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Some traders have mentioned one trading technique of tracking 5 different charts looking for best patterns. I am wondering which 5 charts people recommend tracking (to minimize correlated price action)? TAHOT
What do you mean by 5 charts? 5 different instruments to trade (like NQ and ES) or 5 different timeframes of the same instrument?
I only trade MES, and I start my day by analyzing the daily chart, and thinking of a direction the day might move in. I look at levels like yesterdays close, H, L and open, and previous important pivots and/or trend lines.
While trading I have 2 charts open. Since I only trade for at most 2 hours a day I have my main chart on a relatively low tick amount, and I either have a higher tick amount or a 5min chart open for confirmation of my direction, and trendlines/levels that might be lost in the noise of the lower tick chart.
Having 5 charts open at the same time seems excessive to me.
To answer your question; experiment with what fits your personality best. I tried to follow Al's advice and trade the 5min chart, but 1.) it didn't fit my available time slot every day with my day job, and 2.) holding trades for as long as the 5min chart requires of you, caused me too much stress. I am much more relaxed trading quicker charts. I do make more mistakes, but I'm new so I make mistakes regardless, and they're a lot easier to let go on lower timeframe charts. So whatever charts you trade should be your least stressful chart to trade in my opinion.
