Forex Indicators
forex charts?
what time frames do you guys use 1day,1hr, 1week?? the majority of my trades are 2-3 hrs max i am using a one hour chart and a 5min chart to time my in/out pointers??
Public Comments
- one little piece of the puzzle does not a Plan make. You've left out so much, there's nowhere to begin. We could guess forever. What are you using to generate signals? Which software are you using. Is your trading experience in the stock market? If so, one day in the stock market is 6 hrs, but 24 hrs in forex. So a 180 min chart or 90 min chart in forex might be equivaltent to the 30 min used in the stock market. Trying to trade with the trend? Or momentum? Using moving averages? Stochastics? Pivot Points? Fibonacci? If I'm trying to trade with the trend, then my first step is to "determine" the trend, and whether all time frames add up. I start with the weekly, then daily, then 240 min, then 90 min. If not the trend, then maybe a breakout? See, too many questions. Not enough specifics. The first thing you should do is develop a trading plan. I don't think you've done that, because you can't develop a Plan without specifics. Try again.
- well as a rule of thumb based on Dr Alexander Elder's methodology, use the 3 windows rule. Meaning to say, choose a time frame immediately smaller than the trading time to time the trade. A time frame immediately bigger to see the larger perspective. So for example if your trades are 2-3 hrs, pace yourself with a 4 hr or 8 hr chart. Then time the trade with a 30 mins or 1 hr chart. Then of course you have to choose that part of the day that is the most active. For more info @ http://www.geocities.com/lcming/Forexbooks or http://www.geocities.com/lcming/ForexForex
- Depends if you are a day trader or a swing trader..Get more info at http://the-forex-trading.blogspot.com
