Be careful with 1 min charts!

This post is pure procrastination but i’m going to post anyway just because it’s a tad funny, to me at least. It’s about 3:30 in the morning and i’m trying to finish my final case assignment for tomorrow so I can finally recieve my bachelors degree. All night i’ve been scribbling down numbers on the back of a legal pad and i just realized that it is my first trade journal from about a year and a half ago.

I took a quick look at the first couple pages, a few notes about some trades here and there, but primarily notes I took from forums like this or from youtube videos. Anyways most of them are realistic rules like “have a plan”, “trade your plan”, or “use money management”, i never used them back then, probabaly why i could go through 2 or 3 $5,000 micro accounts per day. Demos of course. Wow that sounds crazy now.

Anyways, what made me post was I took a look at this big losing trade i took some notes about. At the bottom it said in big bold letters [B]BE CAREFUL WITH 1 MIN CHARTS! DONT RELY ON THEM![/B].

It just made me laugh, I cant remember the last time I even looked at a 1 min chart, let alone traded from one. Im sure there are some of you out there that are very successful scalping 1 min charts. Im not trying to dog anyone, it just reminded me of back in the day when I had no clue about trends, support and resistance, and fibonacci. All I wanted was quick profits. I had to see the price move and the 1 min charts was the place to see that.

I’ve come along way and I love doing it, babypips has helped me through that. Everybody has to start somewhere. Now back to my paper.

Peace - Brian

I personally find 1m charts have too much noise and room for error.

I much prefer 5m, they smooth out the chatter, but then I aim to be quite flexible as I also trade off day and 1h charts too.