plan strategies in the demo account first and see what suits you the best.
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Impulse vs corrections
Supply vs demand
Use all TFs to find high probability entry/exit zones
20 EMA
14, 3, 3 stoch
40, 4, 4 stoch
Identify channels and trade the 3rd wave- making sure stochastics align with direction- in the direction of the channel. Can use 3 or 5 minute charts.
In all of my years of trading, this is the best scalping strategy.
Focus on simplified market analysis and do not over trade.
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You can use 15M chart. Follow price action and familiarize yourself with Fibonacci retracement. Fibonacci levels such as 61.8 and 38.2 are really handy in short time frames. Wishing you all the very best.
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You sound like a true “WAGERER”.
Try 3pip renko. Gamble next renko block a bull or bear.
I personally don’t think that there is any benefit of trading on shorter time frames because they are full of noise and interference. You better go for higher time frames.
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I personally suggest that you may want to use price action trading if you are to use 1M-15M chart. Using ABC pattern to trade on short time frame is handy. On the other hand, trading on indicators on short time frames may go horribly wrong in most cases.
Love when people say this. What is your definition of noise and interference if I may ask please?
My argument— 70-90% of price action analysis is scale invariant.
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As a day trader, you must make it a habit to check the price action every day and how you can implement the best strategies on the basis of the day’s conditions. You need to be quite active with your analysis if you want your trades to work for you.
it really doesn’t
charts are fractal, so with a couple of exceptions what works on one time-frame works on another time-frame
(the exceptions are trading news/fundamentals and trading at specific times of day like opening-range breakouts, but you’re not asking about those)
I advise you not to go for 1 minute or 5 minute time frames as they give so many false signals and you will probably ending up losing the trades most of the time. You can trade on 15-minute TF, follow price action.
Had you tried all these strategies and queries on a demo trading account, I bet you wouldn’t have been asking these queries. Usually many of us underestimate the demo accounts thinking they’re just a waste of time. But finding solutions to the problems and retrying them with a better and a new strategy always boosts one’s confidence and makes for a better trader. So, it’s never too late. Just take a break and start demo trading.
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Risk management should be your top priority. With price action moving so rapidly in the lower timeframes you could easily blow up your account. Also properly scrutinize you trades before taking them.
I’d suggest you go for combined indicators. MACD + R&S + Stochastic oscillators. This combo for me has worked wonders. But before you try anything like this on live trades, do demo trade once.
Works as support/resistance / MCDI divergence in intra-day trading. So I think intra-day trading should be done.
Certainly. However I don’t personally think that it’s wisely to sty on demo too long, you know. Some traders have such a “sin”. They stay on demo too long hence it makes them less effective and they don’t want to move on a real account because they choose such a comfort zone. I believe that demo account, as you said, is preferable only for testing new strategies, or if a trader edits already existing strategy. In such cases demo is the best option I guess, but everything depends on circumstances. If a trader sees that he/she has a big string of losses, then he/she is able to move back on demo to sort out why it’s like that.
Learn the “price action” system. All events that have already occurred in the Forex market or currently occur, the trader is watching at the price schedule. Analyzing it, he sees how the price behaved, and what actions took market participants in one or another period of time. Any global events occurring in the world have a huge impact on the market. Its reaction to them can be traced on the price schedule, where the plans, hopes and emotions of all market players are reflected in each candle. Method of analysis of the Price Action will help to see and analyze all the actions of market players.
Beside all the technical stuff ( which is of course necessary, but you must find out what’s the best for you) checking out the market sentiment before the opening is very profitable. With some experience this offers you the possibility to make within seconds after some mouse clicks the pips for the whole day.
15 minute charts are great although you’re going to have to move to larger charts to understand the overall picture. Trading session opens where the quality is at its highest is probably best. Do you want to identify what is going on during the opens and then ride on those trends.