When using lower timeframe such as 15min 30min should i bother placing an entry price or enter the trade at market price because of the short timeframe?
The approach I usually take is:
- I determine my TP/SL
- I determine how much time is required to achieve it (if trade is successful).
- Chose appropriate lower timeframe to determine whether there is already an entry point.
So for example due to my analisis I place a buy with tp reasonably possible to achieve within 2 days. In that case I would go to 1H chart and look if I have my entry point. WIth trades above the week I would probably work between 1H/4H, with long term trends I would not bother below 4H.
With a trade that I will close within 2H I would go down to 5M, if even lower 1M.
Thanks for the feedback
Regardless of how long I hope to hold a position, I always set an order to get me in ahead of where price is currently. This allows a further level of confirmation that I was right to target this pair or index. (I also set a stop order as the stop-loss at the same time)
I don’t open any trade in the market price until the price reaches in the certain level (S/R level ) that I expected, whatever the time frame it is! Yes, during scalping trading I consider lower time frames S/R levels!
Actually it depends on the position that you are holding. Also current price is a big fact. What I do to stay safe is I always set stop loss for my trading. So, I do not need to think about whether I am losing or in right track. As a scalper I always prefer low time frame. Also I never consider any trade unless until the price is out of my range.