So I’ve come across using the 4hr, 1hr, and 15 minute time frame for entries. I’m under the impression that the 4hr is for over all trend, 1hr for better entry areas, and 15 for the precise entry. Now do you look at the daily for trend as well and how do you correlate that with the 4 hour chart?
Thanks
Yes, I use the daily chart, I determine the market trend based on daily! In addition, H4 helps me to filter out and H1 for my entry & exit points.
By market trend do you mean the overall market or just that specific currency?
Obviously the specific currency!
Thank you for replying.
I think, time frame depends on the trader’s trading system! So, if D1 is working for me with my trading system, that doesn’t mean it, will also work for you.
You are always welcome mate!
Whatever time frame you adhere to the most avoid switching habit.
There is no fixed rules. It depends on you. I personally take entry on D1. In the book The Millionaire Traders, a millionaire trader (I forget the name) takes his entry in 1 minute charts. Yes one minute charts though he doesn’t do scalping. According to him, with 1 minute charts he understands the market pulse well. So it will entirely depend on. You have to find out your own trading edge.
What did you mean by switching habit? Changing the time frame or anything else?
It depends on your trading strategy. But before opening trade you should check all the higher time frames. In which time frame you will take entry that depends on you. There is not fixed rules. It is all about what works for you. I personally take entry on H4 or D1 depending on the charts.