What do most people consider the smallest time frame candlestick patterns are reliable(didn't want to use the word reliable, but couldn't think of anything else at the moment) and not considered noise in the price action?
What do most people consider the smallest time frame candlestick patterns are reliable(didn't want to use the word reliable, but couldn't think of anything else at the moment) and not considered noise in the price action?
Ignored
Depends a lot on what pairs you are trading, but personally, I wouldn't try smaller than 15 minutes, as there should be a fair enough movement as far as pips go. Also, a good idea would be to use slightly larger time frames like 30 min and 1 hr to confirm that you are trading with the trend. Personally, I use daily candles, but this is just a preference.
Depends a lot on what pairs you are trading, but personally, I wouldn't try smaller than 15 minutes, as there should be a fair enough movement as far as pips go. Also, a good idea would be to use slightly larger time frames like 30 min and 1 hr to confirm that you are trading with the trend. Personally, I use daily candles, but this is just a preference.
Hope this helps,
Kevin
Ignored
This is very good advice. 10 min signals on down is noise during the peak (first 12hrs of the open) trading sessions. You would have to rely on the larger time frames to see where the market is going and use the smaller TFs to signal when the reversals are taking place. One must use these candle signals in conjunction with pivot points and fibs.
A. Finesse Williams
Making Millions One Pip At A Time!
This is very good advice. 10 min signals on down is noise during the peak (first 12hrs of the open) trading sessions. You would have to rely on the larger time frames to see where the market is going and use the smaller TFs to signal when the reversals are taking place. One must use these candle signals in conjunction with pivot points and fibs.
Ignored
Pivot point and Candlesticks can be very helpful. I personally find that the larger the timeframe the more potent the move will be. For example, a bullish engulfing on a 15 min, might give you 10pips, but a bullish engulfing on a 4hr might give you 50 pips. This again will vary from pair to pair. Its best to select a few pairs and see how each pattern reacts to each pair on different timeeframes. Its alot of work, but it will be worth it.
What do most people consider the smallest time frame candlestick patterns are reliable(didn't want to use the word reliable, but couldn't think of anything else at the moment) and not considered noise in the price action?
Ignored
I've learned enough from reading Amazon.com's review of Nison's book, and I'm getting emails from the candlecharts web site. I use multiple time frames down to a minute to scalp off GBP cross pairs. Candle sticks have been great for identify support and resistance, 5-15, minutes and 1 minute to see those pips start popping off their support and resistance, and using OHLC bar charts for drawing trendlines. I wait til after hours, like 3-5pm to start looking at the GBP/CHF pair for scalping opportunities, recently seeing news of whether or not the equity market is up or down is an indicator for the day of how the GBP/JPY and the GBP/CHF will do. Those British pip returns are attractive.
