I only had a couple of hours to watch the market today and no setups appeared that convinced me to trade. A lot of stocks had already moved to or close to the Fib Ext, so I left them alone.
I think that maybe I need to have a look at lower timeframes on days such as today. As the biggest moves happen in first 30 or 45mins. So maybe looking at 5 or 10min charts may help as the 15min candles are too late and/or have already encompassed the main move of the day.
However I have two main problems with regard to trading the lower timeframes:
1. The need to be quicker in your chart analysis and picking stocks to trade, but without sacrificing your accuracy. There are probably going to be more setups in the lower timeframes, but I would guess also that you have to be a better trader to spot the good ones as more will also be losers.
2. The possible need to have a predefined gap/scan list during pre-market. I currently scan after market open. But maybe I need to come up with a watchlist before market open and doing this work up front will allow more time to watch the charts as opposed to time spent weeding out the bad charts during first 30mins as I currently do.
Any comments welcome as always.