Right Trading Timeframe vs Incorrect One - page 3

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choosing the right time frame

I have said previously that the daily chart is the simple one to look at and analyze, however, it appears to me that lower time frames will offer more return for a lot less risk, for example, 1 hour time frame is the one better suited for day trading, from my recent experience you could easily make 100 - 200 pips day trading, instead of swing trading and day trading allows for a better risk management, for swing trading you will have to put stop losses farther away to stay in a trade and in case the trade goes bad you will have large draw downs.

Besides, when day trading you can change your lot size more often since you will have many trades thus this will speed up your gains.

Recently was looking at the pabloski system, it is a good system to use on an hourly time frame along with TrendStrength indicator. You will find this system on a forexfactory forum.

 

hi

yes we can easily make 100 pips using daily chart , but remember you should put your SL more bigger then 1 h ,but daily chart can figure out the trend more accurate

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Forex Indicators Collection

 

Newb HElp - How Often To Check H1, H4 & Daily Trades?

Hello,

I'm currently trading 1 min charts and wouldn't mind trading longer timeframes and save all the screen time. Problem is I'm so used to watching trades closely it's a real leap of faith to just leave an open trade for a few hours.

I want to trade a timeframe where I only need to check twice a day, once in the morning and once in the evening, but at the same time feel in control and be able to monitor trades closely.

Is H1 good for this? I hear people checking in every few hours for H1, but twice a day seems a little low. H4 on the other hand would be just 2-4 bars if I check twice a day. Any thoughts appreciated, thx

 

then

can you REVERSE trade ( i.e. do opposite what you should , in shorter time frame like M5 and M15)

if you use M5 and M15, how do you take advantage of it , by setting CORRECT SL and TP pip??

and in what GMT time should we trade -- which couple of hours , that we should avoid

-- daily sound too good but rely on pivot level

 

Hi Dmeliki,

The WPR slow and fast indicator looks different from the image you posted in the first post?

It's much neater and nicer if it's like what is shown in your first post instead of it being split in 2 portion,above 0 blue,below zero red and with many empty spaces in between when it's not overbought or oversold

 

Risk is not that great

The risk is not that great compared to reward. By the way the indicators used are as followed: Heiken Ashi T3, LSMA with period 34, Brain Trend2 Signal,WPR fast/slow. Find the indicators attached.

Conserning stop loss, its better to forget using them, however, closing the trade at the right time loosing or winning is vital! The forex has some risk to it and trying to limit it to unnatural value will not get you far.

You are better off to use stop loss and use higher time frame for confirmation of the signal.

I was wrong in the paragraph above on not using stop loss. If you enter a correct trade and use the reasonable stop loss you are protected.

note: will post WPR slow/fast, in my opinion the best indicator, edited by me for better representation visually.

 

Timeframe For Consistent Profitable Trades

Hi all

I am just getting into learning forex and want to ask your opinion on how long it takes to start consistently generating profitable trades? If someone were to learn trading full time like it was a job and applied themselves to learning 8hrs a day 5 days a week....would it be unreasonable to assume profitable consistent trades after 6 months?

 

More or less trades

I ran a few forward and backtests on an EA based on settings that I thought were best from my screen time. What I am having trouble with is that my testing to date reflects two options: (1) multiple like settings that consistently cause fewer entries (say 30 over four months), but with a high profit factor (over 2.5), low DD (1-3%), and slow gains; and (2) multiple like settings that consistently cause more entries (over 100), but with a lower profit factor (1.2-2.0), higher DD (3-6%), and fast gains. I understand that these results do not really mean much, but I am having trouble with the larger issue of whether I should spend my time pursuing a system with more or less trades going forward. I expect that I could modify the risk per trade to make the fewer entry system as equally profitable as the higher entry system with a similar DD, but my question is what is generally preferred? I thought that more trades are better, but with slippage and commissions, I am thinking that fewer trades might be the way to go. Or perhaps a system with more trades is considered more robust? Right now, I am considering just testing both over longer periods of data and on a forward basis. Any insight is appreciated. Thanks.

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