Dear Honorary Fxmembers,
I feel confuse that what timeframe I will use for day trading. Please, Help me.
Which timeframe will be good for Daytrading ?
Is it…
M15-H1
M15-H1-H4
M30-H4
Please Select one from above & also tell me kindly that from which timeframe I will take decision.
Thanks in advance.
I do not daytrade much lately… but when I did I used 5M/1H/4H
I use tick charts, a single tick, then one that is comparable to a 5m, 15m, hour, 4hour, and a daily. I look for levels on all of them, that way if there is a support on my 5 that doesn’t show up, it’s usually obvious on another time frame. It also depends what kind of day trading, the longer the trade, the longer the time frame.
Happy trading!
Im no honory member by any means… But as a personal preference…
Weekly, Daily, to determine key support and resistance levels and a general bias
4H and 1H, smaller support and resistance levels and an 'entry area’
5m to pick my entry
15m to monitor my trade…
I think all the time frames are good and useful but it depends upon a trader that what specific time frame is his requirement, I also go through all the time frames just to see a long term medium term and short term trend.
But I mostly use M5 and M15 charts because I am a day trader.
15M and 4H…
important… the minutes ask for minutes… and the hours ask for hours.
what means… if u entry in 15 minutes don’t expect win the next 16 hours…
if u entry in 4H… don’t quit in 15 min… wait until the 4Hours chart do its job.