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Scalping m1 Question

  • #1
  • First Post: Jul 1, 2018 8:19pm Jul 1, 2018 8:19pm
If im using the m1 chart should i use the m5 to get the strength/weakness trend of the pair? Or should i use a more intraday time frame like m15, to catch a trend on the m1?
  • #2
  • Jul 2, 2018 5:32am Jul 2, 2018 5:32am
Hello Mike, it's all subjective. Using another TF or any another filter won't necessarily improve your approach. It is true that the 'trend is your friend' BUT how to use this? The market ebs & flows so regardless of what you do it will never cover all the angles. There are many ways to determine a trend BUT it's all subjective...you can use a slow MA i.e. 200sma, the daily open, a currency strength meter, RSI, MACD, higher TFs etc etc. Best to explore different options & go from there. It's a slow process.

Good luck
who dares wins
  • #3
  • Jul 2, 2018 9:17am Jul 2, 2018 9:17am
Quoting MasterJedi
Hello Mike, it's all subjective. Using another TF or any another filter won't necessarily improve your approach. It is true that the 'trend is your friend' BUT how to use this? The market ebs & flows so regardless of what you do it will never cover all the angles. There are many ways to determine a trend BUT it's all subjective...you can use a slow MA i.e. 200sma, the daily open, a currency strength meter, RSI, MACD, higher TFs etc etc. Best to explore different options & go from there. It's a slow process. Good luck
Alright thank you i really appreciate your response, I notice that when i would use the currency strength approach it works well but sometimes the price will reveres back on me which would confuse me because the currency strength is telling me one thing but the price on the m1 is doing something else. I know i should expect Pullbacks but the price would literally really start trending in the opposite direction. So i was thinking maybe it's because the strength meter i was using is looking at the main market bias which on the 4hr/daily time frame. So thats why i asked, do you think i should look for a moving average dashboard and trade the pair that show that the averages on each time frame matching the most? along with currency strength. Just trying to get some advice.
  • #4
  • Jul 2, 2018 10:05am Jul 2, 2018 10:05am
Quoting mikethadon
{quote} Alright thank you i really appreciate your response, I notice that when i would use the currency strength approach it works well but sometimes the price will reveres back on me which would confuse me because the currency strength is telling me one thing but the price on the m1 is doing something else. I know i should expect Pullbacks but the price would literally really start trending in the opposite direction. So i was thinking maybe it's because the strength meter i was using is looking at the main market bias which on the 4hr/daily time...
Hi Mike, I'm sure you realise now that Daily & 4hr info isn't compatible with 1m scalping unless you have something specific in mind i.e. trade 1m based on major Daily/Weekly s/r levels. Generally you want 3x to 5x TFs higher or lower. So for 1m keeping an eye on the 5m is standard. What you propose with the dashboard sounds good, it's pretty logical to want to follow the higher trend so I would say sure give it a try...its part of the journey. Quite a few systems out there that use MTF & dashboards so have a look & mix it up to fit your style. There's a whole variety of ways to get the same result...& that's the problem LOL!

Cheers.
who dares wins
  • #5
  • Jul 2, 2018 10:08am Jul 2, 2018 10:08am
Quoting MasterJedi
{quote} Hi Mike, I'm sure you realise now that Daily & 4hr info isn't compatible with 1m scalping unless you have something specific in mind i.e. trade 1m based on major Daily/Weekly s/r levels. Generally you want 3x to 5x TFs higher or lower. So for 1m keeping an eye on the 5m is standard. What you propose with the dashboard sounds good, it's pretty logical to want to follow the higher trend so I would say sure give it a try...its part of the journey. Quite a few systems out there that use MTF & dashboards so have a look & mix it up to fit your...
Thank you man i really appreciate you helping me out!
  • #6
  • Jul 9, 2018 12:54pm Jul 9, 2018 12:54pm
Quoting mikethadon
If im using the m1 chart should i use the m5 to get the strength/weakness trend of the pair? Or should i use a more intraday time frame like m15, to catch a trend on the m1?
Nothing is specific im trading except risk management. You have to find out what suits you the best. You have to do study and a lot of experiments. Trading can't be done by talking suggestion. What works for you may not work for me and vice versa.
  • #7
  • Last Post: Jul 10, 2018 10:13am Jul 10, 2018 10:13am
Quoting mikethadon
{quote} Alright thank you i really appreciate your response, I notice that when i would use the currency strength approach it works well but sometimes the price will reveres back on me which would confuse me because the currency strength is telling me one thing but the price on the m1 is doing something else. I know i should expect Pullbacks but the price would literally really start trending in the opposite direction. So i was thinking maybe it's because the strength meter i was using is looking at the main market bias which on the 4hr/daily time...

Hi mikethadon,

i hope i can give you some advice.

First of all, one thing that might get lost quickly, especially for new traders is the underlying logic.

Lets take the following sentence:

Quoting mikethadon
{quote} sometimes the price will reveres back on me which would confuse me because the currency strength is telling me one thing but the price on the m1 is doing something else.
All the charts, no matter the timeframe are just a different compression of the same tick data. Therefore the M1 is building the M5 chart. The M5 is not dictating where the price has to move, what you see in the M1 will be reflected in the M5. Therefore the higher TF is basically a lagging indicator itself.
There is a great deal of value in multi timeframe analysis, as it can show the tendency of the market, but not more. The higher the timeframe, the less "noise" you will see.

To answer the question about the approach, think about what do you want to do!

As you stated, you want to scalp the M1.
So what you should consider is one way to determine the trend, and another as trigger to get in.

You could for example use a MA slope to determine the trend on the M5 and trade a breakout on the M1.
The Logic is, that you see movement in the direction of the trend and based on the higher TF trend assume that the breakout will have a high(er) probability to be big enough to profit.

One word of advice though: I never managed to trade the M1 and I dont know any trader that actually did, there is just a lot of "noise" and randomness and way to little movement. That certainly does not mean that it is not possible. But especially as a beginner, a higher TF might suit your abilities better and is more satisfying.
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