I have heard people on here say that they use 4hr 8hr and even daily charts for trading price action patterns and I would like to know how that compares to shorter timelines. I have looked at those longer term charts and lines of support and resistance and different structures like trends and channels are not nearly as clear as the 5min 15min or 30min candles (which is what I currently trade on). Some of these short term trades are practically scalping trades where I am just barely beating the spread
i really like scalping on the 5M. Its quick and im in and out of the market
Ya same here shorter timelines look a a lot better
I know a lot of members here frown on scalping but I sometimes find the 5M a bit slow and revert to 1M, Anything over 5M is like watching tombstones for day trading !
I wouldn’t say I scalp because my average holding time is 12mins.
Holy crap 12 minutes! That sounds so nerve wracking. And if that’s not called scalping, what’s the average scalping holding time then?
ponponwei
It’s all relative - Nearly all my trading is on the DAX. If you look at the ATR, not an indicator that I ever use, but you will see that on the London open first hour today the ATR14 for 1 minute candles was up to 28pips. Now if you look at the same for EUR/USD it was 5pips
Sometimes a 1min candle on the DAX can be more than 30pips and if you are sensible with your stop loss and risk management it’s not too bad.
I couldn’t work 1hr charts etc with a 100-150 stop loss twiddling my thumbs waiting to see if I’m losing 100pips ! Obviously position sizing is relative also.
All relative - you can have the pleasure of cruising around in a Rolls Royce while I take Nurburgring in a Ferrari !
Yeah you sound like a thrill seeker for sure. I’m just a boring grandma lol.
Are you using indicators of just price movements?
True scalping is usually done by institutional traders that can get quotes extremely fast
OrangeOgre
I do use only MAs but it is mainly price movement.