This strategy can help traders focus on, and enter trades in the strongest short-term trends that may be available. The 8, and the 34 period EMA. The reason is 2 fold. Safety stop-loss should be placed at a distance of 15 items from an open transaction. While 5m chart gave me at least 10 opportunities to go with the flow and to pyramide.
Game Plan: Trend Trade the Minute Chart Author: ankametcalf October 17, Sometimes aggressiveness in trading is a sign of weakness and lack of discipline.
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On a 4 hour plus chart 60 — pips is the norm where on a 15 — 60 min chart 20 — 30 pips is about right……so with money management on a 1: Thanks Nials, higher time frames are the only way to go , relax, chill-out , enjoy. Since i subscribed and read your articles i managed to improve my trades immediately. Wonderful and excellent examples to explain the significance of longer time frames in forex trading. But I wonder about day trading as their living for longer daily time frames.
Oh how I agree with this Nial I hope every aspiring trader takes note and takes thes points onboard, if I had this article years ago it would have saved me tons of money…….. Thank you for a really good convincing analogy for sticking to the bigtimes! Your explaination of the failed pinbars shows why is very instructive. Please keep up the good work!
With a method such as price action, what you write makes sense. On the other hand though, smaller time frame charts offer greater price development, rarely seen on daily charts or higher maybe once in 3 months. If you can read what price is telling you which always needs to be done with context of a higher time frame IMO , then you can only trade those pairs that more probably will give you a big move, and you can also time the market tightly to give you a nice risk-reward.
While your stop is within the daily range, if you read the chart correctly and time the breakout properly, your stop will most likely not get hit. Trading in this manner prevents over trading because there will only be pairs that meet your criteria per day or 0 sometimes , nor does it necessarily demand a lot of attention, depending on your trading plan. You could for example have a trading plan that calls to let the trade go for the day, and not actively manage it within the day.
Often a strong breakout takes place quickly and you can move your stop to breakeven and the day is done for example that happened to me yesterday on a long on GBPJPY. They also want to minimize public participation in the big move. Understanding this and how it plays out on the chart, allows you to discern with some accuracy on what position they are taking, and when the breakout could commence.
I have not read the above write up yet but before i do, i want to tell everyone here that daily time frame is the stress-free holy grail. Let me now go and refresh my learning fron the above article, i am quiet sure it will be hot. Some people use the right indicators, some people use multiple time frames, and they become very good at it.
Hi mate, thanks for this. Because i learnt off you first i only look at daily and 4 hr charts i Would love to know more about what you get out of 1 hour charts, Gye: I almost totally agree with this article but any successful daytrader knows that taking decisions based on 1 candlestick on 5 min chart is a noob error.
Also, when you daytrade you also need to pay attention on higher timeframes as well, for instance, if a bullish 4 hourly candlestick is forming during market hours and moving averages on 5 min chart and pointing up, then it is time to go long and stand market noise.
Day trading is difficult because of the market noise. Also, daytrade requires being glued to the computer during hours so if you left your day job for better life, day trading is not definetely for that.
Thank you very much Sir for your inputs in our trading. I for one need to change from my 30min time frame to an hour. I have observed that in 30min time frame I can hardly spot the market trend. As a Forex beginner,this article comes particularly for me as if I personally requested for it.
I have been struggling to understand the best time frames and I find this very enlightening. Nial, your articles are always encouraging and enlightening. I am working on my discipline and patience to follow the price action in the longer time frames. I will be reporting back on my progress. Thanks for the guidance. Your email address will not be published. Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information.
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Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. Below, we see the 5 minute USDJPY chart, and from this data we really cannot tell if the overall trend is up or down, as the market appears to just be ebbing and flowing very quickly and without much underlying or consistent sentiment: Small time frames demand a lot of attention.
Learn, change, grow… I obviously cannot speak for everyone in the trading world, but the traders who contact me on a regular basis about struggling in the market and blowing out their accounts, are typically the ones who trade the lower time frames…that has to say something right? Checkout Nial's Professional Trading Course here. Kevin cunningham November 11, at 7: You explain it the best!
Durell Gordon March 9, at The same chart pattern in different time frames can be comparable. Zee November 10, at 6: Zen October 7, at 7: Daniel June 25, at Njabulo Lukhele March 15, at 7: Duncan Ok August 26, at 2: Nofrizal February 10, at 6: Arend van Schalkwyk November 27, at 8: Shaikh November 6, at 3: Dotun Olabisi June 13, at 6: Thanks man for the info info is power thumbs up Reply.
Michael June 8, at 1: Im in no rush to make money, the market will be there the next day. Sandro May 14, at Nial, very good, for informations.
Marcin Strojny May 14, at 3: Moderator Note — Comment length edited Reply. SazleyFx November 4, at 8: Vic May 13, at 3: Great article Nial thanks. To other commenters though, what does god have to do with trading? Hi Nial, Thanks for your sharing… I very agreed about time frame to trade.. Cheers nial thanks to your trading strategies im really improving.
Ryan May 12, at Apple May 11, at Paul May 11, at 5: Thomas May 11, at 2: Something splendid article as usual.
May God bless you and your whole family. Euan May 11, at 1: Nicholas Huang May 11, at Nial gave a very good analogy of why higher time frame is more trustworthy. Wan Sezul May 11, at Siyabonga May 11, at Mal May 11, at Thank you for keeping me on track Reply. Gustav May 11, at 6: PK Moghe May 11, at 2: Peter Grimes May 11, at 1: Paddy May 11, at 1: Andy May 11, at 1: Sam May 11, at 1: Nabs May 11, at Great articles as usual For beginners, focus only one daily chart! Geetha May 10, at Felix May 10, at Thank you Nial, very good article.
It cleared some questions about time frames. Gye Bennetts May 10, at Oscar May 10, at Blessing May 10, at Francis May 10, at Jet Lee May 10, at 9: Thanks once again Nail! Great explanation and analogy! Charles May 10, at 9: Thanks for the guidance Reply. If the channel SHI has a slope down, then you need to sell a currency pai r to conclude a deal to sell , if the channel SHI is tilted upward, it is necessary to enter into transactions only on a purchase.
Feature — If S HI channel is narrow, it is not necessary to conclude the transaction! If the price goes beyond the constructed channel SHI — trading positions do not open at all and the open trading positions held.
In this case, you must wait until a new channel formed. Entering the market and exit from it. If the red line crosses the green line up — a sell signal. Green crosses the red down — conclude a deal to buy. Once this forex indicator crosses down the line 0. Once the forex indicator crosses above the line 0. Additional Forex Indicator — Perkyasctrend1. If you see a pink dot — a signal to sell if there was a blue dot — a signal to buy. Safety stop-loss should be placed at a distance of 15 items from an open transaction.
Just want you to notice that, if you prefer to trade on Forex on small intervals: What you need and pick a brokerage company, which will allow you to display the pending orders, or transfer the level of stop-loss close to the market price — for example points.
As not all are known for DC allow it to do.
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2) Forex Indicator — La Guerre. Once this forex indicator crosses down the line , it is necessary to look to a deal to sell. Once the forex indicator crosses above the line , it is necessary to look for opportunities to conclude deals on the purchase. Preferred time frame(s): 15 minutes chart Trading sessions: London and New York Best currency pairs: any. Download. Download The 15 Min Forex Day Trading Strategy. Example: EUR/USD 15 Minute Chart. As shown in the EUR/USD chart above, this short-term fx strategy provided us with 2 profitable sell signals in the downtrend (price below . The 15 min Scalping strategy is a simply and highly effective Forex Trading Strategy that uses the standard RSI indicator to consistently generate pips.