Podcast:
Which Time Frame Charts Should You Trade?
In this weekly video:
00:29 – Understanding which time frame chart to trade
01:14 – What can you do to select the right chart to trade
01:56 – Examples of how to select the best time frame
02:52 – Live webinar with my clients
03:53 – I took trades live on the webinar for excellent profit of +1.5% gain
05:15 – Don’t always trade just 1 time frame chart as you’ll limit options
06:45 – Live Webinar – Free to attend for non-clients
How do you know which currency timeframe you should be trading? Let's talk about that and more right now.
Hi Forex traders, it's Andrew Mitchem here, owner of the Forex Trading Coach with video and podcast number 268. I want to talk to you about a really common problem that almost all currency traders go through
Understanding which time frame chart to trade
It's all about understanding which timeframe chart you should be trading. You see, a lot of people get really confused by this. They think that they must be needing to trade short timeframe charts because that's where the price action is, right? That's what everybody tells you, you need to be trading five minute charts and scalping, looking for all these small movements within the overall flow of the day. A lot of people also get confused with thinking that I can't trade longer timeframe charts because the stop loss needs to be too big, and I don't have a big enough account size. So there's all these misconceptions there; both of which, by the way, are completely wrong. There are ways around all of these things.
What can you do to select the right chart to trade
What can you do to select which timeframe chart you need to trade? Well, a lot of it comes down to having the ability to be open and flexible and to basically see what's happening in the market right now, because no one really knows like next week what's going to happen. No one knows. You can have predictions and economists and all these type of things going on, but really nobody knows what's going to happen. All we can do is see what's happening right now. So to give you a great example. Today is Friday … It's Friday the 13th. It's Friday the 13th of April, 2018, when I'm recording this right now.
Examples of how to select the best time frame
This last week has been very, very poor for trading the daily charts. There have been very few set ups. I love trading the daily charts, and I post daily chart set ups to my clients on our membership site and there have been very few this week. So it's not to say that everybody has missed out, it's to say that the daily charts for whatever reason, and it's quite rare, but for whatever reason have not produced very many high quality set ups this week.
Also, the weekly charts this week on Monday there were no suitable, in my opinion, weekly chart set ups. Now the weekly charts are less surprising, because last week was Easter and then on last Friday we had the US monthly job report, so not a lot happened last week. So I can understand the weekly charts for this particular week not showing a great deal. However, it's been quite an unusual week in that the daily charts, the longer timeframes, have not shown much also.
Live webinar with my clients
However, I took a webinar last night … I had a live, two hour webinar with my clients like I do every two weeks. By the way, every week in between Paul Tillman holds the US webinar sessions. So clients get a weekly two hour webinar. But last night I held a webinar. Two hours long, and on that webinar I showed many, many great examples from just this week of the six hour chart trades showing some very good quality set ups. Also in general it was the commodity currencies, the New Zealand dollar, the Canadian dollar, the Aussie dollar,