You only have one timeframe to trade. Which one do you pick?

Beginner Questions
23

though most my trades are done one 1hr and 4hr on hfm, but it will depend, its like you have to check other time frames, especially the 15 minutes.

24

Yea that makes sense.

So does that mean range charts?

25

Yea this is me too, right here.

26

I look at renko and range bars, yes. They take the volatility into account in the construction of the chart without the trader needing to think about it, so it removes one step, in effect.

I think the same is also true of โ€œpoint and figureโ€, which is the same thing as renko but with the bars drawn differently, I think, but I donโ€™t use that and have not looked at it yet.

I am forward testing a system with range bar charts. It looks kind of โ€œborderline profitableโ€, maybe not much better than break even, though. :blush: :face_with_diagonal_mouth:

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27

I put these on a chart. They look funky!

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28

This is right. Point and figure is calculated in the same way as Renko and is simply a different display of the same information.

The โ€œxโ€ and โ€œoโ€ symbols of point and figure are each the same as an individual box in renko.

The difference is that with renko, each individual brick/symbol is a bar in itself, so effectively a new bar starts after each โ€œxโ€-equivalent or โ€œoโ€-equivalent of point and figure. This, of course, makes a huge difference to how the indicators are calculated and displayed. Given that so many people are using indicators, I think thatโ€™s probably why so many people donโ€™t actually realise that renko and point and figure are basically the same thing. :wink:

This is also true! :sunglasses:

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29

We donโ€™t have indicators as far north as this. They havenโ€™t reached us yet. I think Renko has. But I didnโ€™t know that anyway, and will look them up.

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30

I heard on the weather shipping forecast that you have ship lanes up there in the North Sea. They may be a kind of indicator.

Possibly a โ€œchannelโ€ indicator? :grinning:

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31

This is somehow a dilemma thatโ€™s messing up with my consistency.
I love H4, but still love the freedom that comes with trading off D1. Now, I am kinda stuck in the middle.
These are the two time frames I trade. One out of love and the other out of freedom. I still have to choose between love and freedom

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32

Have you tried the timeframes in the middle: the H8 and H12 timeframes?

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33

Now that you mentioned it, I just realised mt5 does not have such options. I will try that on tradingview and see how well it can help me balance the two timeframes. Thanks a lot

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34

I trade from faster than 1 minute because I am extra impatient! :blush:

35

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36

Iโ€™ve created a WhatsApp group for anyone serious about learning and sharing insights from BabyPips and forex trading. We discuss strategies, news, and support each otherโ€™s journey. Feel free to join:. โ€ฆ,

37

Iโ€™ve created a WhatsApp group for anyone serious about learning and sharing insights from BabyPips and forex trading. We discuss strategies, news, and support each otherโ€™s journey. Feel free to join:โ€ฆ,