TimeFrames
Many day traders remain confused about the timeframe to take the trade. Here is a tip to dynamically shift between timeframes according to the market conditions.
Firstly a trader needs to examine if its a trending day or a sideways session.
Once he/she recognises that its a sideways session- trading within previous day's small range or expecting narrow range after a big yesterday's range:
he can use 1min chart to scalp
But if its trending- HH/HL/breaking resistance/support decisively:
Use at least 5min timeframe to ride the trend to some extent.
Many day traders remain confused about the timeframe to take the trade. Here is a tip to dynamically shift between timeframes according to the market conditions.
Firstly a trader needs to examine if its a trending day or a sideways session.
Once he/she recognises that its a sideways session- trading within previous day's small range or expecting narrow range after a big yesterday's range:
he can use 1min chart to scalp
But if its trending- HH/HL/breaking resistance/support decisively:
Use at least 5min timeframe to ride the trend to some extent.
