Day Trading the Hourly Chart

When most traders think about day trading the first thing that comes to mind is placing tons of trades on a fast moving chart hoping to come out on top. There is nothing wrong with this but if you work a 9-5 or maybe you cannot sit in front of the computer watching these charts all day then you need to up your time frame. Its that simple, up your time frame and instead of sitting in front of the charts for hours at a time, pop in and out every hour or every 30 mins, when the higher time frame bars close.

This idea is not a new one but one many new day traders over look because they think they have to be in-front of the charts all day long. Instead new traders and those traders who have obligations throughout the day should take more of a hands off approach to trading.

This approach also might fit your personalty better, if you don't like trading a faster moving chart.

If you plan on trading the hourly chart there is no reason to sit in front of the chart for a full hour waiting for the bar to close.Instead set an alarm and come back to the charts 10-15 minutes before the bar closes. This will give you enough time to look over the charts and get a feel for what is going on.

Also it would be wise to take a look at the morning analysis video to help you find any levels or zones you can exploit and or target.

Once at your charts you can then quickly see if there is a set or not, if there isn't your go to set say for example you don't see the 3 point turn/swing point, then you simply go on with your day until the next bar closes and see if you can a signal then.

This type of trading is combining a swing trading approach and a intra-day trading ( aka scalping ) approach all in one.

As a trader you can set different targets but when I personally trade the hourly charts I use the same targets as I would if I was trading a 4500 tick chart. This is due to the fact I still like to be in and out trades as soon as possible.

If your struggling with finding time for trading or maybe your over trading a bit think about moving up to the hourly chart/time frame.

Keep an eye out for news about a new hourly signal indicator that will be coming in the following weeks/months.

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