Chart periods and indicators

Hello all,

I started reading about forex trading a while ago. At the beginning I was very enthuziastic and everything seemed to be easy I made some good trades on several demo accounts ... beginner's luck of course.
I decided to go for a real account soon so I started reading some technical stuff, but as far as I go into the reading it's harder and harder.

I think I will base my trade decision on technical analysis rather than fundamental, but still not easy

What chart period are you using and what indicators? For the last 2 weeks I tried to identify patterns (candlestick patterns) and enforce them with some indicators like RSI and MACD on 1, 5 and 15 min charts. I can say that trading in 1 and 5 min charts it's .... too hard to do it.

So what can you advice me? What charts should I use and what indicators are best ? I want to trade like a pro not like a beginner

BTW, I traded only EUR/USD pair.

Hi,

step 1 as a new trader stop using times frames under 1 hour you can look at them again once you master the higher time frames.

they are hard even for traders with 3+ years. try to use 4 hour or daily time frames. you're learning to see and qualify patterns not make a heap of cash.

you could try to play trend continuation patterns first. so a you qualify you have a trend then look to spot qualify the trend continuation.

final note indicators are optional extra not essential to pattern trading.

welcome aboard....

all the best.

** on the chart you can see a lot of hindsight but if you stay with the trend and back your self you will learn to see that the evidence given to you by the market is supporting the uptrend... the hard part emotionally is not to panic and think every consolidation is a top to change the trend.

alot of higher lows, support lines ups with triangles in there.

i am using a 4hr timeframe and heiken ashi and psar. sometimes i also use EMA(25 and 50), but i mostly rely on heiken ashi and psar. just take a look at this chart how sexy it is, and how you can clearly see the trends, reversals, etc. if it were for me, i would tell you heiken ashi and maybe psar is all you need. good luck on your forex journey !

Asking for other peoples Indicators and Timeframes won't get you anywhere.
Do you belive you can just copy sucessful traders by doing what they're doing?
ZING!- Wrong.

It's not my intention to copy successful traders. I think I am missing some basic stuff and I hope someone here can share some knowledge. For example: many times I successfully managed to identify reversal trends, but I lost money because I didn't know where to set my stop loss and take profit values. How do you know how to set those? How do you know how long a trend will last? Maybe you don't have always time to stick with the chart all day long.

Actually, picking other people's brains is one of the best ways for a person new to FOREX to increase their base knowledge, provided they are only picking the brains of successful people (live account/full size lots/ consistant profits, not a demo or mini/micro account). Nothing says you have to follow people verbatim, but it only makes sense that if you want to be good at something you need to emulate people that are already good at it. If you let pride get in the way and make you feel like you need to develop a "New and Improved" way of doing something, you are just going to be spinning your wheels. And speaking of wheels, why reinvent it? If you use other people's experience (translated: mistakes), maybe you can avoid some of the growing pains they went through. However, if you only want people to tell you what to do without putting in the sweat equity yourself, your pains are likely to be much worse!

Just my thoughts...