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Trading Systems and Strategies
Price Action Swing Trading - The PAST Strategy
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[QUOTE="Nigel Price, post: 47579, member: 25485"] Hi fortunatus, Good question. The timeframes are very much a matter for personal preference. And your situation too. For instance, if you can only check your charts a few times a day, you probably shouldn't be planning and executing your trades on a 1 minute chart. But there is a broader point here that I think people sometimes miss. Say for instance you are standing on top of a mountain and there is a spectacular view in front of you. You want to take a photograph to remind yourself of the scenery. You take out your camera - you will adjust focus, zoom, orientation, angle, etc, to try to make sure you get the best shot possible. Did anything in front of you actually change as a result of you fiddling with your camera? No, of course not. Price is the same. It follows the same path no matter what timeframe you choose to show it on. What size is your screen? Maybe a 1 hour chart might look terrible on my small screen but beautiful and clear on yours. It is simply a matter of presentation. Below is the chart from today on the 30 min timeframe instead of the 4 hour. It's a bit more scrunched up but the levels are still the same. Some people like to look at a chart like this, some people like to have a chart with big candles, some people like OLHC bars, some Heiken Ashi, some just line charts. They are all just different ways of presenting the same information. When you say "manage" trades, I am presuming that you mean where I get out when I am wrong. Well, my main reference point on the chart is usually the trendline, and that should come at roughly the same price no matter what the timeframe - as I said, the levels are the same no matter what chart you are looking at. Notwithstanding all of the above though, I do recommend when people are starting out that they don't really go much below the one hour chart, because on the lower timeframes it is sometimes easy to lose perspective a bit. Four hour is a nice compromise too. But other than that, use whatever timeframe you are most comfortable with. Personally I check out a few and just use whichever one fits the price best on my screen. Hope this helps :D [/QUOTE]
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