What 2 charts do you use for daily trading of currency ?

Question

1hr/daily, daily/weekly etc?
As well, only answer if you are successful in doing this.

Answer 1

Do you really think it is that simple?

I could give you everything I use, and it would still depend on you, your knowledge, your training, your skills, your discipline, your approach, your money mangement, and the amount of risk you take.

There is no magic formula, and there is no magical time frame.

If you must know, I use the Month/Week/Day charts to determine the trend. I use the 360/180 charts to determine intermediate trend. And I use the 90 min chart to make trading decisions from. I use the lower time frames to find an entry point. So you see, I use almost all time frames, every day.

Oh yes, and your other requirement: currently, I am up 40% for the month of July.

Answer 2

I have read from Alexander Elder book, he keeps 3 time frames in mind. One longer and one shorter time frame from the timeframe he actually trades on. For example, if i trade 4hourlies chart i look at 1 hourly and 8hourlies. One to give me a broad overview. One to time the trade. One that i use to monitor. But again, if you are working on a tight stop becasue of money management constraint, you might want to look at shorter time frames, in that way, you can trade without getting stop out. The last thing you want to do is to get taken out becasue of wrong time frames.

Answer 3

Your chart selection depends on how much money you are ready to risk, since the bigger the chart, the more money is required for stop-loss.

I generally use 1 hr and 5 min. chart.

Get more info at -

http://the-forex-trading.blogspot.com

Answer 4

It depends on many factors... but mainly on your strategy. But for beginning, i suggest 30 mins framework