INTRADAY STRATEGY : Ideal chart setup for daytrading

A multi-time frame chart setup ideal for daytrading:

This 3 window chart setup consists of daily candles, 15min candles and 5min candles.

The trade filtering is done a follows.

  1. The RSI on the Daily Chart determines if the trade is Long or Short
  2. Increasing RSI on the Daily chart is a LONG Intraday trade indicator, likewise the opposite.
  3. Long Trades are taken only when the RSI and MACD are increasing on the 15min candles, preferably exiting oversold levels.
  4. Short Trades are taken only when the RSI and MACD are decreasing on the 15min candles, preferably exiting overbought levels.
  5. RSI and MACD combination on the 5min chart determines the trade entry timing.
  6. Classic Pivot point trading system are applied and followed on the Standard Daily Pivot Indicators used in the 15min charts.
  7. The volume bars indicate the level of fuel that drives the intraday trends