View Poll Results: Do you trade retracements?

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  • Yes

    4 66.67%
  • No

    2 33.33%
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  1. #1
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    Question [ASk] What time frame should I trade

    Hello traders,

    I want average time frame of my trades to be 3 days. Which time frame trend I should trade? 4H trend or daily trend?

    And, what is your definition of 4H trend or daily trend?

    How I setup MT4 chart for trend trading.

    Looking forward for your valuable comments,

    Nagendra

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  3. #2
    Platinum Member Array Unclepips's Avatar
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    I use 2M, 15M and 60M. I use daily to look for an over all trend. I mostly scalp my trades. Not swing nor trend trading. Of course I don't really use MT4. I use eSignal.

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  5. #3
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    Quote Originally Posted by Unclepips View Post
    I use 2M, 15M and 60M. I use daily to look for an over all trend. I mostly scalp my trades. Not swing nor trend trading. Of course I don't really use MT4. I use eSignal.
    Hi Unclepips,
    I use MACD to identify trend. I don't scalp because scalping is extremely stressful for me.

    I only trade trend. Many traders say market is 25% time trending. This is myth for me. I always found a daily trend to stick with it.

  6. #4
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    Recently I join a best gold signals service GoldSignals.net and find that they use H1 for trading all the times

  7. #5
    Platinum Member Array Unclepips's Avatar
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    Yep - I heard all Pro traders use 60m charts to trade. I am a part timer, I just scalp the market before my 10 to 6 job. I hope to be full time trader within the next couple of years. I HOPE!

  8. #6
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    Higher highs and higher lows define an uptrend. Lower lows and lower highs define a downtrend. I do not use indicators, prefer price action only. You could use ADX to define trending and ranging markets. Better use the 4h for longer trends. It is more flexible than the daily.

  9. #7
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    Quote Originally Posted by Unclepips View Post
    Yep - I heard all Pro traders use 60m charts to trade. I am a part timer, I just scalp the market before my 10 to 6 job. I hope to be full time trader within the next couple of years. I HOPE!
    According to FXCM statistics: Most forex traders are range traders. The best time of day to range trade is Asian trading hours.

    That's why I am a breakout trader.

  10. #8
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    Quote Originally Posted by capsmart View Post
    Higher highs and higher lows define an uptrend. Lower lows and lower highs define a downtrend. I do not use indicators, prefer price action only. You could use ADX to define trending and ranging markets. Better use the 4h for longer trends. It is more flexible than the daily.
    I can easily determine the trend looking at the chart, But I look MACD at the time of deep retracement. I open trade in the direction of current trend if I see daily trend holds, and most of time it made me lots of pips.

    I use ADX to determine best major to trade. I did trade USDCHF & AUDUSD in the month August last year when EURUSD became choppy on daily timeframe.

    I find deep retracements in daily trend of forex majors. 4H trend reverses at the time of deep retracement. Now I have decided to trade only daily trend.

    Last edited by nagendra; 02-27-2012 at 03:25 AM.

  11. #9
    Platinum Member Array Unclepips's Avatar
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    Quote Originally Posted by nagendra View Post
    According to FXCM statistics: Most forex traders are range traders. The best time of day to range trade is Asian trading hours.

    That's why I am a breakout trader.
    Thanks for the tips!

  12. #10
    Platinum Member Array Unclepips's Avatar
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    Quote Originally Posted by nagendra View Post
    I can easily determine the trend looking at the chart, But I look MACD at the time of deep retracement. I open trade in the direction of current trend if I see daily trend holds, and most of time it made me lots of pips.

    I use ADX to determine best major to trade. I did trade USDCHF & AUDUSD in the month August last year when EURUSD became choppy on daily timeframe.

    I find deep retracements in daily trend of forex majors. 4H trend reverses at the time of deep retracement. Now I have decided to trade only daily trend.

    How long do most of your trade normally last, since you trade mostly with 4hr and daily time frames? thanks.

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