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Huge newbie here on demo account, just looking for others’ thought process.
Bollinger was not a pinch, otherwise I would have considered the drop a breakout. However, I considered it was a temporary fluctuation so I bought at 5:41. Plus Stoch was saying it was undersold. RSI was a little low as well. I figure my profit was mostly luck. What other indicators may have supported this decision?
Personally I think the fact you’re trading off 1 minute charts supports your idea that it was mostly luck. 
It’s incredibly hard to trade off M1 charts. I only know a couple of experienced traders that can do it successfully in the long-term. If you’re just learning forex please move up to a higher timeframe. I suggest 4 hour charts or above, but if you really want lower timeframes at least move up to 15M charts.
You also may want to read Tymen’s PDF on this thread…
http://forums.babypips.com/newbie-island/29801-joy-candlestick-trading-final-pdf-now-ready.html
It’s a time-tested, easy-to-follow way to trade lower timeframes.
I traded 1M and 5M charts when I started also. There was a draw factor to it but after maybe 1 or two lucky trades and the rest losses, I’ve taken the advice that was listed above and have since been trading no less than 15M charts. Even then my main system is trading daily charts.
There is a lot of volatility with 1M charts and indicators generally use past data as their display. Past data, on a 1M chart, isn’t the best.
Good advice and dovetails with what I was thinking about as I tried to fall asleep last night. When I zoom out, the indicators have a different perspective. What looks like a squeeze at 1M can look like nothing at 15m and vice-versa. So it would seem certain indicators are only effective at certain interval charts?
It’s not that they are only effective at certain timeframes. They just become more effective the higher up you go.
Speaking as a newbie who has taken something of a thrashing thus far this week after a good (but possibly lucky) week last week I do think this time frame issue is one that isn’t really pushed hard enough at mugs like me.
The short time frames provide instant feedback at a time when you really don’t know what you’re doing. Problem is of course that it’s very likely misleading feedback. I think I’ve weaned myself off the 1m chart and am up to 15m thus far but really my trading needs should point me at longer timescales probably even multi day.
The question in my mind how to I apply all this tech analysis information which to me seems pitched at shorter time frame to longer ones ? Is it simply a case of using the same indicators to longer time frame or is it a question of using [I]different [/I]indicators more appropriate to say 1Hr + charts. Or perhaps I should be using different strategies e.g swing trading
When i heard you say this i immediately recalled learning to “Hit” a baseball. We started off in T-Ball with the ball standing still on the T. Then after awhile we went to being pitched to. Over the years the baseball increased in speed tremendously.
If i relate hitting a baseball to reading charts, then the Daily and above timeframes are like T-Ball. Moving closer down the timeframe towards the 1m charts, to me, is like trying to hit a major league pitcher who throws the heat!
That said, it takes the fundamental foundation of the longer time frames to build upon to get to the shorter timeframes for scalping, imo.
The only indicator i use is fibonacci retracements. However, it would seem to me that the longer timeframes would allow you to more closely watch the charts and the particular indicators you use without the added stress of shorter timeframes.
