For Daytrading which time frame suits best? - page 3.

goinmerry

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Quote from: cabron on July 08, 2019, 01:29:24 AM

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 day trades, there are lots of happening that can happen within a minimum 5 mins to 15 mins timeframe so you might want to start at that range. Setting up longer ones might result in MIA. But generally, it varies per coin's behavior. If we take an example for bitcoin and we all know how it was behaving today, a 5mins to 15mins can be considered.

This is tough so needs some test. You might want to study how strong the volume at each of considered timeframe.

Xardasim

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Depending on the strategy, any time frame can be used. But smaller time frame in daily trading is appropriate. Because the different movement of crypto makes it different, sudden movements cause some confusion and the analysis for moment will be more accurate.

Thirdspace

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crypto exchange runs 24/7, so daytrading crypto can be done in any period of time
the best time frame for daytrading may differs from one exchange to another exchange
it would be mostly based on majority users' trading activity habits that use a specific exchange
I suggest you to check at least a week of trade volume data on your exchange to figure out its peak trading hours

Coyster

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If you do not know how to read the charts(thats if there is a successful way to do so), then just Hodl your coins by investing long term.

Every time of the day is crucial, time zone differs and important decisions can be taken at any time.
There are various patterns of studying the chart, one just has to choose that which suits him or her and heightens the possibility of trading success.

Harlot

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Not unless you are looking for longs in that day I wouldn't use 4 hours charts to analyze on my trades, day trading involves a lot of activity and you can't view all those activity happening on an hourly chart. You should be using minute charts for your trade in which day trades use for their trades which happens within that time frame as well. And if you don't think that you can't analyze charts that fast then I don't think day trading will suit your style.

awik p

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Pepemo.vip

to know the good trading time, of course we must pay attention to when people are active. moreover if it occurs in a country that has the largest bitcoiner, of course the volatiles will be even bigger than normal hours.

MidnightWolf

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It seems to me that there is no definition of night or day for cryptocurrency. and If we talk about what exactly speculators revive the market, then they work around the clock, because each person has his own time period, based on his place of residence.

NeuroticFish

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Since there are exchanges and users in all time zones, the whole day is important.
Somehow I tend to believe that if you come with this kind of question, you didn't understand Bitcoin and its market, so my advice is to spend a lot of time studying before you enter, else you may have nasty surprises. You should also consider HODLing for now, while you study.

Indamuck

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Quote from: cabron on July 08, 2019, 01:29:24 AM

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?

None of that matters when random whales decide to dump their stash of bitcoin and that can happen at anytime. At its core trading is gambling but the odds can be more in your favor if you do the research. No trader is perfect and everyone will occur losses, you just need to know when to cut them instead of foolishly holding through it.

el kaka22

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Bitcoin is global so I assume it should not really have a time period but you can base it on forex if you want which is also global but have better times. Now they are always open but if you check there is more time in UK markets that global forex is higher in volume, for example when its midnight or 3 am whatever in UK the global forex is not as fiery as when it is 9am to 5 pm in UK markets.

So, you may want to check that out and figure out which country is the biggest player in crypto world and base it on that? I would say USA is a bigger player in crypto than any other player but USA have different time zones, so you would have to just figure out a way to place your orders during the common hours of both sides and if you can achieve that at the very least it will be high volume.

electronicash

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Quote from: exstasie on July 08, 2019, 04:56:34 AM

Quote from: cabron on July 08, 2019, 01:29:24 AM

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?

The best method is to track multiple time frames. The best setups are when multiple time frames all line up to scream either "buy" or "sell." That's the holy grail.

I watch the daily and weekly for broad trend analysis and to see when mid term reversals are occurring. Candlestick and MA analysis at these time frames keeps me trading in the direction of the trend (long in bull markets, short in bear markets).

I then zoom into the hourly and 4-hour time frames for more precise entries and exits.

your best option is to follow what exstasie said. tracking multiple time frame will provide a better look at where the market is going. i'm a long term holder myself so i tend to look 3 charts from weekly, daily chart and then to 4 hour time frame. if the 4hour chart RSI says its overbought that it does go 70 while the RSI in daily chart does say oversold, i have to look at the weekly chart and hourly chart whether its a good time to become a day trader.

the best way to look at a good opportunity is to look at the monthly, weekly and daily. if all the chart is going to tell you that the market are all down its a good time, even if you only use the rsi take your chance.

partysaurus

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Quote from: cabron on July 08, 2019, 01:29:24 AM

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?

its hard becuse its 3 world markets combined into one, so eu might be positive for the day and then us markets open and they are negative and break the possitve trend, so its hard to know where it will go day to day.

coinalyze

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As other people said best to track multiple timeframes. this tool can help you https://coinalyze.net/bitcoin/technical-analysis/

Polar91

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Quote from: cabron on July 08, 2019, 01:29:24 AM

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'm starting with large time frame, 1d to smallest time frame which is 5m chart. I've read a book that it's the best to determine the price action of the market that I'm going to enter. It's effective for me to figure out patterns, support, support and resistance.

exstasie

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Quote from: cabron on July 08, 2019, 01:29:24 AM

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?

The best method is to track multiple time frames. The best setups are when multiple time frames all line up to scream either "buy" or "sell." That's the holy grail.

I watch the daily and weekly for broad trend analysis and to see when mid term reversals are occurring. Candlestick and MA analysis at these time frames keeps me trading in the direction of the trend (long in bull markets, short in bear markets).

I then zoom into the hourly and 4-hour time frames for more precise entries and exits.

N0sferatu

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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.

cabron

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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?

Topic: For Daytrading which time frame suits best? - page 3. (Read 757 times)