Hi Everyone
I just started forex a few weeks ago and I covered school of pipsology (really helpful, thank you babypips for such detailed info). Currently I am trying to figure out if I am a day trader or scalper but I am having problem with the chart and indicators timeline.
Currently I’m using several indicators which are ADX, Stochastic, MACD and EMA. In addition to that I use Fibonnaci retracement, trend lines and Candlesticks. My charts set up are 15minutes (with data range of 1day) and 2hours (with data range of 10days).
1: As a day trader how far back should I look at the charts and indicators to make my decision regarding the trend? Should I e.g. check the last 8 hours or 24 hours or 48 hours etc… I know looking back several weeks or months is useless since the effect is only useful for swing trader but for a day trader the period is vague to me.
2: Also as a scalper how far back should I look at the charts and indicators to make my decision regarding the trend? Should I e.g. check the last 15minutes or 30minutes or 1hour etc…
3: Do I need to treat different indicators timeline differently or are they all the same for day trader and scalper?
4: Regarding Fibonnaci retracement, how far back should I retrace it? Would the last several hours be good enough?
Thank you