Am I day trade or swing trade?

One question come to my mind.

I mainly trade of 1 hr chart but check for direction on 4hr, daily and weekly.

Am I day trade or swing trade?

jackt :wink:

Discover for yourself.

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ok. I’m generally a day trader. Although sometime I do hold a trade for more than 1 day.

Thank-you :wink:

If you’re trading off the 1 hour chart you really shouldn’t bother looking at the weekly charts for direction. Dailys are fine for your trading timeframe, but weeklys are too far out to really do much more than muddy the waters.

Technically speaking, you are a day trader if you exit your positions at the end of the day. Trading off the 1 hour chart you may encounter both trades that would be good to close out at the end of the day and trades that would be good to hold on to for more than a day. Personally I think the 1 hour is a good time frame to trade off - not picking up too much noise, while still getting a fairly regular number of signals depending on what indicators you are using!

Hi John, you’re right daily will do for 1 hr chart. Sometime I do hop on to 4hr trend thus need to check weekly direction :wink:

Long story short. I started with 1 hr tf about 1 year ago. That time I was lost in the sea of candlestick. Later I switched to daily tf. I do better but the waiting for good setup and large sl put me off. I also tried 4hr. And now back to 1hr. hehe one big round isn’t it :slight_smile:

I would argue that unless you’re looking at daily charts for your trades, weeklies are still too far out for your needs. Remember how many 4 hour bars you have in a week. It’s a lot in forex. If you were in stocks it would be a different story.

Many others told me the same thing. But I find weekly do give me more assurance. I forgot to mention I use mtf Stoch for direction. When D1 stoch and W1 stoch are high chances are the trend is strong. The other way round when D1 stoch is high and W1 stoch is low then Daily trend will be over soon.

Cheers :wink: