Which timeframe is the best for the beginners?
I would like to alert you on some of the pairs that I will be stalking for the coming week ( 17th-22nd May 2020) As you have noted so far, I trade lower timeframes of 4hrs/1hr or 1hr/15mins.
In case you want to trade today, daily might not be a good timeframe for you, but timeframe depends on various reasons which you can determine. These two timeframes 1hr/15mins or 4hrs/1hr can still work for you. For beginners, I always advice them to trade higher timeframes like daily/4hrs chart.
There are various reasons why this is the case. With enough time following a certain currency pair might work well as you will not be emotionally attached to that single trade.
Traders trading 1mins chart and you were introduced yesterday in this business, I would advice you to go for higher timeframes. In case its working for you, just do it,but I find it riskier. I always advice starters to start with higher timeframes and then change it later on when they become consistently profitable.
Lets talk of the pair I have just mentioned, AUDNZD 4hrs/1hr. As we can see, the price broke out a consolidation where the two proper lines are, ( my buying area.)
With that in mind, there are many sellers who were selling before the market went up that agggressively.
I am aware that, there some of the big banks orders which were not filled. Also, they will start a negotiation game looking for a better price. Stalking the pulback , that starts by forming lower lows and lower highs will be a real deal for me. Wait for the market to activate people to become sellers and its after that I start my preparations.
In case pulback ( discounted price) come down strongly, I will not be so precisely that I must get into the market from the area i have indicated.
I have summarized everything I have mentioned in the chart below. Many Pip folks!
Thank you for reading ,I am hereby wishing everyone one of you success in your trading. There are many ways of trading out there they work because you have consistently studied, used and practised them for sometime now without jumping on new ones. There is also a better way of trading which is stress free. That is what I want us to share with you later on if interested.
In case I did not answer this query to your satisfaction, ” which timeframe is the best for me” that I get frequently from many traders You are free to contact me for free consultations on how trading works.
Send me a message to my email: myforexglobal@gmail.com
Many Pip folks!