I do. Everyday before I begin trading I take a minute to look through the Daily, 3H, 1H & 15M. I like to get a feel for what the market looks like on all time frames. Most importantly I'm interested in seeing if we are about to head into a MAJOR point of interest.
Once trading begins I'm only using the 1M and 5sec while occasionally checking up on the 5M. I spend the vast majority of my time looking at the 1 minute chart. I've basically started using the 5 second chart as my Forex Trading DOM. I'll keep the 5sec chart only a couple inches wide on my screen and will use it to place the order and manage the trade once its been triggered.
Something I overlooked for a long time is the scaling on the vertical & horizontal axis in regards to how it affected my perception of the market action.
Now when I'm trading the candles are the same width everyday & I make sure the lines on vertical axis are marked as follows:
Do you use larger timeframes in addition to the 1M? Or do you only trade/look at 5sec's to 1M's?
ReplyDeleteI do. Everyday before I begin trading I take a minute to look through the Daily, 3H, 1H & 15M. I like to get a feel for what the market looks like on all time frames. Most importantly I'm interested in seeing if we are about to head into a MAJOR point of interest.
ReplyDeleteOnce trading begins I'm only using the 1M and 5sec while occasionally checking up on the 5M. I spend the vast majority of my time looking at the 1 minute chart. I've basically started using the 5 second chart as my Forex Trading DOM. I'll keep the 5sec chart only a couple inches wide on my screen and will use it to place the order and manage the trade once its been triggered.
Something I overlooked for a long time is the scaling on the vertical & horizontal axis in regards to how it affected my perception of the market action.
Now when I'm trading the candles are the same width everyday & I make sure the lines on vertical axis are marked as follows:
5sec & 1M = Every 5 pips
5M & 15M = Every 20 pips
1H and above = >20 pips