This Is My Favorite Chart Setup

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This Is My Favorite Chart Setup

In previous issues, we’ve talked about using different timeframes for different strategies.

We’ve also talked in-depth about developing a personalized trade plan…

And testing that plan to dial it in and make sure you can rely on it in real, live market conditions.

Well, today I want to tell you about my personal favorite timeframe, at least from a day trading perspective…

As well as the process of testing I went through to find out which timeframe I preferred.

Now, the 5 minute chart is a popular timeframe that a lot of traders prefer.

The 5 minute timeframe also allows you to leverage the power of harmonics for your higher timeframe charts that you’ll use to confirm trends…

So, for instance, if you’re using the 5 minute as your fastest timeframe, you could use the 10 and 15 minute charts as your higher timeframes, since they are both integer multiples of 5.

Of course, other traders prefer the 1 minute chart as their fastest timeframe.

For me personally, though, the 1 minute chart is a little too fast…

And the 5 is a little slower than I’d like for my trading.

But the 3 minute chart, for me, is right in that sweet spot.

With the 3 minute chart as my fastest timeframe, I’m able to see trends developing quickly enough that I can get in early…

And get back out again without taking on unnecessary risk.

Now, when I was developing my personal trade plan, I tested just about all of the fastest timeframes, starting with the 1 minute and working up to the 5 minute.

As I said, the 1 minute was just too fast for my taste.

Two minutes was OK…

And the 4 minute did not work at all for me.

I’m not sure if it had something to do with the harmonics and the fractal nature of the market…

But the more I played with the 3 minute — and the corresponding 6 and 12 minute charts for higher timeframe confirmation — the more I liked it.

Plus, the 3 minute really corresponds well with the hour chart, as 60 is also an integer multiple of 3.

In fact, my go-to chart setup for most of my day trading looks like this:

This is the Nasdaq E-mini futures (ticker NQ) on the 3 minute (top left)…

The 6 minute (bottom left)…

12 minute (top right)…

And one hour (bottom right).

Now, if you’re new to the world of Hawkeye or to trading in general, you may feel a little overwhelmed looking at these charts.

But I assure you, once you understand what’s going on, reading these indicators — and understanding at a glance what the market you’re watching is doing — is really simple.

We put together a training video to break down the foundational Hawkeye indicators and show you exactly what you’re looking at here…

And how these tools can help you see which way the market’s heading before it gets there.

So if you’re ready to learn more, you can watch that in-depth training video for free by clicking right here!

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