What chart do you use? (M1, M5, M15) Does it make a difference? | Forex Factory

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What chart do you use? (M1, M5, M15) Does it make a difference?

  • #1
  • First Post: Edited 8:17am Mar 12, 2015 6:05am | Edited 8:17am
Big rookie talk here,
Does different time chart influence a lot in trading?
I mean like, i know its a different duration for a single bar.
But does it really matter?
  • #2
  • Mar 12, 2015 11:11am Mar 12, 2015 11:11am
Quoting wazokao
Big rookie talk here, Does different time chart influence a lot in trading? I mean like, i know its a different duration for a single bar. But does it really matter?
trading is about time.
so it is very crucial.


best for you
we don't predict, we only ride
  • #3
  • Mar 13, 2015 12:22pm Mar 13, 2015 12:22pm
Quoting wazokao
Big rookie talk here, Does different time chart influence a lot in trading? I mean like, i know its a different duration for a single bar. But does it really matter?
Currency moves are independent of time frame and therefore makes focus on correct time frames of little importance.
Time of day/event is an important aspect though and should be considered. Ex. London open or time of a key economic release that trader's believe to hold weight in the current environment, etc
Regards
  • #4
  • Mar 13, 2015 3:08pm Mar 13, 2015 3:08pm
M15 for me. I like it better.
  • #5
  • Mar 14, 2015 12:42am Mar 14, 2015 12:42am
Quoting skfx
{quote} Currency moves are independent of time frame and therefore makes focus on correct time frames of little importance. Time of day/event is an important aspect though and should be considered. Ex. London open or time of a key economic release that trader's believe to hold weight in the current environment, etc Regards
Which mean the market will be very wild and active on that particular time? Right?
I see. I was wondering, if i use M15 chart to open my order does this mean M1, M5 or H1 have the same pips change?
*i know its kinda roooooookiee answer *
  • #6
  • Mar 14, 2015 3:02am Mar 14, 2015 3:02am
Quoting wazokao
{quote} Which mean the market will be very wild and active on that particular time? Right? I see. I was wondering, if i use M15 chart to open my order does this mean M1, M5 or H1 have the same pips change? *i know its kinda roooooookiee answer *
Yes sure, you'll have volumes pushing through at key times during the day. As mentioned money market opens for Sydney, Tokyo, London and New York. An increase in volatility should be expected. Also key releases in those sessions have the potential to create volatility.

Think not in time frames.
There will be things going on in the market that could for example drive €$ down 100 points. If you think about it, whether you are on a 1min, 15 min, 500 vol, 144 tick, 6 range tick, that really is irrelevant.
Concentrate your energies on what could 'drive' a currency through a spread of prices.
Locate price drivers.

You are currently standing atop the rabbit hole looking in. Don't go down the hole with this worry over time frames.
Build a chart that will give you micro (session) and another for macro (context). Then, move on and do it quickly.
Focus then on macro themes and central banks.

Hope this helps.
Regards
  • #7
  • Mar 14, 2015 7:02am Mar 14, 2015 7:02am
Quoting skfx
{quote} Yes sure, you'll have volumes pushing through at key times during the day. As mentioned money market opens for Sydney, Tokyo, London and New York. An increase in volatility should be expected. Also key releases in those sessions have the potential to create volatility. Think not in time frames. There will be things going on in the market that could for example drive €$ down 100 points. If you think about it, whether you are on a 1min, 15 min, 500 vol, 144 tick, 6 range tick, that really is irrelevant. Concentrate your energies on what could...
Sorry bout it! But what do you mean by?

"Build a chart that will give you micro (session) and another for macro (context)"
Yes rookie here.
  • #8
  • Mar 14, 2015 9:31am Mar 14, 2015 9:31am
Quoting wazokao
{quote} Sorry bout it! But what do you mean by? "Build a chart that will give you micro (session) and another for macro (context)" Yes rookie here.
Don't be sorry, we all start at the same place. The beginning.

Here is what I do. I could change some of the values below and it would make no ounce of difference.
Session chart is 1min high/low bar compressed. This chart will give me about 2 days of trading. On this chart I plot vertical session lines so I can easily track sentiment in each session. One line for each session (Sydney, Tokyo, London, New York).
Macro chart is 60min high/low bar compressed. This chart will give me 3 months of trading. If you're trading all time highs/lows there will be nothing on your left to worry about. If you need more then quickly check a daily chart for long term highs/lows.

On the chart your key focus will be :
-handles and halves (00/50). If you do some Googling you find out why these levels attract trade.
-flipped prices /key levels
-highs/lows and anything around these areas
-pocket fills and gap fills
(These levels are important due to a high concentration of liquidity)

Above is core from the charts. You use these levels to manage risk.

You should continue and research why currencies move and what drives prices. Because I can say that without a doubt, 1 and 15 min charts don't move prices.
Use Google when you can and question everything you read.
All the best with your trading.

Regards
  • #9
  • Mar 14, 2015 9:54am Mar 14, 2015 9:54am
In my opinion there is no difference between timeframes beacuse price has fractal nature. But higher timeframes are stronger than lower, so in your trading you should know, what happens on the higher timeframes.
  • #10
  • Mar 14, 2015 2:06pm Mar 14, 2015 2:06pm
Quoting cakrajaya
{quote} trading is about time. so it is very crucial. best for you
Actually it's about price.
  • #11
  • Mar 14, 2015 3:08pm Mar 14, 2015 3:08pm
Quoting Winston Reed
{quote} Actually it's about price.
yes and the price is on time dimension.
we don't predict, we only ride
  • #12
  • Mar 15, 2015 12:52am Mar 15, 2015 12:52am
Quoting skfx
{quote} Don't be sorry, we all start at the same place. The beginning. Here is what I do. I could change some of the values below and it would make no ounce of difference. Session chart is 1min high/low bar compressed. This chart will give me about 2 days of trading. On this chart I plot vertical session lines so I can easily track sentiment in each session. One line for each session (Sydney, Tokyo, London, New York). Macro chart is 60min high/low bar compressed. This chart will give me 3 months of trading. If you're trading all time highs/lows...
Oh wow! I basically understand what you explain right here!
I'll jolt this down in my notebook!

Thank you so much for the explanation!
  • #13
  • Mar 15, 2015 12:53am Mar 15, 2015 12:53am
Quoting cakrajaya
{quote} yes and the price is on time dimension.
Price on time dimension?
  • #14
  • Mar 15, 2015 2:04am Mar 15, 2015 2:04am
Quoting wazokao
Big rookie talk here, Does different time chart influence a lot in trading? I mean like, i know its a different duration for a single bar. But does it really matter?

They have a substantial difference, maybe one of the important ones in fx trading..

For a start learn what is short-term, intermediate and long-term price movements. Short-term trend has higher probability to change its direction than long-term one, means scalping carries more risk. There are also such concepts as support and resistance levels, they're different for for different timeframes as well as their strengths.
Basically the more is your capital the more is probability you will succeed on long-term trading, however in volatile markets as FX it's essential to reduce your risk exposure as much as possible that's why only a handful part of traders exploit carry trading strategies.
  • #15
  • Mar 15, 2015 3:08am Mar 15, 2015 3:08am
Quoting wazokao
{quote} Oh wow! I basically understand what you explain right here! I'll jolt this down in my notebook! Thank you so much for the explanation!
You're welcome!
All the best with it.
Regards
  • #16
  • Mar 15, 2015 4:51am Mar 15, 2015 4:51am
Quoting leebsurag
{quote} They have a substantial difference, maybe one of the important ones in fx trading.. For a start learn what is short-term, intermediate and long-term price movements. Short-term trend has higher probability to change its direction than long-term one, means scalping carries more risk. There are also such concepts as support and resistance levels, they're different for for different timeframes as well as their strengths. Basically the more is your capital the more is probability you will succeed on long-term trading, however in volatile markets...
I see i see! I jolt this down too!
Any recommend links for me to learn what is the concept support and resistance level in forex?
  • #17
  • Mar 15, 2015 6:37am Mar 15, 2015 6:37am
Quoting wazokao
{quote} Price on time dimension?
could you make a trade decision by watching only "price quote"? digital number of price quote, erase all the "time frames chart" and use only "price quote"?
because I can not make trading decision based on only price quote. I must see and watch a "time frame chart" for make a decision, that is why for me trading is about timing.
we don't predict, we only ride
  • #18
  • Mar 15, 2015 7:20am Mar 15, 2015 7:20am
Hello,,, I am starting trading live next week, I intend to use 2 Eur/Usd charts, and probably 2 Usd/Jpy charts, one on 5 min and the other on 15 min,,, with the option to sneak a glance at 1 min and longer times to confirm trend direction. I will use a chart similar to the one attached. This has the Bill Williams Awesome overlaid by the MBFX Timing Indicator, which gives advance notice of direction change. And the Awesome helps you to stay in a trade when it progresses below or above the zero line. On the Chart I have 3 Ema's, 23, 38 and 62, and the Fx Trend indicator which changes colour when direction changes.. I have used this to great effect whilst on Demo mode....
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5.png Size: 42 KB
  • #19
  • Mar 15, 2015 10:43am Mar 15, 2015 10:43am
Quoting cakrajaya
{quote} could you make a trade decision by watching only "price quote"? digital number of price quote, erase all the "time frames chart" and use only "price quote"? because I can not make trading decision based on only price quote. I must see and watch a "time frame chart" for make a decision, that is why for me trading is about timing.
Ahhh, i get it! Hahahah well everything is all about timing.
  • #20
  • Mar 15, 2015 10:58am Mar 15, 2015 10:58am
daily 4 hours and 1 minute
Never chase the market
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