For comparative purposes I brought up all of today's trades on the 5 minute - do the trades make sense on the 5 minute that I am used to watching?
AMZN
I am not sure that I would of taken any of these entries on the 5 minute, but they look good - breaking S/R. The attempt at a short in between was not a good idea - and not justifiable on the 25 range after I looked at it some more:
GS
Looks like this came off a doji, but prior chop has me saying no-way.
V
Looks reasonable - in fact looks like my stop was on the top of the 2:00 - which corresponded with a dynamic S/R that shifted at 11:43 on the range chart. Kind interesting.
Anyhoo - probably won't do this often - just puts the day in perspective - I had no idea whether or not the stocks finished down or up for the day on the range charts. Based on the 5's, I would say that it was a nice day to trade. I am wondering how I will do with the range charts on a sideways day.
Trade well.
The nice thing about these trades, like with the first chart, is that you are actually doing something when new levels are reached. Like the range charts are keeping you out of making a ton of trades only to look back and see that the stock was in a 15 cent range the whole time. I would definitely find something like this helpful.
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