Hello,
I had a concern regarding different chart time frames. You often hear people telling you to look at 15 min. charts, or 1 hr charts, or 4 hr charts, or even 24 hr charts, depending on your trading style.
It is my understanding that a 15 min. chart refers to one in which each candlestick represents 15 minutes of time, correct? So then with a 24 hr chart, each candlestick stands for an entire day?
However, I never hear people mention what the [B]range[/B] of the chart should be. They only mention how detailed the chart should be, but never how much time the chart should span.
What I mean is, if you are looking at a 1 hr chart, how much time should your chart incorporate? With the charts that I use, I have to enter in the start and end time and then load the chart. For instance, if you wanted to look at a [B]1 hr chart[/B] right now to determine when you should enter a trade, from what time to what time should you be looking at? From last week to now, from yesterday to now, or just today’s data?
Does this make a difference in what your indicators will say? For instance, if 1.5000 is a resistance/high point for a certain currency pair on a [B]1 hr chart[/B], then will chart indicators[B] reflect[/B][I] that[/I] when the price is at 1.5000, no matter if the chart itself runs for 2 hours, 24 hours, or 2 days, as long as each candlestick on that chart represents [B]1 hour[/B]?
I guess another way to ask this question is, do chart indicators take into account all of the past data, or [B]only[/B] the amount of time that is loaded onto the chart itself?
I know it’s a bit confusing, but hopefully what I’m asking can be understood!
