I am slowly turning profits on my account but I am still not 100% sure which charts I should be looking at and for what reasons. I mainly look at the 1M, 5M, and 15M when trading. What are the main uses of the 1H 4H and D? To find trends?
Strange as it might first seem… you would use 1h, 4h and daily in the same way I guess you have been using 1m, 5m and 15m. On all time frames price action will bounce from low to high and reverse. It just takes longer the greater the TF. If you are contemplating using 1h, 4h and daily you would scale back your lot size and keep trades open longer. Just as a tool for checking what I’m saying, try putting up a std 2:20 Bollinger band across 1h, 4h and daily to get a feel for how PA will bounce high and low.
Even if your happy to continue to use 1m, 5m and 15m its no bad thing to have a 1h, 4h and daily chart open. What might look like a good trade on the 5m or 15m might not look so great on a longer TF. :13:
1m, 5m should be banned from most newbies screens. Probably the 15min too. Use Daily and 1hr, 4hr if you have to.
Time entires off the 1hr charts based on Daily support/resistance, trends, etc.
When you trade the 1hr in this way, you should be looking for trades of 150pips+ not a measly 5-10pips where you are charged 2 pips spread. Scalpers should not trade FX but instead learn to use DMA on index futures or other.