Hi, Can anybody help me with generic rules for higher timeframe analysis for scalping a 1 minute chart. I'm confused as to whether i should only trading in the direction of the 1 minute and not paying attention to whats going on the other charts or only ensuring the trends are aligned with say for example the 15 or the hourly. Thanks.
No advantage i can see lining up you'll just get confused and miss trades. I just do 1 based on 8sma and 7pts either side.
Forgive me for putting this bluntly but WTF are you trying to trade one minute bars while asking such a basic question? Truly think about that "before passing Go".
mr jamesl2204, tend to agree with mr turveyd here. it may be that while you are looking at higher timeframes, if you are here after what turveyd is here after, you may be here after turveyd is gone. (lol, sorry had to do that) that said, countless times you will see where a 30m chart may trigger before a 1m chart will trigger. that could i suppose serve as a head's up, or even afford entry where none presents on a 1m chart at all for that particular run.ymmv what hold times generally exist for your setups? what is the range of profit vs pain(stop-outs or other non-profitable exit) overall for your setups? nosy bastard aint i. cheers and leave some money for the rest of us to play with if you please.
You may believe that you are but again you wouldn't be asking such a basic question if that was the case. Come on two posts so far? Nowhere is a market, symbol or type of setup/strategy mentioned. An experienced trader would know to include those details in their post to assist those who are taking their time to give a useful response back. Be more specific and up front and you will get better responses than you have so far - is all I'm saying.
You have to have a long/short bias, so yes, you absolutely have to look at all time frames and have a sense of direction. 1 minute is not that small. Maybe 5 second you could get away with looking at only a few timeframes, but with 1 minute, I'd get the bigger picture, than narrow down where to go from there. What are you trading?
Use higher timeframes to determine what is happening. Is the market going up, down, or sideways? Then you know which trades have an edge/higher probability of playing out and just trade those. Also have HTF levels in mind to know where the market could find buyers/sellers.
Thanks for the reply. Im trading nq and dax at the moment, what im trying to establish is which of the higher time frames would be best to use to gauge direction. As from what i can see using for example the hourly may be too broad but the 5 minute too detailed. Is there one specific timeframe that would be best to use to gauge the direction of the trades i should be looking to place on the 1 min. Thanks
Thanks for the reply. What im trying to establish is which of the higher time frames would be best to use to gauge direction. As from what i can see using for example the hourly may be too broad but the 5 minute too detailed. Is there one specific timeframe that would be best to use to gauge the direction of the trades i should be looking to place on the 1 min as im finding having multiple options can become confusing at times . Thanks