Hello,
will you switching to 5min TF or daily TF?
Daily or weekly?
maybe monthly TF???
I think it all depends on your capital and target profit and exit point,Your system,The timezone you live in…
Small capital like me mostly use short TF but professional guys says daily chart more realistic no fake signal, i think we agree in that
Also i read in babypip school " Look to big picture to know the trend direction"
What about Market Makers!!?:rolleyes:
Sometime market move none sense to me!! maybe because i’m newbie! what about experienced guys here?
Can we add poll TF "15min-30min-daily-weekly-monthly"
If it’s already in forum plz post the link,Thanks
I will continue later if anyone interested, Comments r welcome
How do you feel about a trader just starting out, with just enough to open an account say $500 bucks and the trader choses to trade .01 cent per pip…
A one dollar move on a jpy pair or a one cent move on a nonjpy pair would be a profit or loss to his portfolio of one dollar and he is trading on the daily and weekly charts. excitement from watching the paint peel off the wall comes to mind… ;o)
I don’t personally feel your capital defines you to certain timeframes… i think most new traders want the lowest possible timeframe at first, cause they want their pip value the highest possible per pip and which means if they go this route, they will either have to have deep pockets or have tight stoplosses cause less available margin is there for protection. which is why most of them are looking at the 1 and 5 minutes as the place to be. Swinging for the homerun each time at bat…
I feel it is wrong to approach it like this, but ultimately money can be made a million different ways in speculation. no right or wrongs to it, it is either profitable or it isnt…
Kangi, the excitement part of the Forex market is what proably puts a lot of those new accounts in margin call situations in the first place. Every book I’ve read on investing say the following: Investing should be boring. It shouldn’t be exciting. It should be the most casual thing in the world.
So as far as timeframes are involved, I’ll be more inclined to move on a daily chart than anything and confirm using a 4h and 1h chart. As in many other things, while you can’t predict the general market in the next minutes, it’s easier to get a feel of what it may be like in the next days. Daily charts, in my humble opinion, show more volume and thus more accurate long term signals.
I plan on divergence trading using trendlines and regression channels as well as historic support and resustance. The bigger the timeframe, the stronger those will be. The signals so far have been quite accurate.
There are some that “invest” in forex, but I think most of us here are “traders” (there is a huge difference.) And trading can certainly be very exiting at times. Try having 6 spot trades open in a fast moving market, moving stops and watching 20 charts (at least) at once.
On to the reason this thread was started. I personally watch multiple timeframes at once, I may switch around a little on some of these, but mostly I watch a 4 hour, 2 hour, 1 hour, 15 min, and a 1 min. I will also pull up a daily chart for each pair about once or twice a day as well. But the timeframes I mentioned first I am constantly watching.
Yeah I agree… in a nutshell, that is what i was getting at. ;o)
Greed is the number one failure in the 95% failure rate that everyone says is the failure rate. Greed is a hard one to overcome. everyone wants the best bang for the buck.