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Wednesday, 17 October 2007 |
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By Charles Delvalle
Last week, I received a question from John S who asked: “What is the best time frame to trade FOREX?”
Well, John, the answer depends on who you are. Let me explain.
Different traders have different styles of trading. So in order to know what time frame best suits you, you must first ask what type of investor you are. If you love risk, then you’ll be paying attention to intra-day patterns and eyeballing the 15- and 30-minute charts for placing day trades. If you don’t like risk, you might give more weight to the daily and weekly charts.
This is how I personally trade FOREX:
I look at the weekly charts for 3-4 years and get a general trend for the currency.I look at the daily charts and find an intermediate-term trend that is matching the long-term trend.I look at the 30-minute and 1-hour charts and pinpoint my buy or sell pointAfter I place the trade, I look at the daily and weekly indicators to determine an exit point.
In the end, it’s going to take a little exploration on your side to determine what time frame you feel comfortable trading. The shorter term you trade, the more risk you take on.
Source : Investors Daily Edge
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