Which timeframe is best when using Candlesticks as indicator in the forex market?
You can go for any timeframe but I want to suggest for 1 hour. Timeframe is also depends upon your trading style.
The more important thing is where does this candle pattern forms and what TF does it form on.
Just trading Candles alone will not be profitable.
You need to filter the signals with other methods of your choosing.
A candlestick chart is not an indicator. It is a price chart.
A [B]candlestick[/B] is an alternative way of displaying the four prices — Open, High, Low, and Close — that would otherwise be displayed on a [B]price bar;[/B] and a [B]candlestick chart[/B] is simply an alternative to a [B]bar chart.[/B]
Prices in [B]any time frame[/B] can be displayed either as candlesticks, or as price bars. The charting packages built into most trading platforms allow easy switching from candlestick charts to bar charts; and they allow easy switching from BID price charts to ASK price charts in either candlestick or bar chart format.
Line charts are another option available on most platforms, and they normally display both BID and ASK prices as two separate lines. Line charts do not display the four prices — Open, High, Low, and Close — which are displayed on candlestick charts and bar charts; line charts display only one of the four, and you must select which of the four prices you want displayed as BID and ASK price lines.
Time frames range from 1-minute to 1-month on most trading platforms. And, at any given time, every one of those time frames is in use by some forex trader somewhere. Whether that trader uses a candlestick chart, a bar chart, or a line chart, is a matter of personal preference.
Obviously, you are very new to this forex stuff.
You should spend a month studying the School of Pipsology. Most of your basic questions will be answered there.
I think a lot of people take candlestick charting too lightly, I mean they think that’s it’s just about Dojis and hanging man and shooting starts and individual patterns, but it’s a lot more than that, it’s like Nikitafx says, for one thing you need to understand the areas where these are significant, but also it’s about the reactions to those areas and the reaction the price has to the previous candle.
A lot of traders study the basics of candlestick, then dismiss it because it seems it doesn’t work, but like with most things in life there is always more to learn, and as your depth of understanding increases things become clearer and clearer.
As a new member I will say what I do to most new members, well the polite ones that are obviously willing to learn anyways
Dear New Member,
First of all welcome on board, this is a great forum, there are some great traders here and we will help you as
much as we can.
There are often New Members coming on board that have very little experience, and I always give the same advice
which is why I have saved this posting so I can paste it rather than keep typing something similar every time.
The advice is in itself quite simple, but very significant, and it is to look at the most popular and most
enduring threads, they are such for a very very good reason, you will learn to make money.
And with that, best of luck and wish you many riches in life and finance.
I’m not going to repeat anything the above guys said since they all have good points.
Almost all methods are pointless by themselves. Its once you use a combination of methods that you understand that makes them powerful.
However to answer your question directly the higher the better since there is more data, volume and conviction in high time frames.