Which timeframe do you like best?

To my knowledge, most successful traders forbid the use of short time frames and scalping will never work on top of that. In fact, by scalping, you may sometimes see the face of big profits, as well as the possibility of a lot of losses.

Dictiony posted:
To my knowledge, most successful traders forbid the use of short time frames and scalping will never work on top of that. In fact, by scalping, you may sometimes see the face of big profits, as well as the possibility of a lot of losses.

I love the 5M and the 15M

I think the daily time frame is the best. Market momentum can be accurately observed in this time frame.

AurelieFrancis posted:
I'm a beginner trading from France with EURUSD currency and would like to know which time frame is the best to trade and has a lesser risk of losing trades?

First of all, congratulations Aurelie, on starting to learn to trade the Forex market. I like the modesty you show in choosing to focus on one currency pair, and in asking other traders for input.
The answer to your question depends on what kind of trading you want to do. I would recommend using a Demo account with the broker of your choice for at least three months to get familiar with all the ins and outs of your trading terminal and software you plan to use, and get familiar with how the EUR/USD pair tends to move. If you know how to enter and exit trades complete with associated stop loss and take profit levels, and understand how to plan a trade before you enter the market, using a Demo account allows you to see how your chosen strategy might work out without losing real money. This is very important if you have a small amount to trade with like most beginning traders.
If you will be using a small account of real money to start 'live' trading like most beginners (less than $1000.00) you will likely need to trade small amounts per trade. Use the same small amounts to trade in your initial Demo account, even though you usually have $50,000.00 of 'play money' in the account. It will make the transition to using real money easier as the trade sizing etc. will stay the same.
These small trade sizes will make it necessary to trade the smaller time frames to make it possible to trade a bit more frequently and gain experience faster. If you take a trade on a daily chart, for example, the pip values for your stop loss will necessarily be so large that you will be limited to only one trade at a time, and you may require a duration of weeks for a typical trade to play out. That is a lot of sitting around without trading.
I would recommend using the 1Hr to 4Hr time frame to plan your trade and execute the entry and exit on a 5Min to 15Min time frame. The 4Hr time frame seems to work very well if you use Fibonacci levels to determine entry and exit points.
Please use the 'Forex Calculators' feature on the myfxbook home page (hover over the 'Home' tab and click on 'Forex Calculators') to determine your appropriate trade size before each potential trade. Plan to limit your risk for each trade to between 2% and 5% of your account to minimize the chance of blowing up your account.
Happy Trading!

for me anything between 1-15 mins works the best depending on the strategy I am using that time.

Choosing a time frame entirely depends on the strategy you are using. It is true that most professional traders won’t suggest using shorter time frames but sometimes you need to use them also.

perryjohn765 posted:
for me anything between 1-15 mins works the best depending on the strategy I am using that time.

I however prefer 1-5 minutes timeframes. It gives me a realistic target of 10 pips per trade along with a currency pair that’s got the lowest spreads.

The lower the better, althought the risks are quite higher. I enjoy using 5 minutes time frame, but sometimes 1 hour time frame is also good.

Coreyarren posted:

christielowe posted:

perryjohn765 posted:
for me anything between 1-15 mins works the best depending on the strategy I am using that time.

I however prefer 1-5 minutes timeframes. It gives me a realistic target of 10 pips per trade along with a currency pair that’s got the lowest spreads.

No matter whatever strategy a scalper uses, isn’t there still a huge risk involved especially since they need to be in and out of the market within minutes? I mean dealing with tick charts and two pips could prove to be quite tedious and difficult particularly when there’s resistance.

No doubt about it Correy. In fact, another risk involved in scalping is in the fact that the countries involved in the currency pairs witness frequent economic challenges and changes with the market becoming highly volatile and the price of the active pairs could jump up to 100 pips.

Is there a right time frame to scalp EURUSD from Australia?

As a scalper, I prefer minute time frame. But new traders should high time frame for better information.

Scarymaniak posted:

Coreyarren posted:

christielowe posted:

perryjohn765 posted:
for me anything between 1-15 mins works the best depending on the strategy I am using that time.

I however prefer 1-5 minutes timeframes. It gives me a realistic target of 10 pips per trade along with a currency pair that’s got the lowest spreads.

No matter whatever strategy a scalper uses, isn’t there still a huge risk involved especially since they need to be in and out of the market within minutes? I mean dealing with tick charts and two pips could prove to be quite tedious and difficult particularly when there’s resistance.

No doubt about it Correy. In fact, another risk involved in scalping is in the fact that the countries involved in the currency pairs witness frequent economic challenges and changes with the market becoming highly volatile and the price of the active pairs could jump up to 100 pips.

Your points aren’t incorrect but there are very reliable brokers who offer demo accounts for the scalpers to practice their skills. I for a matter of fact use Fxview and IC Markets to test my scalping strategies on their platforms with virtual money. And after that only go live.

I prefer trading with the daily time frame because the market momentum seems to be accurately observing during this time frame.