when scalping forex can you refer to only 15minute as the trend timeframe and the 5minute as the entry timeframe. or do you need to use higher timeframe for confluence
which currency is more appropriate for scalping it depends on your trading conditions. by using any currency you can bring good amount of profit if you have good money management.
yes u can use 15 if ur scalping and if you need a better view of trend just zoom all the way out lol
Higher time-frame is useful right across the board in trading, particularly for confirming the underlying trend of that market at that time. But I find it very confusing to be scanning each market across two or more time-frames when moving averages of varying lengths will achieve trend confirmation for me.
So as I trade off the D1 time-frame I consult the 20 and 50EMAs (daily) to confirm the trend I think that market is in. I hate trying to make money across 2 or 3 days against a trend that the entire forex world has built over 2 weeks already.
the success of scalping depends on your money management , so build strong MM and bring good amount of profit by scalping.
If scalping the 15m, it makes sense to look at what’s happening in the 5m and even below that. These will be minor trends that change rapidly during the day and are traded as supply and demand zones.
If I’m trading trends from the Daily chart I use the 200ema or just zoom out. Once confirmed I seek correlation from the 4h & 1h lower time frames if 3 ducks in a row line up it’s a good trade awaiting.
For scalpers, it is important to trade with a volatile currency pair to make it a bit easy to earn profits. I suggest trading with pairs like EURUSD or other major currency pairs.
I use the 1 hour time frame sometimes, because I add Stochastics indicator.
1 hour time frame is more appropriate for this , keep continue
I mostly use the major currency pairs like EURUSD and GBPUSD since it is more comfortable when using the 15min time frame with a simple pinbar strategy.
And I trade using FP Markets raw account, so the spreads are also lower starting at 0.0pips mostly in EURUSD which is also an advantage for me.
same condition as like me , right now i am with EUR/USD and GBP/USD