Query

What is the best time duration for day trading for candlestick bars can anyone suggest which is the best 5/10/15 or 30 mins .. Please suggest ..

 

I prefer 3 mins. only.

 

Based on my exp 2 min and 5 mins will give good candle signals. But you should use Western technicals too for double confirmation. Also note the lesser the timeframe you are using more candlestick signals you will be getting.

 

but more powerfull is 60 min compare than 2 or 5 min to take decision . because when we prefer 2 min we can not understan trader pschycology.

 

How about the duration of 10 to 15 mins for intraday pl advice why such a short duration of 2 mins to 5 mins what is the logic ....

 

10 mins or 15 mins will be blended candles of 5 mins, so you will be catching trend earlier in 5 mins rather than waiting for 10/15 mins.
Also in intraday you will rarely get big moves which will continue in same direction for 1-2 hours(unless it is news based). So if you are waiting for 10 or 15 mins; move might have already completed and you are entering into the trend too late and your risk factor is increasing and targets are decreasing.
Time frame also depends on your trading style; like intraday or position trader.

 

Thks you are right, for intraday 5 mins duration is ideal. One has to decide fast to enter and exit if you trade in intraday.

 

HI , Can you tell which other western technicals do you use and recommend.

Regards
Veren

 

I personally use Bollinger Bands, Moving average cross over and stochastics; sometimes MACD too. You have tweek the default settings of above indicators to match your timeframe and signals.

 

Thanks for the reply.

Can we discuss this in detail as timeframe and tweak needs to be learned.
I also feel these indicator are quite important for trading. but i am not aware how to tweak it.
We will be grateful if you can elaborate the tweaking part more as we already know what the indicators are.

Regards
Veren

 

Forgot ADX. Consider this too.

 

As per my observation for day trading you should use two screens. First is long time frame screen to determine major market trend ( like Hourly chart ) and once you see clear trend on HTF go to short time frame like 15 minutes to buy pullback inside major trend.
Apart from this you should mark major support resistance level on chart using daily chart and try to enter on those levels. This is successful strategy. You can use EMA for determining trend direction like 21 and 10. Do some practical it will give your clear idea.

 

I need to understand how to tweek and set the default settings I am with Sharekhan pl advice

 

Sorry I dont know about Sharekhan and even I dont use broker charts so cant explain how to change settings in Sharekhan.