If you draw your pivot points R2,R1,PP,S1,S2 from the previous DAY candle, what time frames should u use?
i know it s best for intraday traders, but what would be the best charts to look at?
5min, 10min, 15min, 30min, 1Hrs?
thx for your help
Look all time frame, but the best time frame will be the longer ones cause less activity and trading noise
1Hrs Chart
Why do you think so??
I think so because
- smaller time frame there is just too much noise, lots of fakeout.
- 1hr candlestick high low range usually have a fairly decent amount of pip for profit taking.
- i’m also looking for hourly close above pivot or below pivot, my assumption is that, if hourly close above pivot means price is attempting to test R1 & vice versa.
Hope that answer your question
so u think that price action is useless below 1hr?
any price action scalper around here?
Honestly, i am not a fan of price action in whichever time frame. If price action is working out for you, please continue using it. Everyone has their own talents. It’s up to the individual to see what you can actually do.
i ve been using it on 15min, 30min, 1Hrs and doing good so far
Depends on your trading style and what you’re looking to accomplish.
I know many traders (including myself @ one point) who successfully trade M1 charts against D1 Pivots and D1 MovAvgs.
1minute charts?? wow i would never trade signals below 15min
Why’s that - there’s absolutely no difference when it comes to structure and context?
It’s more about understanding those, then it will ever be about reading a single candlestick, or really even a handful of them.
Chances are, if you’re waiting for any type of “candlestick signal” you’re going to be getting a sub-par entry- lower reward, higher risk.
Markets are auctions- there’s no such thing as a “chart timeframe” in an auction. Only buyers and sellers.
low time frame is just noise
I’d work on contacting the admins to change your username if you truly believe that.
See you around,
Jake