to pick the entry point.

 

[floydddd]

that, in particular, makes sense to me, one higher, one smaller but layer upon layer of time frame -- well, i dunno, to each his own!

 

[rad14733]

@floydddd All of those panels aren't necessarily used to monitor active trades... They are used to evaluate existing trades, potential trades, and for reviewing past trades... I primarily use my trading panel and a 4-Up chart panel for monitoring active trades... The 4-Up allows me to decide whether or not I might consider turning a scalp into a day trade due to continued trend momentum, or lack thereof...