Resolved Question
How can I reconcile the time frames?
Hello,
Can someone help me with following problems that has been disturbing my trade for some times now?
1. I like to trade using the smaller time frame 5m and 15m time frame. but the use of this times has not profited me because most times after i enter the market with use of any of this time frame the trend will go against me, some time i will exit only to see the trend go my direction. normally I use 5m and 30m to enter position.
2. How can i reconcile the smaller time frame with the bigger time frame?
3. What is the best way to scalple, How can i become profitable?
4How long do stay in the market while scallpling?
5 months ago
Best Answer - Chosen by Asker
1. Maybe you have to check out other technical indicators, particularly those that could predict trend reversals. Why don't you try making use of stochastics or RSI? Also, make sure that no top-tier reports are released during the time you are trading since these could result to sharp reversals.
2. You can check the longer-term time frames for the general trend and switch back to the shorter-term time frames to pick your entry point. What I normally do is trade in the direction of the general trend because that's usually the path of least resistance.
3. I think your strategy of using shorter time frames, such as the 5-minute or 15-minute charts, should work pretty well. Just take note of major support or resistance levels and psychological levels (00's and 50's) on the long-term time frames so that you could catch some pips off the bounces or breakouts.
4. A couple of hours in a trade should be more than enough.
5 months ago
Answers (1)
To add to Happy Pip's answer, when scalping, it really depends how many pips you are going for. It may only be a matter of minutes (or seconds!) if you go for 10 pips at a time. Now when you are scalping, it would be best to scale down to the 5 min chart, playing key support and resistance levels. But always remember to look at bigger time frames as well - it'll help you spot these S|R levels.
5 months ago
* You must be logged in to add comments. Sign In or Join Askpips.com.
Open Questions in Trading Strategies
Resolved Questions in Trading Strategies
- What is intraday position? And how does it differ with overnight position?
- What is scalping? How profitable is it?
- Which indicator are you using? I know there are tons of indicators out there.
- Before you begin trading, do you set a certain goal to reach? If yes, is it important?
- How can I decrease the gap between entry and stop loss?
* You must be logged in to add comments. Sign In or Join Askpips.com.