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The Daily charts are KEY

  • #61
  • Feb 1, 2007 7:34pm Feb 1, 2007 7:34pm
OK everyone, take a deep breath and relax. Ahhhh now doesn't that feel better?
Some say "The sky is the limit". I say "I own the sky".
  • #62
  • Feb 1, 2007 8:52pm Feb 1, 2007 8:52pm
[quote=dukeofdents;187627]I totally agree. When I used to try trading off 5-min, 15-min, and even 1-hour charts, I always got skunked. Now I use 4-hour charts to take advantage of short-term volatility, but look to the dailies and weeklies to determine direction. This approach has turned my account around completely, and I now enjoy profits instead of losses, on a consistent basis. I'm not in it for the action, I'm in it to make money.

Perfect example, right now the market is flat. I'm doing a little research, having a beer, and watching a hockey game. In other words, multi-tasking. Until I see something on the 4-hour charts, at least, I'm just not trading. Why look for a 5-pip scalp for hours? I'm looking for a 150 pip move on the 4-hour, or a 300 pip move on the daily, and they happen all the time if you learn how to look for them...[/quote]

I am in total agreement here. The Duke could not have said it any better!
  • #63
  • Feb 1, 2007 10:30pm Feb 1, 2007 10:30pm
Quoting PipGod
OK everyone, take a deep breath and relax. Ahhhh now doesn't that feel better?
Uhh last post before yours was 1/18/07. Better to let sleeping dogs lie.
  • #64
  • Feb 1, 2007 11:44pm Feb 1, 2007 11:44pm
I take all my trades off the 5 min. but I still check out the daily chart.
How you act is more important than how you feel.
  • #65
  • Feb 2, 2007 4:49am Feb 2, 2007 4:49am
in the mean time, check out htis forex chatroom we started.
Signup for free
  • #66
  • Feb 2, 2007 5:32am Feb 2, 2007 5:32am
Quoting don perry

Why then are so many forex traders caught stuck on the smaller timeframe charts as oppose to the 3hr /4hr or daily?

if u should look at the daily chart, you will see that in almost every bull candle is accompanied by at least one other.

candlestick reading on the daily chart can tell where the real trend is and allows you to make proper technical analysis.

also, trend reversal patters are solid and maybe over 80% safe to follow.

for me, Technical analysis don't exist on charts below the 1h. It is just too risky..

Dont believe me? Start analyzing any USD based Daily charts and see
Basically if you are trading intraday without regarding D1 many times you are trading against tha main trend.

Soooo.... even if a system shows clear signal to enter the market but its against the main trend on D1 i advise not to...

The enlightement came from analyzing loss trades with correlation to trends in D1.

Quidquid latine dictum sit altum viditur
  • #67
  • Feb 2, 2007 6:23am Feb 2, 2007 6:23am
Quoting don perry
in the mean time, check out htis forex chatroom we started.
Signup for free
Ummm what is it that I am downloading? is it the chatroom itself?

kevin
  • #68
  • Feb 2, 2007 6:34am Feb 2, 2007 6:34am
[quote=WHTenn;205454]
Quoting dukeofdents
I totally agree. When I used to try trading off 5-min, 15-min, and even 1-hour charts, I always got skunked. Now I use 4-hour charts to take advantage of short-term volatility, but look to the dailies and weeklies to determine direction. This approach has turned my account around completely, and I now enjoy profits instead of losses, on a consistent basis. I'm not in it for the action, I'm in it to make money.

Perfect example, right now the market is flat. I'm doing a little research, having a beer, and watching a hockey game. In other words, multi-tasking. Until I see something on the 4-hour charts, at least, I'm just not trading. Why look for a 5-pip scalp for hours? I'm looking for a 150 pip move on the 4-hour, or a 300 pip move on the daily, and they happen all the time if you learn how to look for them...[/quote]

I am in total agreement here. The Duke could not have said it any better!

what's your average stop loss on .... say GBP/USD for 4 Hour charts trading ? I'm asking this because I'm often stopped out on 30M timeframe trading.

Thanks for reply
The risk is what gives value to an investment.
  • #69
  • Feb 2, 2007 11:08pm Feb 2, 2007 11:08pm
Chill everyone ... LOL
  • #70
  • Feb 3, 2007 6:33am Feb 3, 2007 6:33am
when i said daily charts are key, i'm reffereing to a specific type of trading....that is swing trading or trend following. You dont really need it for spike trading although it can help show u support and resistance...I.E where the spikes might end
  • #71
  • Feb 3, 2007 6:35am Feb 3, 2007 6:35am
Quoting kevinsw
Ummm what is it that I am downloading? is it the chatroom itself?

kevin

yes, it is the client itself
  • #72
  • Nov 18, 2007 4:23pm Nov 18, 2007 4:23pm
Quoting don perry
would you sit and watch the i minute chart and trade comfortably off it?

how about the 5 min chart?

how about the 15 or 30 min?

how about the hour or 4 hr?

You see, your confidence builds as the timeframe expands.

Why then are so many forex traders caught stuck on the smaller timeframe charts as oppose to the 3hr /4hr or daily?

if u should look at the daily chart, you will see that in almost every bull candle is accompanied by at least one other.

candlestick reading on the daily chart can tell where the real trend is and allows you to make proper technical analysis.

also, trend reversal patters are solid and maybe over 80% safe to follow.

for me, Technical analysis don't exist on charts below the 1h. It is just too risky..

Dont believe me? Start analyzing any USD based Daily charts and see

I feel comfortable with 1 and 5 minute timeframes. Stop loss is smaller, profits in general are also smaller but I do catch every now and then big moves(GBP/USD). Capital is tied up to a trade less time which lowers risk of exposure. I can find a trade any time of day, this is what I like the most. Confidence does not come with higher timeframe it comes with practice and experience this can be achieved regardles of any particular timeframe. Spread and comissions are costs of doing business no more or less. There is never over analysing to the extend that you no longer are confident enough to take the trade, you simply do not think. I think after as I go through my trades. I can not sleep with a trade open over night, too many things can happend and worrying is not good for the health. Open, close and forget. Bull or bear candles they are the same on all timeframes. You talk about "real trend". I trade price there are no such market conditions as "trending or ranging", only price movements. In my opinion trading on higher timeframes is riskier, one bar is 24 hours and two 48 hours, so many things can happend within the next 48 hours. In the 5 minute chart 2 bars are 10 minutes. In the end trading is individual, one size does not fit all.
  • #73
  • Nov 18, 2007 4:38pm Nov 18, 2007 4:38pm
If you trade off the 1min or the monthly it does not matter. You will make profit either way as long as you understand the market and yourself.
  • #74
  • Nov 18, 2007 5:53pm Nov 18, 2007 5:53pm
It is ALL about your MM and Risk control.............



Rsq955
  • #75
  • Nov 18, 2007 6:34pm Nov 18, 2007 6:34pm
I look at the 1 min. for a longer term trend, and trade off the 5 sec for scalping... seriously.

I got rid of candlesticks and just went with close price because candlesticks just get in the way.
  • #76
  • Nov 20, 2007 3:17am Nov 20, 2007 3:17am
I think it doesn't matter, but, daily is good 4 less time with the P.C
Everything is bare Making the best out of pips
  • #77
  • Edited 2:43pm Nov 20, 2007 2:38pm | Edited 2:43pm
Quoting don perry
would you sit and watch the i minute chart and trade comfortably off it?

how about the 5 min chart?

how about the 15 or 30 min?

how about the hour or 4 hr?

You see, your confidence builds as the timeframe expands.

Why then are so many forex traders caught stuck on the smaller timeframe charts as oppose to the 3hr /4hr or daily?

if u should look at the daily chart, you will see that in almost every bull candle is accompanied by at least one other.

candlestick reading on the daily chart can tell where the real trend is and allows you to make proper technical analysis.

also, trend reversal patters are solid and maybe over 80% safe to follow.

for me, Technical analysis don't exist on charts below the 1h. It is just too risky..

Dont believe me? Start analyzing any USD based Daily charts and see

Hi Don,

I have two running systems to trade also looking to add Phillip Nel's 4 hour as my third cuz my daily system works well on weekly charts as well.

I agree with what you say, but if you approach intraday with the right mindset and strategy then you can be profitable as well. I was using a retracement system on 1min called Floor Trader Method. that worked well. Now I use Linuxtroll Simple scalping on 5 sec charts and it's going great.

On daily Charts I use a basic 21 simple Ma with 21 CCI combined with basic Mclaren principals.( still studying!) I always trade with the market trend.

Different time frames different rules.

chart is of my daily set up.
Attached Image (click to enlarge)
Click to Enlarge Name: cci21 simple21 JPG.jpg Size: 242 KB
  • #78
  • Dec 14, 2007 3:43am Dec 14, 2007 3:43am
Quoting don perry
would you sit and watch the i minute chart and trade comfortably off it?

how about the 5 min chart?

how about the 15 or 30 min?

how about the hour or 4 hr?

You see, your confidence builds as the timeframe expands.

Why then are so many forex traders caught stuck on the smaller timeframe charts as oppose to the 3hr /4hr or daily?

if u should look at the daily chart, you will see that in almost every bull candle is accompanied by at least one other.

candlestick reading on the daily chart can tell where the real trend is and allows you to make proper technical analysis.

also, trend reversal patters are solid and maybe over 80% safe to follow.

for me, Technical analysis don't exist on charts below the 1h. It is just too risky..

Dont believe me? Start analyzing any USD based Daily charts and see
Youre so correct...With the markets the way they are getting, Longer hour charts are the way to make money...

But if you enjoy being at the craps table....trade off of the smaller time frame charts...
  • #79
  • Dec 20, 2007 6:53am Dec 20, 2007 6:53am
I look at both Daily and weekly so I really know the dirextion of the trend that way when I get a signals on my 15 min stratagy I have a good Idea of how strong the direction is. if you follow the long term trend you will most likely keep profits in a more consistant pace
M4X............ Hedging My Way To Profits!
  • #80
  • May 22, 2026 3:03am May 22, 2026 3:03am
Totally agree with this approach, daily candles give much cleaner setups, reduce unnecessary market noise, and help improve patience, discipline, and overall decision-making in trading.
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