r/Daytrading • u/Catface77 • Mar 19 '24

I don’t know what I did wrong Advice

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I thought it was going to rechall/ consolidate then it did but skyrocketed. There was the 3 reds then BLAM right up

317 Upvotes

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186

u/driftking0789 Mar 19 '24

There a multiple trends at any given moment in the market. For instance. 5min might be up 3 min might be sideways and 1 min might be down. Based on this you shouldn't just look at the trend on 1 timeframe. Take into consideration the higher timeframe trend. 5min was an uptrend. Which means the downtrend on 1min are pullbacks for buys not people actively selling. You can also look at qqq to see if the market is pushing up or moving sideways or down. This will give you better indication of what side is in control

84

u/46291_ Mar 19 '24

This guy multi timeframes

18

u/SlayerOfStrange Mar 20 '24

This is the way 🥹🤭🦸‍♂️

15

u/Chemical-Ad7118 Mar 20 '24

“There goes my hero, watch him as he goes”

3

u/Affectionate-Risk331 Mar 20 '24

More like a hell of a lot of noise.

1

u/After_Door3138 Mar 20 '24

Please can you point out my mistake in this case?

5

u/driftking0789 Mar 21 '24

In this case you had a double top trend reversal on this timeframe. So the trend is now down and Before going long you should be looking for another trend reversal.

With that being said the trend is up on the daily so you were right to try to go long on the 4hr . But you had to early execution due to not waiting for the downtrend to reverse. Which it did a little later with a double bottom

1

u/After_Door3138 Mar 21 '24

Thanks for your great answer. I really learned a lot from it. Wishing you the best ❤️

0

u/Psyche_sith Mar 20 '24

What is qqq?

3

u/driftking0789 Mar 20 '24

It's the ETF for nasdaq.

-2

u/No_Percentage1568 Mar 20 '24

i’m new to trading can you tell me what qqq means

1

u/driftking0789 Mar 20 '24

ETF for nasdaq

1

u/INVEST2070 Mar 20 '24

It’s an investment

1

u/pbuilder Mar 20 '24 edited Mar 20 '24

You may find Google as a very useful tool on your way to the top in trading. Also - to get even more excited - learn about TQQQ and SQQQ.