When I’m deciding whether to take a trade, I don’t start with the intraday chart. That’s not where I figure things out. The decision to go long or short — to commit capital — happens on the daily chart. Period.
Intraday charts are just for timing. That’s it. The 5- or 15-minute chart helps me fine-tune my entry or exit, but all the real work — the stuff that actually matters — is already done by then. By the time I get to an intraday chart, I already know what I’m trading, why I’m trading it and what the game plan is.
Daily Charts Set the Foundation
I always say it’s like dating. You don’t decide to marry someone after texting them for five minutes. You take time. You get to know them. You look at the full picture. Same thing here — I don’t marry a trade based on what it’s doing on a random five-minute candle. The daily chart is where I see the trend, the setup and the volatility profile.
The daily also tells me if I even want to be involved with the stock at all. For example, if it’s trading more than one ATR away from the eight-day exponential moving average, I’m not touching it. I don’t need to see how the five-minute candles are forming if the daily already says it’s overextended.
That’s the kind of clarity daily charts give me. They let me work with higher probability setups and avoid emotional, reaction-based trades. It’s how I stay consistent.
Intraday Is for Execution Only
Once I’ve done all the work on the daily, I’ll pull up the intraday chart to find my spot. But by that point, all the decisions are already made. I’m not evaluating — I’m executing. I’m just waiting for my level, looking for volume confirmation or making sure I’m not jumping in front of a reversal.
It doesn’t matter if I’m trading Health Care (XLV), Energy (XLE) or semiconductors like Advanced Micro Devices (AMD). My process is the same — always daily first. If the daily chart doesn’t give me a green light, nothing else matters.
That’s why I start with the big picture. It sets the tone, narrows my list and keeps me from getting sucked into noise. And that’s how real traders stay in the game.
Roger Scott
Roger Scott Trading
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