A multi-time frame chart setup ideal for daytrading:
This 3 window chart setup consists of daily candles, 15min candles and 5min candles.
The trade filtering is done a follows.
- The RSI on the Daily Chart determines if the trade is Long or Short
- Increasing RSI on the Daily chart is a LONG Intraday trade indicator, likewise the opposite.
- Long Trades are taken only when the RSI and MACD are increasing on the 15min candles, preferably exiting oversold levels.
- Short Trades are taken only when the RSI and MACD are decreasing on the 15min candles, preferably exiting overbought levels.
- RSI and MACD combination on the 5min chart determines the trade entry timing.
- Classic Pivot point trading system are applied and followed on the Standard Daily Pivot Indicators used in the 15min charts.
- The volume bars indicate the level of fuel that drives the intraday trends