I am new to Forex and till now I am using resistance/support levels and EMA (8; SMA 5) to look for opportunities. Trading the main currency pairs and XAUUSD.
So far I have difficulties to understand how to go about the different time frames and which ones to use for placing the trade! For example, often I use the M15 for placing the levels and M1 for looking for the entry opportunity.
At the moment it’s more Scalping what I am looking at and not Swing trading, etc.
I would love to hear your suggestions. Or maybe you can refer me to a great post on this here or another resource?
Scalpng isn’t something I do so whatever I say is based on basic TA principles only.
Your MA periods are very close - both are likely to be saying the same thing, like witnesses who saw something occur in the street but they were both passing by on the same bus so of course they couldn’t see anything else. Most traders will make sure that the larger period is at least 2-3 times the smaller.
Your use of very different time-frame periods is a pretty standard approach. I don’t know that it is super-effective but at least it’s rational.
Most traders will tell you that micro time-frames such as M15 or less are the least reliable for detailed TA, and you might as well just identify the price trend and jump in.
The M15 timeframe is better suited for scalping. For your setup I suggest an 8 EMA, a 24 EMA ,and fractals. Fractals act as dynamic support and resistance levels. Draw horizontal lines at the fractal levels. These lines can serve as entry/exit points for future trades.
Apart from scalping I find that the M5 and M15 timeframes are good for making entries when the market is slow aka less liquid eg Asian market. Making these entries at the support/resistance key levels are helpful once the candle pattern confirms the market direction. Basically sell at resistance and buy at support unless broken, then you would have to trade the retest of the broken key level.
The time freind all we need to know first from month
Then week
And after it
We must see and consider about days
It seems all that like we can see on 5 an 30 minutes
While you are on day
This is the days basic anlysis and you have to decide wether the market is expected bull or bear!
Then check 4 hours
And 1 hour
Suppose you have PC
You can set a single market on 4 hour 1 hour and 1 day including forth windows on 30 hours
This is for anlysis or monitor
While you need to execute trades on definitely on 15 minutes which is the best time frame for open trades
When you are on uptrend selected 15 minutes is the best from my point of view however when trend is down you can keep on watching 4 hours and day time frame as well as real GMT time.
Divide day into four levels first, then look if the downtrend is passed three of four you can than look for a buy and when the trend is up follow the same divide day into four levels equally than see if the trend first time passed first quarter on sell you can find buy opportunity and than when ever trend is half passed sell be ready to buy and some times is very good to place buy if the sell trend which was mostly on buy throughout the day is now beneath three parts down. There are enough chances to buy and retractable trend again in a short period
Never forget to place without sl
Look about charts deeply passed day week month before adapting any time frame
As for me, the XAUUSD pair is very volatile and by scalping on it you can often get stop losses or false breakouts of levels, and quite deep ones at that. It is better to choose a less volatile pair for scalping and practice there. And only with experience (if it is positive in this type of trading) will it be possible to think about more volatile pairs for trading.
The 1-minute chart can help you make fast trades but might be tricky because of misleading signals. Using the 5-minute chart helps you see the market trend more clearly, mixing quick insights and bigger trends, making it easier to pick good trades.
