Additional Considerations to Achieve Consistency Swing Trading
If one is swing trading using the Near Term Group of time frames as their compass and the short term group of time frames as their means of a better entry and/or exit, they will also need to use the Scalping Group of time frames to look for more support when making the final decision to open a position or trade. My first publication posted today pointed out how we are still at risk of falling further to the Yellow B-Band Basis in the 3-Day and 4-Day time frames. However, we have yet to fall down there. That first publication posted today was labeled a Short position in that a short position is more favorable for the Near Term when I used the Near Term Group of time frames (1-Day, 2-Day, 3-Day & 4-Day). Does this mean we cannot still see more upward movement before that short position could potentially be opened in the Near Term Group of time frames? No... Which is why I also mentioned in that first publication posted today to seriously consider what is occurring in the Short Term Group and Scalping Group of time frames before opening a short position solely based on what is seen in the Near Term Group of time frames.
I've drawn the following conclusion: If one is to hold themselves to the expectation of selling at or near the top or buying at or near the bottom on a CONSISTENT basis, they MUST use MULTIPLE GROUPS of time frames when making their decisions. One is introducing too much room for error by NOT using multiple groups of time frames. Therefore, I recommend doing the following to allow yourself to easily look at multiple groups of time frames:
1. Get a PRO+ or PREMIUM account on TradingView to enable you to view four (4) or more charts inside a single window. If you cannot afford this at the time, you have to create more charts, which would require more tabs and/or windows on your monitor(s).
2. Ideally, it's best to have a monitor for each window with multiple time frames (charts) inside that window. The ideal setup is to have a single 50 inch 4K television or larger for each asset or utility you are trading. A 50 inch 4K television would be equivalent to having four (4) 24 inch monitors. A 55 inch 4K television would be equivalent to having four (4) 27 inch monitors. Of course, this would require a graphics card or cards in your PC that is capable of pushing a 4K resolution to each 4K television. I recommend buying used graphics cards from eBay if on a budget. I personally will have a total of nine (9) 55 inch 4K televisions very soon with three (3) hooked up to one PC and six (6) hooked up to another PC. I ultimately plan to have eighteen (18) 55 inch 4K televisions with two (2) PC's pushing all of the 4K televisions within the next six (6) months.
You don't have to get this elaborate with your setup because I will be providing signals. I want the ability to look at multiple groups of time frames on any asset I'm providing signals for WITHOUT having to fumble through multiple tabs and/or windows on a monitor. I prefer to have my setup this way to reduce the chance of stress fumbling through multiple tabs and/or windows during a volatile market.
3. Create charts for each asset and/or utility in the following manner and organize them on each 4K television in the following example:
A. BTCUSD: Scalping Group (6 minute, 12 minute, 23 minute & 45 minute)
B. BTCUSD: Short Term Group (90 minute, 3 hour, 6 hour & 12 hour)
C. BTCUSD: Near Term Group (24 hour, 2-Day, 3-Day & 4-Day)
D. BTCUSD: Mid Term Group (3-Day, 6-Day, 9-Day & 12-Day)
Each asset and/or utility should have charts created with TITLES for each similar to what was provided in points A, B, C and D above. This way you are much more organized... Place each of those four windows with multiple time frames in each window on each 4K television accordingly.
4. Plan for expansion of your setup AHEAD of time as your net worth increases. I have ideas of how to put a lot of 4K televisions in small spaces that I will share later. If you have plans for a LOT of 4K televisions, be advised you may have to also consider a means of ventilating heat out of the room you are using.
Happy Trading and Stay Awesome!
David
I've drawn the following conclusion: If one is to hold themselves to the expectation of selling at or near the top or buying at or near the bottom on a CONSISTENT basis, they MUST use MULTIPLE GROUPS of time frames when making their decisions. One is introducing too much room for error by NOT using multiple groups of time frames. Therefore, I recommend doing the following to allow yourself to easily look at multiple groups of time frames:
1. Get a PRO+ or PREMIUM account on TradingView to enable you to view four (4) or more charts inside a single window. If you cannot afford this at the time, you have to create more charts, which would require more tabs and/or windows on your monitor(s).
2. Ideally, it's best to have a monitor for each window with multiple time frames (charts) inside that window. The ideal setup is to have a single 50 inch 4K television or larger for each asset or utility you are trading. A 50 inch 4K television would be equivalent to having four (4) 24 inch monitors. A 55 inch 4K television would be equivalent to having four (4) 27 inch monitors. Of course, this would require a graphics card or cards in your PC that is capable of pushing a 4K resolution to each 4K television. I recommend buying used graphics cards from eBay if on a budget. I personally will have a total of nine (9) 55 inch 4K televisions very soon with three (3) hooked up to one PC and six (6) hooked up to another PC. I ultimately plan to have eighteen (18) 55 inch 4K televisions with two (2) PC's pushing all of the 4K televisions within the next six (6) months.
You don't have to get this elaborate with your setup because I will be providing signals. I want the ability to look at multiple groups of time frames on any asset I'm providing signals for WITHOUT having to fumble through multiple tabs and/or windows on a monitor. I prefer to have my setup this way to reduce the chance of stress fumbling through multiple tabs and/or windows during a volatile market.
3. Create charts for each asset and/or utility in the following manner and organize them on each 4K television in the following example:
A. BTCUSD: Scalping Group (6 minute, 12 minute, 23 minute & 45 minute)
B. BTCUSD: Short Term Group (90 minute, 3 hour, 6 hour & 12 hour)
C. BTCUSD: Near Term Group (24 hour, 2-Day, 3-Day & 4-Day)
D. BTCUSD: Mid Term Group (3-Day, 6-Day, 9-Day & 12-Day)
Each asset and/or utility should have charts created with TITLES for each similar to what was provided in points A, B, C and D above. This way you are much more organized... Place each of those four windows with multiple time frames in each window on each 4K television accordingly.
4. Plan for expansion of your setup AHEAD of time as your net worth increases. I have ideas of how to put a lot of 4K televisions in small spaces that I will share later. If you have plans for a LOT of 4K televisions, be advised you may have to also consider a means of ventilating heat out of the room you are using.
Happy Trading and Stay Awesome!
David
Comment:
UPDATE:
The BEST way to do a similar setup to what I have planned with eighteen (18) 55 inch 4K televisions is to FIRST build a raised platform (6 to 12 inches high) to run all your wiring from your PC's to the 4K televisions surrounding you in a "U" shaped pattern.
Have a small desk on the platform with PC's under the desk and holes for the wiring to run out to the edges of the platform to route to power and to the 4K televisions. Have a swivel stool or chair on the platform to be able to swivel around to look at any asset or utility at any given time on the 4K televisions surrounding you. The 4K televisions can be mounted on the wall -OR- can be mounted with two 4K televisions on each mount on casters to be moved around as needed. Use your imagination... I'll share photos of my setup at each phase of expansion. Of course the 18 4K televisions will be in a larger office.
Here is an example of having a platform built to route wiring from PC's to monitors surrounding you: This professional trader has forty-one (41) 32 inch monitors surrounding him. Be advised, he provides signals and education for stock market. Your setup need not be this elaborate if not providing signals and education: i.imgur.com/iOQP370.jpg
The BEST way to do a similar setup to what I have planned with eighteen (18) 55 inch 4K televisions is to FIRST build a raised platform (6 to 12 inches high) to run all your wiring from your PC's to the 4K televisions surrounding you in a "U" shaped pattern.
Have a small desk on the platform with PC's under the desk and holes for the wiring to run out to the edges of the platform to route to power and to the 4K televisions. Have a swivel stool or chair on the platform to be able to swivel around to look at any asset or utility at any given time on the 4K televisions surrounding you. The 4K televisions can be mounted on the wall -OR- can be mounted with two 4K televisions on each mount on casters to be moved around as needed. Use your imagination... I'll share photos of my setup at each phase of expansion. Of course the 18 4K televisions will be in a larger office.
Here is an example of having a platform built to route wiring from PC's to monitors surrounding you: This professional trader has forty-one (41) 32 inch monitors surrounding him. Be advised, he provides signals and education for stock market. Your setup need not be this elaborate if not providing signals and education: i.imgur.com/iOQP370.jpg
By the way, 16 of those 18 4K televisions will each be FIXED (setup) to stay on a single asset or utility at all times. Another will be used for LIVE Streaming and the last one will be used side by side with the one for LIVE Streaming to have other social media stuff and conduct actual trades on multiple exchanges.