Time frame on charts

[clayton4115]

What time frame do you guys use in your trading strategy?

I am trading the ASX200 CFDs at the moment, and prefer using the 2 mins and 5 min charts

 

[Sicilian Trader]

thats a good question, im also interested in hearing people's thoughts on this

i'll add to the question: If people do use a 2 min chart for example would they tend to confirm the trend by looking at say 15 minute chart then hourly as well?

would it be wise to look at say 2 other timeframes to confirm or just one other?

ie

1min chart (cofirm with 5 , 15 min)

15 min chart (confirm with hourly/daily)

daily chart (confirm with weekly/monthly) etc

i found that i look at least one other chart chart to confirm my trend this tends to strengthen my trade because both are in sympath. If they arent then i am not inclined to take the trade (unless there is some other compelling reason to)

fyi, i use 15min chart and confirm with an hourly, but i am just starting out so i am still in experimental stage

 

[beamstas]

I use daily and weekly charts

 

[Trembling Hand]

That's a funny question. I am guessing that you are trying to get some sort of reassurance that a time frame will have some sort of reliable pattern? Or one time frame with a certain set of indicators will provide an edge?

If so, IMO, you are looking at it ar$e about. Find patterns that DO re-occur in the market you are trading. Understand the pattern probabilities and then if they offer a good R:R and occur often enough the question about what do people trade will be of no concern to you. Nor will confirmation in higher or lower time frames.

 

[clayton4115]

thanks guys

i am using the 5 min charts and have had some success today

im purely short on the market, had three (small) trades today all went well.

 

[beamstas]

Agree 100% with TH.
There would be very little point asking an investor what type of charts he uses if you are a day trader!

I trade medium to longer term so obviously 1min charts are of little use to me, but as you pointed out if you are day trading then 1 day charts are of little use to you!

It's like asking 10 of your best mates what is the perfect holiday destination, im sure many of them would have a different opinion! Do whatever works for you and makes you money

 

[OzWaveGuy]

It depends on what underlying methodology is being used. From an elliott wave standpoint, all timeframes provide insight into the market - whether trading intraday or at larger time scales.

The same patterns appear in all time frames (if you look hard enough) and each is describing a likely action once they have completed.

I still want to know when to expect major turns or corrections, so the 60min, daily and weekly charts have value to me.