While scalping is possible virtually on any time (presuming that traders know where is that very gold limit which price will stumble upon) there are several commonly used time frames that scalpers use over and over again to profit from price moves in Forex.
These time frames are:
1 minute time frame - the favourite time frame for all Forex scalpers.
5 minute time frame - the frame for Forex masters, you need to have good analytic skills or a sound strategy to scalp with 5 min charts.
15 minutes - even more advanced level of knowledge is required.
These are three most common time frames adopted for scalping in Forex. However, there are other rather exotic frames some Forex brokers may offer: tick charts - 1 second, 5 second etc - these are nonsense, so don't waste your time watching them.
Then come 2 minute charts, 3 min, 4 min, 6 min, 10 min - they are so uncommon, again, don't fall for them, because you won't be seeing what everyone does.
What I mean is, say, everyone is watching 5 min charts, where there is a doji candle appears at the main support/resistance level signaling of an short term immediate price reverse, everyone will see it, but you, with your 3 min or 6 min charts won't. Thus you won't be able to react in time.
Conclusion, stick to three main time frames which majority use to make Forex analysis and scalp profitably.
Happy Forex scalping!
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4 comments:
Forex scalping with 1 minute TF is a rush for me, while 5 min scalping looks fine.
Could you please name core skills of a trader who is able to pull scalping on 1 minute chart efficiently.
Thank you.
Thomas
I love the 5 sec. Just scalped over 300usd in 15 minutes in an otherwise sideways consolidation.
Please try do some course (may be Power Course from FXCM, costs only $19) and move to 5min chart as quickly as possible.
Good Trading,
Jim
5 seconds works for me and its big and fast money
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