Topic: For Daytrading which time frame suits best? - page 2. (Read 757 times)
For day trading I Usually like to use 1 hour chart most. But I also use 2 hour chart too for my day trade.
I have plans for long term but would also be great to earn every day in trading. The indicators signals the different course of action when I'm in the daily chart but shifting to 4hour and 1hour tells something else. How do you read the chart on different time frame accompanied with the indicators you only knew using like the RSI?
I use 1 hour, and 1 day to check the market movement and sometimes I can get something information from that time frame. But I don't know with other people and maybe they have a different time frame for trading. Besides that, we have different indicators that we used in the trading so maybe we use a different way to analyze the coin.
For indicators like RSI and moving averages use the daily chart. Lower timeframes will lack of substance.
For candlestick patterns, use timeframes from 5 min to 30 min as most daytraders are looking out for these as well. TA is a self-fulfilling prophecy so you should want to act "like everyone else does".
Never use the 1 min chart as not a single indicator will work here.
For candlestick patterns, use timeframes from 5 min to 30 min as most daytraders are looking out for these as well. TA is a self-fulfilling prophecy so you should want to act "like everyone else does".
Never use the 1 min chart as not a single indicator will work here.
I've been here for a years in crypto, but I never been try to use any of the time frames, I usually applied read candlestick at most often every time I do trade in the platform. Then, I always go with the flow also if there are active buyers, I also buy coins as long as it is promising and potentials of course. In short, day trade and long terms are both good.
I have plans for long term but would also be great to earn every day in trading. The indicators signals the different course of action when I'm in the daily chart but shifting to 4hour and 1hour tells something else. How do you read the chart on different time frame accompanied with the indicators you only knew using like the RSI?
For indicators like RSI and moving averages use the daily chart. Lower timeframes will lack of substance.
For candlestick patterns, use timeframes from 5 min to 30 min as most daytraders are looking out for these as well. TA is a self-fulfilling prophecy so you should want to act "like everyone else does".
Never use the 1 min chart as not a single indicator will work here.
For candlestick patterns, use timeframes from 5 min to 30 min as most daytraders are looking out for these as well. TA is a self-fulfilling prophecy so you should want to act "like everyone else does".
Never use the 1 min chart as not a single indicator will work here.
What coin are you usually looking for, or maybe there are tips for choosing coins and their characteristics? Because I don't think all coins have a significant movement in such a timeframe.
Or maybe just pick the coin which has biggest volume ?
Most of the time I prefered a 15mins to 30 mins timeframe which is the best timeframe for a daytrader like me but take note every traders have their own strategy and timeframe when doing trading its better to looj to your own strategy and dont base on other strategy experience is your own knowledge to gather information on trading.
For my preferred time frame I would rather choose morning at 1am, because most of the traders is actively doing buy and sell at this time base on what I've observed on my local time. This time frame gave me more opportunities to deal my skills in trading as well. More great coins who seems to give me profit as long as close deals will be accepted. It's good to work early morning compared during night time.
More so studying Japanese candlestick patterns on a higher time frames ie weekly chart will be very helpful in determining the direction of the price while using 4 hour chart to trade while moving down to lower time frame for a perfect entry. Bullish or Bearish engulfing bar and pin Bars are almost perfect patterns and useful tools that works for an effective trading those candlesticks indicates Price Action of the market and used by experienced traders. eg pin bar formed on BTC/USD daily chart on 02/07/19 and bullish engulfing bar on the same chart yestarday was a perfect set-up for buying.
I'm not really following those charts or whatever it is in trading, I only just follow the market flows. Right timing is very important in trading and sometimes we've thought of luck to be along with us. The risk is always there and the bad thing is that the risk goes higher when the price goes up also. That is why we should have to look closely with our trades and check the market flow every now and then. 
Which time of the day GMT if you please suggest there there are considerable volume?
as I said before, in normal circumstances the time depends on your exchange's location and its majority members since you said binance, I think they were originated from china and suspected to run servers in hongkong
so you can log in and check on their daytime hours trading activities to confirm the trade volume
however binance users are now from all over the countries, so expect to see it quite busy all the time
I'm saving my money so currently have just $800 to spend for this. Will this be enough for day trading?
it all depends on your target profit in nominal amount or just percentage gain if done right, I think you can make $10 a day with your initial $800 trading fund
More so studying Japanese candlestick patterns on a higher time frames ie weekly chart will be very helpful in determining the direction of the price while using 4 hour chart to trade while moving down to lower time frame for a perfect entry. Bullish or Bearish engulfing bar and pin Bars are almost perfect patterns and useful tools that works for an effective trading those candlesticks indicates Price Action of the market and used by experienced traders. eg pin bar formed on BTC/USD daily chart on 02/07/19 and bullish engulfing bar on the same chart yestarday was a perfect set-up for buying.
For extreme scalping then ill 5-15 mins chart but for active trade swings 1hr time frame would be the best one but overall it would depend on your trading system.
In day trading you really need lower time flames for quick trading decisions. I do use 30 minutes timeframe in day trading as 15 minutes is too volatile and any investment opportunities set-up may not give you success at the end as those that are using high timeframe may take a trading decision that may affect the lower timeframe .
As a trader I use different time frame for my trading. In day trading it’s always good to use short time frame like 30 minutes or 1 hour. This two time frame is mostly using all professional traders.
Morning and evening is my best part of the day when I do day trading. At morning maybe 2am is good enough and for evening, 7pm until 11:45pm great time. Some traders who've been active at exchanges will prefer those time frame, per experience I had.
I have plans for long term but would also be great to earn every day in trading. The indicators signals the different course of action when I'm in the daily chart but shifting to 4hour and 1hour tells something else. How do you read the chart on different time frame accompanied with the indicators you only knew using like the RSI?
For knowing market trend, i use : Time Frame (TF) 1 Week and 1 Month.
For daily trading i use TF 1 H, 4H dan 1D. These 3 TF is also useful to find out market movements. Will price be in line with the trend or price will experience reversal. From these time frame, at least we can find out the next market movement direction. Please remember that trends can change, and usually price trend changes will occur in TF 1 & H4, and will be confirmed at TF 1D.
About indicators, IMO, you simply master 1-2 indicators. Learn and apply it in your trading activities. Make yourself comfortable with that indicators.
Like Bruce Lee said :
You like Bruce Lee sir ?
Just look at the volume not the time, look at the coin that you plan to buy and look at the volume, after looking at the volume observe the price movement for the next 10-15 minutes. How much is the difference after 15 minutes and also try to learn how to use RSI and Bollinger Bands. It will help you decide if the coin that you plan to buy is good or not.
I am only trading on the BTC/USD. I have no plans for any coins right now. Which time of the day GMT if you please suggest there there are considerable volume?
Also can you tell me say I'm just trying to do this on Binance after all the fees are in BNB but how much do you think should be my capital for day trading?
I'm saving my money so currently have just $800 to spend for this. Will this be enough for day trading?
Im using mostly 1m and 5m for day trading in my telegram channel: https://t.me/Free_BitMEX_and_Binance_signals
I have plans for long term but would also be great to earn every day in trading. The indicators signals the different course of action when I'm in the daily chart but shifting to 4hour and 1hour tells something else. How do you read the chart on different time frame accompanied with the indicators you only knew using like the RSI?
For knowing market trend, i use : Time Frame (TF) 1 Week and 1 Month.
For daily trading i use TF 1 H, 4H dan 1D. These 3 TF is also useful to find out market movements. Will price be in line with the trend or price will experience reversal. From these time frame, at least we can find out the next market movement direction. Please remember that trends can change, and usually price trend changes will occur in TF 1 & H4, and will be confirmed at TF 1D.
About indicators, IMO, you simply master 1-2 indicators. Learn and apply it in your trading activities. Make yourself comfortable with that indicators.
Like Bruce Lee said :
Just look at the volume not the time, look at the coin that you plan to buy and look at the volume, after looking at the volume observe the price movement for the next 10-15 minutes. How much is the difference after 15 minutes and also try to learn how to use RSI and Bollinger Bands. It will help you decide if the coin that you plan to buy is good or not.
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