What time chart do you use for your Forex trading?

Just wanted to get some feedback on which time chart do you use for your trading? I personally use the hour and 4 hour charts. What time charts do you use and explain why? Thanks folks!

Mostly 1 hr and 4 hr
Often 30 min, 8 hr
Daily once in a while

Why?

Because I look for chart patterns and that’s all I need, this way I can see the whole picture and no need tons of timeframes. :cool:

You really shouldn’t be asking others what chart periods they trade. Only you can decide that for yourself. First you suss out your trading timeframe, and then you figure out from there what chart periods to use to generate the types of trade that match timeframe based on the methodology you employ.

It all has to go together because if you’re intending to be a day trader using hourly charts, but have a system that produces swing timeframe trades it’s not going to workout very well for you. Similarly, if you’re looking to swing trade off daily charts but have a method that produces intraday trades you’re in a bind.

One of the golden rules of forex trading is that you should always trade in the same direction as the overall trend.So for instance, if the GBP/USD pair is in a strong upwards trend on the 4 hour and daily charts, then you ideally want to be looking to open long positions on the 1 hour chart so that you are trading with the trend rather than against it. It is often fairly easy to spot price trends simply by looking at basic price charts. However there are also a few tools you can use to help you find forex pairs that are in strong trends right now, to save you the hassle of scanning the charts of all the major currency pairs.

I couldn’t agreed less, It all depends on how much time you have to trade, your personality and skill level.If you are someone who wants to sit and trade with less pressure and more relaxed, go for the daily frame or h4 .
Personally I go for H4 and H1 most at times .

in general since i dont scalp much i look at the daily and 4hour charts on my hotforex account, but i do look for patterns at the 15m and 30m charts, even the hourly ones. it really depends on you trading style and strategy, but stick to basics for now and you will reach there soon enough

I use the daily and the four-hour time frames for the most part, but I don’t stick to them exclusively. Sometimes I look even the 1-minute time frame.

Well, in my live trading I use almost all kind of trading styles from scalping to hedging! So, I always prefer to use trading chart according to the trading style. Like, when I am going to use scalping trading style then I select lower time frames like m15, m30! In addition, for positional trading and swing trading I use mainly H1 and H4!

M15 and M30 charts have nothing to do with “scalping” at all.

Scalpers are using tick-charts, or at the most/slowest M1 charts, and more likely S30.

I no longer use time-charts, myself, as of 2015. When I did (for years), the faster of my two time-charts was usually M5, and even that’s nowhere near scalping at all.

Yes I think choose timeframe also depending with style and plan trading that will implemented to the market, many swing trader might at least use 4 H timeframe and daily timeframe, but different if trade scalping might will prefer use 5 or 15 Minute timeframe

Weekly, Daily, Hourly.

Sorry, but this just isn’t right [I]at all[/I].

Scalpers are [B][U]not[/U][/B] using M5/M15 timeframes!

Scalpers usually trade in large size (many lots) and go into a trade for [U]seconds[/U] or maybe even a minute, aiming to snatch a pip or two, with a very tight stop-loss, and have a very high win-rate. It’s a whole different world of trading, really. Some institutional traders do it. Some independent (“retail-ish”) traders do it, too - the ones I know who do it successfully are ex-institutional traders, the people who have saved up their annual bonus payments to use as trading capital for their own accounts, and “gone private/independent”. This is done by using fast tick-charts, not 15-minute or 5-minute charts!

Absolutely Lexys, I agree, this coming from a EX scalper.

I used 5 second charts, Uggggggg

Never again,

Scalpers are afraid of THEIR strategy, as I was, because I didnt have a strategy to begin with. Shooting in a barrel. As I was told several times, and they were correct.

Why would you take just 1-2-3 pips? Its senseless, waste of time and effort, stressful, and most of all Stupid.

Ive scalped for 6 years, SMH, ahhhhhhhhhhhhhh, now I take no less then 9 or 16 depending on the pair I trade. Today, I took 2 trades, and averaged 13 pips , could of been more, but I hit my goal for the trade, why be greedy about it, right?!

1 GBPUSD and 1 EURGBP today, but also got 13% gain on my daily starting balance. My goal was 10%.

Iv had winning streaks of 144 wins no losses, but guess what, I wasnt a good trader, snatching 2-3 pips, in and out, blah blah blah, WHACK, Ugggggg, back to the drawing board. The stress was tremendous.

If your scalping, STOP IT, and learn to trade.

Scalping is just a way to say, " You Trade", when your not really trading, your taking shots at the market, Hoping you win.

Lexys, Keep on Rollin, Love Your Insight, and may the pips keep falling your Way!!

I use daily, sometimes have a look at weekly as well but only on Mondays when new weekly candle is formed.

There really isn’t any point to look at the new weekly candle before it has closed. That said, the weekly time frame can give some very reliable long-term signals.

I like to look on all timeframe, but usually to making decision plan trading will based on 1H timeframe, and also making comparison pattern on 15 M timeframe, I am learn to trade as intraday now with open and close order at same day

It can.

But - again - let’s not forget that [B]more reliable[/B] signals are not necessarily also [B]more profitable[/B] signals, overall … because of their relatively low frequency of occurrence.

Some of us find that having a much greater number of less reliable trading opportunities works out more profitable in the long run.

It’s much better to make an [I]average[/I] of 8 pips six times a day than it is to make an [I]average[/I] of 20 pips once a day. :wink:

M15 is still my favourite, I can see the pattern of EUR/USD with M15 while with other timeframes, my most prediction went wrong.

I normally use M30 nd H1 chart in trading 15 min chart not suits me some times I has to watch H4 chart to confirm trend. It depends how you are trading for quick trading some people rely on small time frames. For good trading I need deep analysis of market that give me better understanding of market movement after watching different time frames.

Well, I use all of trading charts here from D1 to M15! When I do mainly swing trading then I always try to use higher time frames like D1, H4 and H1. In addition, I like to use scalping trading opportunities according to the lower time frames! It’s true, a relevant time frame is very important issue here for purifying the quality of entry point.