I’m a newbie in forex… I trade with mainly price action
Thing is most times when i get to a key area where i know price is likely to react i jump the gun and scale down to rhe 5 mins or 1 min for entry
I’ve been thinking if i should wait for hourly Closure
I feel waiting for an hour is too long and I must I’ve missed b moves
Please help
Hi and welcome to BabyPips. Your dilemma is quite common, and it is probably because you have yet to decide the time frame in which you will be comfortable trading. For day traders (those who enter a trade and intend to get out of that trade the same day), it is normal to use the one hour candlestick price action at the start of the trading day to confirm a set up and its direction, and a 15 minute candlestick to make the decision to enter the trade (push the button) to maximize the effectiveness of the entry price. For a scalping trader, the plan may be to use the 15 minute candlestick to confirm a set up and its direction and the 5 minute or 1 minute candlestick to make the entry decision. Does this make sense? The scalper will be looking for a 10 PIP move whereas the day trader may be looking for a 50 PIP move before taking profit. A weekly swing trader may be looking for a 250 PIP swing to take profit. All depends on the time frame.
Depending on your trade setup you could try using pending orders.
Hi Kerry, If I was you start with a written down trading plan based on whatever strategy or results you have. If it is written down, by your own hand that you are to enter on the close of a one hour candle rejection (for example), then you now have a set rule.
As you take more trades and experience more wins and losses you will quickly start to notice a pattern and hopefully that aligns with your plan. If every time you scale down to 5 mins for entry you end up loosing trades then eventually the pain of doing so and loosing money will be greater than your FOMO and you will wait until your criteria is met.
Happy trading!
Nate
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