What “time frames” is best to look at for day trading?
I usually look at 1hr and 4hr time frames. Is this correct? I noticed that the 5min, 10min and 30min, the price movement is so fast. So maybe I cannot use this?
Thanks experts! Really would appreciate your help.
I usually look at weekly for trendline and daily for spot the price action for determind the trend. If trend is uptrend then i looking long at 4h chart. I traded only every 4hours perday.
Depends what you are trading, where you live, your account size, your risk appetite, experience, etc…
Day trading using time based charts you should not go over 15M in my opinion if you go over that most likely you’re no longer day trading but swing trading. Day trading is not easy because most of the time you have to make decisions very quickly and if you take too long you might loose the opportunity. You have to learn to control your trading also, over trading is the biggest enemy for day traders.
I agree idude. Many people who take a loss also try to “make it back” right away. Wrong move.
Define overtrading. I would think one would want to monopolize on every viable opportunity given.
Well using 1hr and 4hr charts to trade in a day results in just a few candlesticks so at times it could be hard to really identify patterns (form the same day)-This is because when you start looking back a day in order to clearly identify a pattern, then you are most likely doing swing trading. As such, the 5m and 15min charts are more ideal for day trading, and to some extension the 30min charts.
Nonetheless, watch out to make sure that you do not end up scalping.
I’ve used 1H analysis in isolation for years, and consider myself as a day trader. Never holding a trade over 24 hours, Stop losses typically set to break-even with in a few hours, average number of monthly trades being six per month. Easy and stress free…well almost
To the point when you are losing money?
Go fast tick charts bro. Profit from noise.
I didn’t realize that ghetto talk also worked in Forex, brother from another mother
Bro, when you deal with the workforce I have to every day (remember I make things from milk) after 20 years you learn to talk the natives tongue.
[QUOTE=“middaytrader;689241”] Well using 1hr and 4hr charts to trade in a day results in just a few candlesticks so at times it could be hard to really identify patterns (form the same day)-This is because when you start looking back a day in order to clearly identify a pattern, then you are most likely doing swing trading. As such, the 5m and 15min charts are more ideal for day trading, and to some extension the 30min charts. Nonetheless, watch out to make sure that you do not end up scalping.[/QUOTE]
Oh. Thanks. That is very clear. I thought when you say swing trading it is when there is a “swing” on the prices only. =D.
Apologies. Newbie. Really really a newbie
Thanks for all your replies.
I do find the 5m-30m charts move quite fast. I was just very confused why there are so many charts. 
. And didnt also know the difference between day and swing trader.
Thanks again. Appreciate much!
Every trader has his own consideration in trading and it can be different in strategy for trading. For intraday traders, I think it’s better to use time frame higher than H1 because intraday traders/ day traders will make target for about 50 pips in single transaction so it will need to have knowledge for whole day movement to get the profits in pips. Using H4 or D1 will be the best choice for intraday traders in my view.
I think every trader will have a different answer to any ‘best’ questions :)!
Why get hung up on time? How important is it?
Daytraders generally rely on volatility (to maximize the ratio of price excursion to fixed costs - slippage, spread, commission, data etc) to profit. So maybe you should chose a volatility based charting method rather than a time based one?
Have a look at range bars, volume bars, and maybe renko?
Hope that helps!
Nick
There are many factors which have been highlighted in this thread.
The most important factor is finding charts that you are comfortable trading with and suit your style. That will come with time. I suggest starting with a higher time frame and working down.
There is no ideal time frame. The important thing is that you find or develop a method/system that suits your trading personality, and that may take some time to discover. Some trading methods yield better results with certain time frames, so for example, if your method is suited to the hourly, you may find yourself being whipsawed out of existence in much shorter time frames.
Trading method plus Money management strategy go together to produce a trading system. Focus on those aspects of your trading business. All the best.
[QUOTE=“BestBrokerDeals;689487”]Why get hung up on time? How important is it? Daytraders generally rely on volatility (to maximize the ratio of price excursion to fixed costs - slippage, spread, commission, data etc) to profit. So maybe you should chose a volatility based charting method rather than a time based one? Have a look at range bars, volume bars, and maybe renko? Hope that helps! Nick[/QUOTE]
Thanks Nick. I am really new in FX trading. Just started about three weeks ago. For the past 1.5 weeks, I have noticed that I gain more if I check the 1hr and 4hr times frames.
I am using (or rather trying my best to use), support and resistance, fibonacci retracement and trendline.
I am studying the Moving Average indicators. And thus, makes me confused what time frames to check. =D
I read something about day trading and swing trading and I do not know what is the difference. Lol! Thought day trading was when you place trades and able to close within 24 hours. =D.
The best chart frames I use for my day trading are the 4 hours charts and the 30 minutes charts;