Short term trading

Beginner Questions
1

I just graduated from the babypips college and started my demo account. It seems the 1-5 min charts are for me.
So I’m wondering what are the most suitable technical analysis tools except the BBands & RSI for short-term (range trading) trading.

P.S. what’s the best currency pair for short-term trading?

2

I scalp the 1 min chart myself. I use the following indicators: MACD, RSI, Stochastic, Directional Movement, BBands, Parabolic SAR, Pivot points, 5 EMAs and Fibo. Since there are so many (good) indicators, I open 2 diffrent charts of the same currency pair so they dont get crowded. As for the best short term pairs, I used the USDCHF,USDCAD,USDJPY and AUDUSD. :smiley: Hope that helps.

P.S. Here is a picture to get the basic idea:

3

If you want to scalp a good place to goto is paltalk.com and type in forex in the search enging. Goto the topgun page, they chat about trades all day long.

4

thanks Forex4fun

are you talking to me?

5

yea im talking to you 0101010

6

I am taught by the senior and master contributors to this forum that the 1/5 minute charts are just trading noise trading. I have found that to be true myself.

Others have advised me to start on long term charts first. I think their advice is good.

Too many indicators will just confuse you as they often contradict one another.

Regards, Tymen Wortel, Perth, Western Australia. :slight_smile: