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Which Charts To Check First? :)

  • #1
  • First Post: Nov 1, 2007 1:02pm Nov 1, 2007 1:02pm
HI All.

Pardon me if I ask a silly question. I read in this forum, and also some books said that before we enter a trade. We need to check the following charts firts.

1. Day Chart.
2. Hour Chart
3. 30 Minutes Chart.
2.. 15 Minutes Chart.
3. 1 Minute Charts

Before we enter a position, after carefully analyze. (like a vulture. : first), is that right?

I am not quite sure. Since, 1 minute make up of several small waves. which make up of larger wave in hours, and which make up daily chart, right? :surprised So, we have to check the small waves in those minutes chart first before we check hour chart, right?

Now, I know I am silly.

I am confused!

Pardon me! Please give me some words of wisdom before I loose a ton of money like others before me.

Thank you very much.

Best Regards.

Forex Star.
  • #2
  • Nov 1, 2007 1:21pm Nov 1, 2007 1:21pm
Well, this is a hard question to answer because is depends on the system you are using to trade.
If you're just starting out in Forex you should stay away from the small timeframes (like 1M, 5M, 1H etc.)

I can't really tell you which timeframes to look at, because we don't know how you do or want to trade.
Learn all the basics and then start looking at different systems. Choose one that you like and understand and start practicing.

Tom
  • #3
  • Nov 1, 2007 1:41pm Nov 1, 2007 1:41pm
Quoting moneybags
Well, this is a hard question to answer because is depends on the system you are using to trade.
If you're just starting out in Forex you should stay away from the small timeframes (like 1M, 5M, 1H etc.)

I can't really tell you which timeframes to look at, because we don't know how you do or want to trade.
Learn all the basics and then start looking at different systems. Choose one that you like and understand and start practicing.

Tom
Hi Tom.

Since you have kindly response my question, I will ask more. Hope you don't mind. My friend show me how to scalp, That is the only way I know. How do I learn to trade like others so I don't have to spend al ot of time, keep staring at the computer in order to make a right move. I don't have that time, and I want to learn it properly before excute my order in live platform.

How do I learn to trade like others, besides scalping I mean. I want to try out like day trading, swing trading, position trading to see which one which is best fit to my scarce time and my personality.

If you could share with me or point me to the right direction where I can learn to trade those kind of trading, I am really appreciated it!

I am currently learning deligently from Babypips school, plus reading all the beginner threads to figure out how to find a right path in order to cross this Forex Jungle safely, and also at the same time learn to make good money and have fun the same time.

Thank you.

Forex Star.
  • #4
  • Nov 1, 2007 1:48pm Nov 1, 2007 1:48pm
You should probably read up on some of the systems proposed and traded on the Trading Systems forum here at FF.

Choose a system that seems to fit your risk tolerance and trading volume and study it further. Demo trade that system only until you feel you've mastered it.

Most systems will work in the long run as long as the trader sticks to the rules and the statistic probability is allowed to play out.
The basis of a democratic state is liberty. ~ Aristotle
  • #5
  • Nov 1, 2007 1:53pm Nov 1, 2007 1:53pm
Quoting Vensik
You should probably read up on some of the systems proposed and traded on the Trading Systems forum here at FF.

Choose a system that seems to fit your risk tolerance and trading volume and study it further. Demo trade that system only until you feel you've mastered it.

Most systems will work in the long run as long as the trader sticks to the rules and the statistic probability is allowed to play out.
Thank you Vensik.

If any great people here have any wisdom to share to this humble newbie. Please do share! I'm much graceful!

Best Regards,

Forex Star. (Soon To Be... Why not? All great journeys begin from the mind! )
  • #6
  • Nov 1, 2007 2:00pm Nov 1, 2007 2:00pm
HI All.

I ask this question in Forum for the Beginner, but I want more wishdom from the master, so I posted it here. My thread below.


http://www.forexfactory.com/showthread.php?t=54334


Pardon me if I ask a silly question. I read in this forum, and also some books said that before we enter a trade. We need to check the following charts firts.

1. Day Chart.
2. Hour Chart
3. 30 Minutes Chart.
2.. 15 Minutes Chart.
3. 1 Minute Charts

Before we enter a position, after carefully analyze. (like a vulture. : first), is that right?

I am not quite sure. Since, 1 minute make up of several small waves. which make up of larger wave in hours, and which make up daily chart, right? :surprised So, we have to check the small waves in those minutes chart first before we check hour chart, right?

Now, I know I am silly.

I am confused!

Pardon me! Please give me some words of wisdom before I loose a ton of money like others before me.

Thank you very much.

Best Regards.

Forex Star.
  • #7
  • Nov 1, 2007 4:34pm Nov 1, 2007 4:34pm
Quoting Forex Star
HI All.

I ask this question in Forum for the Beginner, but I want more wishdom from the master, so I posted it here. My thread below.


http://www.forexfactory.com/showthread.php?t=54334


Pardon me if I ask a silly question. I read in this forum, and also some books said that before we enter a trade. We need to check the following charts firts.

1. Day Chart.
2. Hour Chart
3. 30 Minutes Chart.
2.. 15 Minutes Chart.
3. 1 Minute Charts

Before we enter a position, after carefully analyze. (like a vulture. : first), is that right?

I am not quite sure. Since, 1 minute make up of several small waves. which make up of larger wave in hours, and which make up daily chart, right? :surprised So, we have to check the small waves in those minutes chart first before we check hour chart, right?

Now, I know I am silly.

I am confused!

Pardon me! Please give me some words of wisdom before I loose a ton of money like others before me.

Thank you very much.

Best Regards.

Forex Star.

The general principle is to trade from the higher time frame, but use the lower time frame for your entry.

For example, if you're trading from the Daily chart, you would look at the 4 Hour or 1 Hour to get a good entry point. If you're trading from the 4 Hour chart, you would look at the 1 Hour or 30 Minute chart for an entry point.

I read the thread you referred to above. You said you didn't want to spend a lot of time in front of the computer, but that's what is involved with scalping.

If you want to learn to trade on other time frames, you should read through the various areas of this forum, as well as Babypips. Different time frames require different strategies, different stop loss limits, etc.

Hope this helps.

Terry
  • #8
  • Nov 1, 2007 6:55pm Nov 1, 2007 6:55pm
I think you can look at these timeframes as filters for noise. Short time frames have higher noise than longer timeframes.

ex. you can get early signals to enter a trade using the short timeframe, but believe me you will be stopped out more than most people can handle. Likewise you can use the long term timeframe to enter but know that you might be entering in the middle or end of a trend.

So the solution is to incorporate multiple timeframes (minimum 2). Use the long term as a way to filter out the noise and see where the whole trend is going. Then use the short term timeframe to pinpint a high probablity trade.

EX: Daily timeframe shows market is going up. Enter long on 1 hr dip timeframe. simple as that
  • #9
  • Dec 25, 2007 5:46pm Dec 25, 2007 5:46pm
So, I have to review it again. Pardon me!
  • #10
  • Last Post: Dec 26, 2007 2:44am Dec 26, 2007 2:44am
You can minimize your charts to fit on one screen at one time. Not many people know this. If your using one trading system and rely on different time frames, place all of them in one screen. This way you can scan without changing charts
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