Trading using 5-Minute and 1-Minute Charts

Greetings,
Do you trade using the 5-minute Chart (for “trend”) and 1-Minute Chart (for Entry / Exit)? Given my available time, am very keen to perfect trading using these charts after the close of the London session.
Look forward to some input.
TKS,
Stephen

Hey Stephen,

Which broker do you use currently?
What does their pricing model look like?
Have you settled on a single instrument to trade?

What if you spot a setup before London closes?
London closes @ a lull in market activity, why did you settle on this time frame?

Jake

Hi Jake,
TKS for the reply and will answer per question:

  1. Broker - used SunbirdFX, ETX and BrokerCapital. Why 3 - long sad story.
  2. Pricing model - if referring to Indicators, I use a combination of EMA’s (3, 8, 18 & 45), RSI, Stochastic & CCI.
  3. Instrument - mostly UK100 and WS30 (for ETX) and Germany30 (BrokerCapital). SunbirdFX (bit a mixed bag but try to select lowest spread with some price movement at the time of trading).
    4 and 5. Generally, my normal work hours only allow trading after 20H00 (CAT). Thus I rarely get to review any charts before 20H00 (CAT). At this time of the day, price action has reduced significantly but find that the 1 and 5 minute charts still reflect price action in excess of spread.

I think it is important to have tight spreads which you can trade if you are looking at M1 for entries. Are you using RSI, Stochastic and CCI on the same chart?

Just my view but if you’re thinking timeframes less than one hour then tick charts are the way. Volume distorts candles at the lower end creating what many call noise. By eliminating volume and using ticks a much clearer picture of the market is produced. Ticks form all timeframes

Hey Rambo35,
Yip - have the same profile on both 5 and 1 Minute charts, respectively. Forgot to mention, also use Pivot Points.

Hi Bobbillbrowne,
TKS for the reply. Am busy reading up on tick charts. Will most likely revert with some questions.