Trading the 3 Minute Time Frame? | Forex Factory

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Trading the 3 Minute Time Frame?

  • #1
  • First Post: Jul 7, 2013 5:05pm Jul 7, 2013 5:05pm
Just wondering, am I the only one generating 3 minute time frames to do some very short term price action scalping? so my reason being mainly because the 1 and 2 minute(s) time frames generate a bit too much empty noise and there aren't any reliable signals developed on them. so right now, i'm using the mt4i plugin and trading the 3 minute mostly, but ofc looking a the longer time frames as well. so why not the 5 minute? i find the 5 minute is a bit too long. it's much nicer to catch a reversal on the 3 minute rather than 5 minute as it would be developed slightly earlier.

so my real question is how does this play in psychology? i'm using metatrader 4 and so i'm not sure if most people know about generating offline charts of different time frames so if everyone is using the predefined time frames and trade based on the signals generated there, would i be left at a disadvantage in using the 3 minute as my signals would be slightly different?
  • #2
  • Jul 8, 2013 3:12am Jul 8, 2013 3:12am
How do you do it? I trade on MT4 also, and as soon as I know you can choose such time-frames only in MT5. For this purpose you actually use quotes from 1m.
As for me 5m is ok for trading, but I would like to know how to make 3m in MT4, especially because my broker doesn't have MT5 for real accounts.
  • #3
  • Jul 8, 2013 10:06am Jul 8, 2013 10:06am
Quoting meng88
How do you do it? I trade on MT4 also, and as soon as I know you can choose such time-frames only in MT5. For this purpose you actually use quotes from 1m. As for me 5m is ok for trading, but I would like to know how to make 3m in MT4, especially because my broker doesn't have MT5 for real accounts.
Good thread on how to do that here in ff:

http://www.forexfactory.com/showthread.php?t=218964

(I hate it when people say there is a thread out there but don't post the link so there it is )

btw Sherlock rocks!
THERE IS AS YET INSUFFICIENT DATA FOR A MEANINGFUL ANSWER.
  • #4
  • Jul 8, 2013 11:49am Jul 8, 2013 11:49am
I have been using 3 minute time frames for about 5 years. I do NOT use MT4 but use Tradestation platform. If you deposit $2000 you get the basic FX platform with all the bells and whistles that are part of Tradestation. You can use any timeframe you want plus any number of ticks. You can do almost anything you can imagine in that platform. Do not know about Metastock. Probably can use Ninja for no deposit, but I haven't tried that platform in a while. MT4 is pretty, but you get what you pay for. In the case of MT4 it's free, so........ Tried 7 minute as well and that works fine for the crosses. Happy Hunting!
  • #5
  • Jul 8, 2013 1:09pm Jul 8, 2013 1:09pm
Quoting HedgeGuy
I have been using 3 minute time frames for about 5 years. I do NOT use MT4 but use Tradestation platform. If you deposit $2000 you get the basic FX platform with all the bells and whistles that are part of Tradestation. You can use any timeframe you want plus any number of ticks. You can do almost anything you can imagine in that platform. Do not know about Metastock. Probably can use Ninja for no deposit, but I haven't tried that platform in a while. MT4 is pretty, but you get what you pay for. In the case of MT4 it's free, so........ Tried 7 minute...
well, glad to know i'm the the only one doing this. but i'm using icmarkets so yeah, i'm pretty much stuck with metatrader. but meh, using a plugin, so not as efficient as having a platform that can handle custom time frames without another 'add-on'
  • #6
  • Last Post: Jul 8, 2013 1:12pm Jul 8, 2013 1:12pm
Quoting meng88
How do you do it? I trade on MT4 also, and as soon as I know you can choose such time-frames only in MT5. For this purpose you actually use quotes from 1m. As for me 5m is ok for trading, but I would like to know how to make 3m in MT4, especially because my broker doesn't have MT5 for real accounts.
here's another one:

http://www.mt4i.com/appstore/app.asp...ort=popularity

I actually prefer this over metatrader's period converter. it offers greater flexibility especially if you are trying to do odd frames such as 10 second frames or maybe 75 second time frames or 100 second frames. this way, you are not limited to using only multiples of the predefined time frames.
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