Personally, I'd check 1 min, 5mins, and sometimes I check a 1-hour timeframe in order for me to finalize my decision. For short-term trader this actually it works but if you only have a few time to do trading, it was best to extend the timeframe like 1 day or a week.
Well, that gonna be necessary to check all the timeframe if you have enough time to do it. Some basis of our analysis might not just be in a small timeframe but we could also get an idea of the behavior to that particular coin when we do it. That is really time-consuming but I believe it has a market advantage.
Topic: Which timeframe do you use for day trading? - page 4. (Read 603 times)
It's good to see how others are approaching trading and making themselves more efficient with the use of bots. I use Gunbot for my trading necessities, utilizing it as an exit tool and complete automation.
It's good to test out different parameters, but we know that the market is unpredictable at the end of the day, and the results can vary continuously on other setups.
Anyway, for my day trading strategy, I usually use 15 mins for that. Whenever I think of day trading, it's okay for me to hold a position for a day and not longer than that. Right now, my focus is on market making, though.
It's good to test out different parameters, but we know that the market is unpredictable at the end of the day, and the results can vary continuously on other setups.
Anyway, for my day trading strategy, I usually use 15 mins for that. Whenever I think of day trading, it's okay for me to hold a position for a day and not longer than that. Right now, my focus is on market making, though.
First time hearing 7 minutes, I usually see 1m, 3m, 5m, 15m, 30m, 1hr and so on. I do usually look at 1 hour to 4 hour time frame in day trading I think I can analyze well in this hours rather than 15m and below time frame or what some people call micro time frame.
I'm not using bots that's why I'm just trading in the daily chart. A slow way of making money I guess because sometimes I exit back to USDT after several days or a week after. And sometimes I just earn $20 to $50 if the movement of the price goes more than 5%.
I have not seen anyone distributing free bots in crypto trading actually. While we are at this thread, may I ask where you got the bots and is it free?
Thanks for your reply. I actually made my own bot. It performs very well and I am constantly improving it, which was the reason for my post. In the last 30 or so my clients are up over 127%. I do have two options for licensing but neither is free.
Lower timeframe like minutes from 1-15min is scalping except you are a scalper then you can succeed buyif not so, a day trader always concentrate on 30minutes to 4 hours and that works better. Such time gives a longer look to the market and space for spikes that will happen before the market settles for profit taking.
I do have a daily work and I really can't watch the market on what going to happen in other words I can't do technical analysis in small timeframe and I usually do swing trade and whenever I'm at home I do 30mins - 4hr timeframe. I think it depends on the people's perspective some people have accurate analysis on bigger timeframe and some are in small timeframe.
I'm not using bots that's why I'm just trading in the daily chart. A slow way of making money I guess because sometimes I exit back to USDT after several days or a week after. And sometimes I just earn $20 to $50 if the movement of the price goes more than 5%.
I have not seen anyone distributing free bots in crypto trading actually. While we are at this thread, may I ask where you got the bots and is it free?
For me the best time frame when trading is 1hour or 15 minutes because you can see all of the trends and of course the potential of the coin such where is the next distination of the candles. Especially using some useful indicators you can really determine the exact direction with that time frame even for shorting it's very effective.
Most traders are targeting fluctuations that are due to the sudden increase in demand, so 5 minutes to a quarter of an hour seems ideal if the platform has sufficient trading volumes, and it may need more than that for platforms with low liquidity.
So 5 minutes seems perfect to me and we rarely see individual trading pairs like 7 minutes.
So 5 minutes seems perfect to me and we rarely see individual trading pairs like 7 minutes.
I tried trading 5min time frame once and could not make any decision I was only staring at the speed at which new candle sticks were forming without taking any position. For me higher time frames is where I feel more comfortable mostly on the H4 time frame and D1 when I want my trade to cross over the next days mostly when I'm certain about the direction of the market
When day trading i keep my eyes on the 30 min time frame. Sometimes i increase the time frame to see how the coin does if i feel it has more potential
All timeframes are necessary. I'm starting with weekly candles to know where market is going and slowly going down to lower timeframes. You need to know whole picture to not trade against big market moves. If price is on strong support on weekly candles I will not short only because chart on 5 min candles looks bearish. Good daytrader should build wide price awareness and go to lower time frames to find best spot to open position in a direction where whole market is going on big timeframes. So when i know when market is going, I go to 5 min candles to find sweet spot, when I'm almost sure its here i switch to 1 min candles to open position with as small stop loss as possible. When trade is not behaving how I predict I close before stoploss hit. Risk/reward ratio is insane here because you are out when chart on 1 min candles fail or you close with small profit or ... you just open position that can be holded for weeks because its not against global trend.
I'm also a day trader and the time format you using for your trading is very short, but i use more than that, at least a half hour, because the about the coins we can't say anything that at which stage it will pump and it will go down, so i think that waiting for some more time will give us benefit as well.
That's really a short timeframe. Other traders that I know of use 15-min at the very least, coupled with 30, and 1 hr. I guess it depends on how many times you want to make a trade each day? How's the result of your bot anyway? If it's good enough for you then I guess there's no need to change.
I normally use 1 min, 5 min and 15 min for intra day trading. 7m or maybe 4m timeframes are potentially a good idea for spitting stuff other people have missed and I normally check my strategy is obvious on more than one chart before opening a position so it'd probably help with that. It's going to be dependent on your strategy though, if you're relying on things like support and resistance, you might be better off looking at what everyone else is.
I’ve been working on a trading bot for the better part of six months. It uses a five min timeframe to make decisions. Do most intra-day traders use such a short time frame as well? Has anyone had any luck with a custom timeframe like 7 mins?
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