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Joined Aug 2009
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Status: Aspiring FX Artist
|660 Posts
Though most of my trades are entered on the 1 minute time frame, I am constantly looking at the 1 hour, 15 min, and 5 min time frames for areas of support or resistance.
I prefer to use 1 Hour and Daily charts. If you use less than 1 hour it is almost always noise fluctuations. Longer than daily periods are not so indicative already.
I always look 3 time frames higher than the one I am trading to obtain the long term trend (e.g. trades placed on M15 I look at 4HR to determine trend direction). I would use an MA of 20 period and whether price is above or below for direction.
Never stop investing. Never stop improving. Never stop doing something new
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Additional Username
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Joined Mar 2017
|304 Posts
When I use basically scalping I have to depend on 1 hour and daily charts. It supports me to calculate the market sometimes with certainly which is really supportive to bring profit by my strategy. Actually which time frame you need it completely depend on your trading techniques.
When we focus on one or two pairs. Is it better that we focus only on one timeframe?
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Really, it’s a good choice to use one or two trading pairs initially! But, I don’t think it’s a good idea to use only one trading time frame! In my trading I use 4 time frames mainly and they are, D1, H4, H1 and M5.
When i day trade, i focus on 1 timeframe 5min, focus on the 10 most volatile currency pairs, only have 2-3 hours to day trade so the 5min candles are sufficient to find short trends
when i position trade, focus on 1 timeframe daily, focus on 20 currency pairs, only need 30mins a day to trade, not as much noise compared to the lower time frames, so its the best to catch long term trends
{quote} Really, it’s a good choice to use one or two trading pairs initially! But, I don’t think it’s a good idea to use only one trading time frame! In my trading I use 4 time frames mainly and they are, D1, H4, H1 and M5.
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Some people do use just one time frame as a part of their strategy. However, I think it's a good idea to check the others at least occasionally.
{quote} Really, it’s a good choice to use one or two trading pairs initially! But, I don’t think it’s a good idea to use only one trading time frame! In my trading I use 4 time frames mainly and they are, D1, H4, H1 and M5.
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Then I have a question! If H1 shows up trend but H4 down trend? Will you follow the uptrend? Or downtrend?
{quote} Then I have a question! If H1 shows up trend but H4 down trend? Will you follow the uptrend? Or downtrend?
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depends upon what time frame you are trading. H4 down plus 1 hr up is a perfect sell setup, if you are trading the 4 hr chart. If you are trading the hourly, maybe not so much.
Hourly down, 15m up..... Sell. Hourly trade.
Weekly down, daily up....Sell. Weekly trade
4hr up, 1 hr down.....buy. 4hr trade.
Buy the dips sell the rallies.
Nope. Concentrating on one or two currency pairs doesn't necessarily mean sticking to a single timeframe. In fact, examining different timeframes can provide valuable confirmation signals.
