Choosing a timeframe in forex trading

[Polakandil]

In the trading platform there are various timeframes available, from M1 to monthly timeframes, on the Ticktrader platform FXOpen there are even timeframes available from S1, S10, M1, M5, M15, M30, H1, H4, D1, W1 and MN1
Mastering multiple timeframes can provide several benefits, including if you refer to the FXOpen blog, they are as follows

• Properly analyze the overall market trend.
• Identify potential entry and exit points.
• Enhance risk management by assessing the broader context.
• Avoid being trapped by short-term market noise and false signals.

In choosing this timeframe, each trader may use a different approach. Some trading tips suggest choosing a main timeframe and a secondary timeframe. This may be more about the trader's style, for example, scalping traders use the primary timeframe M15 or M5 and make the H1 timeframe the secondary timeframe. You can learn more about how to choose this timeframe on the FXOpen blog with the article titled "Mastering Multiple Timeframe Trading Strategies"

Choosing a timeframe in this forex strategy is important because it can have an impact on the risk and reward ratio. After all, each timeframe reflects different support and resistance levels.

I trade with FXOpen UK more often using the H1 timeframe as the primary timeframe.

 

[Latham]

As a scalper, I mostly follow short timeframes like m5 and m15 at best. And the best scalping-friendly trading platform I have with the FXOpulence broker because they provide me all amazing trading instruments including Indices1000, Crypto500, USD basket and EURO Basket.

 

[VasilTodorov]

i use 1d since i hold trades for several days

 

[Polakandil]

Yes, scalping traders usually prefer to use a timeframe like M5 or M15 to enter and exit a short-term trading strategy, however reading another timeframe will give more market views from different perspectives that may help to make trading decisions.

 

[Fin_Trader]

Although I mostly trade intraday, I prefer to make trades in the direction of the general trend. Therefore, in addition to small timeframes, I definitely look at higher timeframes. Thus, trading with a trend makes it possible to take advantage of much larger intraday price movements and earn more than on corrections. And my broker fxopen provides excellent opportunities for this, providing tight spreads and instant trade execution.

 

[Polakandil]

If we have sufficient trading funds, follow-trend trading could be profitable, identifying the main trend using a high timeframe and looking further at a small timeframe to get the best price entering the market.

 

[Fin_Trader]

At the same time, patterns, figures and support/resistance levels work much better on higher timeframes, in contrast to lower timeframes. Therefore, even when trading intraday, be sure to look and analyze the situation on higher timeframes.

 

[Polakandil]

Plotting on a high timeframe also requires adjusting for possible risks, however, the market can move dynamically and risk mitigation needs to be done. Support and resistance, although very basic, have high potential gain.