Hey guys. i am currently practicing with the mt5. so far the journey’s been good. more profits and lesser losses. i just wanted to know for day trading, which timeframe is the best. i normally use the 5 minute charts but is that the best?
the smaller timeframes like the 1 - 15 min are typically used if you’re scalping or something, or trying to get a small amount of pips. If you’re a day trader then I say the 1hr - 4 hr are good for entries
Hi, create a profitable strategy on lower time frame is very difficult, be careful Regards Greg
I’ve been trying to find a way to switch over to mt5 but I don’t think it works for my broker
There’s more pairs and the crypto
Would the long position strategy work for those 1-4hr intervals?
Hi, both directions (long and short) will be good on these time frames. Regards Greg
depends on how long you’re holding the trade. if it’s for days, then the 4hr - daily in my opinion
i just use mt5 for analysis once i spot a reasonable trade i go over to my broker
okay so a longer time frame is better then
4H/Daily is proabably the best time frame. Analysis is stronger and more accurate. Also keep an eye out for the Monthly, Weekly.
its a best answer from all, really first of all, it depends how long you re holding the trade.
I try to hold my trades 2-4hr intervals so I can time it around my lunch and break times. Should I be focusing more on a weekly goal or daily?
that’s very tough. I think you should focus on a monthly goal. I used 4h,1d,1w timeframe but on average i exit my trade every 1.5days. But my analysis is still based on the higher timeframe.
@weitanjun so I’ve been watching the and/usd and the usd/cad. I’ve my trades usually hit the S/L Right before it spikes.
I’m not sure if I need to add more money in so I can withstand the drops before hand or should I try to time my entries better?
@vickysmart, The YouTube video below, maybe of some help in deciding time frames to trade.
According to my observations for currency pairs it is better to use an hour chart, but gold and other raw materials are well traced on a four-hour chart, at least this way it works much easier for me and I clearly see the necessary levels.
Thanks a lot
I am a trading loser, so what do i know, and i am a person saying online chart based trading is a scam as the majority who try it lose money, but FWIW i will say this -
what can be done with an M5 chart can also be done (albeit slightly differently) with a bigger time interval such as M15 or M30, but with less noise/detail to keep track of, so is less demanding and more peaceful on the operator/trader.
A problem with M5 is a new candle opens every 5 minutes which is not a long time so its none stop, which can swing the persons opinion 180, without good cause.
Hi @earthling, Chart based trading or Technical Analysis is effectively a scam… You are trading against a computer generated algorithm that displays a price close to the InterBank Market… your positions are taken onboard by your “Market Maker” Broker… they never reach the true FX Market.
This algorithm generates most price action and sudden market moves (ie: long candles on the 5min Charts) are totally designed to trap the inexperienced trader in opening positions on the wrong side of the market… Price action moves up and down on a consistent basis causing confusion, uncertainty and clean up the stops…your Broker loves you trading the short TF charts (1H and down)… it’s a money machine for them…
So if it doesn’t work, why not try a different approach… trade the Daily Charts for a week with .01 lots and see if it improves your results… it will at the very least improve your stress level and trial strategies that don’t require charts…
The Currency Strength & Weakness without Charts or Indicators thread maybe worth a read. Search for other ways to trade without using Charts… Hope this is of help.
Do you mean trade off the D1 chart on an intra day or end of day basis?
BTW, i do think / suspect the brokers somehow know (or are good at guessing) where price will soon go, and somehow bias their prices in that direction, which often leads to negative slippage (extra pips loss than what should have been based on chart price + the spread at the time the enter and exit buttons were clicked) for the customer, and more profit/less loss for the broker.