00:27 – Traders are confused over which time frame chart to trade.
01:25 – New traders give up.
01:42 – This changed my trading around.
02:43 – More time frame charts now available.
03:00 – What do you prefer and what are the market conditions doing?
03:36 – Look at 5pm and 5am EST.
05:42 – Book a time to chat with us.
06:04 – Blueberry Markets as a Forex Broker. Do you get confused with not knowing which time frame chart to trade, or when to look at your charts for a new trading opportunity? If that's you, listen up. I've got some great solutions for you. Hey there traders! It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 616. Traders are confused over which time frame chart to trade. So today I want to address a common problem that I find that a lot of traders have. And that is they don't know what time frame chart to trade. And also they don't know when to look at the charts. And there's a couple of real easy solutions and answers that I have for you. See, the issue that a lot of people have is when they start trading, everybody wants to take trades and lots of them because it's exciting and it's new. And of course, if you go to like a 15-minute chart or a five or even a one-minute chart, you're going to see the market moving and you think, “Oh, there are great opportunities here.” But of course, at that time you've got little idea about spreads. And if you take sell trades and the spread widens a bit in levels, it's going to take you out for a loss quite easily. But everybody kind of goes through it and they think they need to trade like five-minute charts and scalp. And it looks really cool and exciting. New traders give up. The issue becomes that you soon realize that either the spread’s taking you out and you're losing trades all the time, or you're getting glued to the charts and you become trigger happy, and then you become nervous and you don't know what you're doing, and you lose confidence and you give up. This changed my trading around. One of the things that changed my trading around some 20 years ago, nearly now, is I went the opposite way after falling for the short time frame trick. I went the opposite way. I went to a daily chart. I took all the indicators and everything off my chart, and I studied the daily charts. I found that the higher time frame charts were more reliable, gave me good information, far less stress, looked at the charts just once a day, news events don't really affect them, and it's far more enjoyable and far more rewarding. Your profitable trades are so much better and it just becomes a better thing to do. And when I made my strategy that I still trade today, I did start on daily charts. And then you can go higher time frames to like weekly and monthly. But also I then discovered that I got shorter time frames, you know, I go into like four hours and one-hour charts potentially, but not so much for me. You can trade it. More time frame charts now available. Now, of course, more recently we have the ability to trade charts like 12-hour, 8-hour, 6-hour, 3-hour, and 2-hour. And the logic and strategy that I use works across those time frame charts as well. More time frame charts now available. So there are a few things to answer your question about what is the best time frame, because it does depend. The answer is — it depends. It depends on you as an individual as well. What type of personality have you got? The other thing it depends on is the market conditions at the time right now. And for example, some weeks we take lots of 6-hour chart trades and other weeks we take lots of 12-hour chart trades. In other weeks we take lots of 2-hour chart trades. So it does depend on the currency pair or the market you're trading and the overall market conditions at that time, because it varies. Look at 5pm and 5am EST. So a way to get around that, because otherwise you're going to be looking at charts all the time — one of the suggestions I have is that if you have the time availability, you look at your charts once or twice a day. The two times that I think you're going to find some of the better opportunities would be 5 p.m. New York time. Th
Episode Transcript
Do you get confused with not knowing which time frame
chart to trade or when to look at your charts
for a new trading opportunity. If that's you, listen up,
I've got some great solutions for you. Hey, the traders,
(00:20):
It's Andrew Mitcham here at the Forest Trading Coach with
video and podcast number six hundred and sixteen. So today
I want to address a common problem that I find
that a lot of traders have, and that is they
don't know what time frame chart to trade, and also
they don't know when to look at the charts. And
there's a couple real easy solutions and answers that I
(00:42):
have for you. See, the issue that a lot of
people have is when they start trading, everybody wants to
take trades, and lots of them because it's exciting and
it's new. And of course if you go to like
a fifteen minute chart or a five or even a
one minute chart, when to see the market moving, you think, oh,
there's great opportunities here. But of course at that time
(01:05):
you've got a little idea about spreads and if you
take cell trades and a spread widens of bidden ass levels,
it's going to take you out for a loss quite easily,
but everybody kind of goes through it and they think
they need to trade like five minute charts and scalp
and it looks really cool and exciting. The issue becomes
that you soon realize that either the spread's taking you
(01:28):
out and you're losing trades all the time, or you're
getting glued to the charts and you become trigger happy,
and then you become nervous and you don't know what
you're doing, and you lose confidence and you give up.
One of the things that change my trading around some
twenty years ago nearly now is I went the opposite
(01:49):
way after falling for the short time frame trick, I
went the opposite way. I went to a daily chart,
and I took all the indicators and everything off my chart,
and I studied the daily chats and and that the
higher time frame charts were more reliable, give me good information,
far less stress. Look at the charts just once a day.
News events don't really affect them, and it's far more enjoyable,
(02:13):
it's far more rewarding. Your profitable trades are so much better,
and it just becomes all around just a better thing
to do. And when I made my strategy that I
still trade today. I did start on daily charts, and
then you can go higher time frames to like weeklies
and monthlies. But also I then discovered that I go
(02:34):
shorter time frames, you know, don't like four hours and
one hour charts potentially but not so much for me.
You can trade it now. Of course, more recently we
have the ability to trade charts like twelve hour and
eight hour and six hour and three hour and two hour,
and the logic and strategy that I use works across
(02:55):
those time frame charts as well. So there's a few
things to answer a question about what is the best
time frame, because it does depend. The answer is it depends.
It depends on you as an individual as well, what
type of personality have you got you or the other
thing it depends on is the market conditions at the
time right now. And for example, some weeks we take
(03:18):
lots of six hour chart trades, and other weeks we
take lots of twelve hour chart trades, and other weeks
we take lots of two hour chart trades. So it
does depend on the currency pair or the market you're trading,
and the overall market conditions at that time. Because it varies,
so a way to get around that, because otherwise you're
going to be looking at charts all the time. One
(03:39):
of the suggestions I have is that if you have
the time availability, you look at your charts once or
twice a day, and the two times that I think
you're going to find some of the better opportunities would
be five pm New York time. That means at the
end of the trading day, so the start of the
new trading day, and at that time you can look
(04:01):
at the daily charts, because obviously a daily chart closes
and it opens straight away into the next day, so
you can analyze the closed daily chart and look at trades.
Then at that same time we also go through and
analyze and scan twelve hour, eight hour, and six hour charts,
and we post trades for our clients on those three
(04:22):
time frames plus the daily charts, so that gives you
four different time frame charts. Or by looking at charts
just at one time in the day. Now you don't
need to be there at that time because the way
that we trade, we use limit orders anyway, so you
don't need to be there bang on five pm New
York time every day, but you can go and look
at those closes, and if you have the available time
(04:45):
or ability, depending on where you live in the world,
five am New York time or after is a very
good time as well, because that means that the twelve
hour charts, the six hour, the four, the three, the
two hour, and even down to the one hour charts
all change over at that exact same time. And again
it's a time that we personally find we get many
(05:06):
good trading opportunities. So as an example, obviously there are
two twelve hour changeovers in one day five pm five am.
If you wanted to trade eight hour charts, they're obviously
up to three trading opportunities for you within the day.
It doesn't mean to say you've got to trade all
three of them, but you could have a look at
the close of eight our charts, or six our charts
(05:26):
or four our charts, So have a look at candle closes,
and you then therefore know when to look at your
charts as well. So I would definitely say have a
combination of different timeframe charts because it does depend on
the market conditions at the time. If you'd like to
book a call with myself one under the team, we've
just made available a lot more time frame or times
(05:48):
available for you to book in a call with us.
So I'll put a link here to our booking calendar
where you can book in for an absolute, no pressure,
obligation free call with myself or one of the team
to discuss your trading and see if we can help you.
And if you're out there looking for a very good
broker that offers all those different timeframe charts and multiple markets,
(06:09):
especially on their empty five platform, I'll put a link
here to Blueberry Markets. Absolute top notch customer service, great
people to deal with, great charts, great spreads, Blueberry Markets,
have a look at them if you're out there looking
for a good forest broker as well. So that's it
for this week. This is Andrew Mitcham here at the
Forest Trading Coach. I see this time next week. By
Fine
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