Im looking to make trades that are between a few hours and a few days long (medium term).
What time frame should I be looking at on the charts I’m reading…? 1 min seems too short whereas one month seems too long.
Stuck… Help???
The 1M and 5M charts are only for the most experienced traders. You didn’t mention how often you could check charts during a day and for how long, but I will assume that once or twice a day for less than an hour. That will restrict you to the 4H/daily charts. Even on those charts you will miss trades, but they will have the best signals. You should find a thread that discusses a strategy for these TFs , although I believe most solid strategies can be adapted for any TF by proper risk management.
that is correct codemeister said. you can use a set strategy for any timeframe. but remember higher TF, higher the move.
risk can be kept identical, if you are keeping your risk % same % of account even with a higher stop, this is done through lower lot size on higher TF.
daily, 4h, 1hr, 15m. Top down.
Everyone has completely different opinions. I personally believe in multi time frame analysis. But what time frames those are is up to you, and your personal style. Now this forum will encourage 1H+ time frames. I suggest at least 1 TF above and 1 TF below. so if you were to trade the 1H use 15min for more precise entry and 4H for bigger picture/trend analysis. I think that’s as good of a set up as any. daily’s can take weeks or months to form set ups so you wont get much practice time wise. 1H is probably the best balance. But 15min time frames are tradeable for me personally. But for a beginner dunno give them all a try and see what works for you. that’s what demo is all about
You must test it by yourself, every trader is unique. Sorry, it takes time and painful pain to learn FX.
Depends on your experience. At the early stage I think the higher the better.
Daily charts would be fine.
Hmm… daily and weekly is my preferred TF’s. Not sure about set ups taking weeks and months? Take a look at EU on the daily TF. Three days, two entries and lots of pips.
I would say on the 15 minute or higher in the FX world. And that’s just because your broker can have a different price than a different broker and they can “move” price a bit if they want to stop you. So brokers can easily more screw over scalpers than they could a swing trader.