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“Is There a Best Time Frame to Trade Forex?” This is a common question that many traders ask, especially those who are new to the Forex market. The truth is that there is no one answer. It all depends on your preferred trading strategy and style.
Traders use different time frames to speculate in the forex market. The two most common are the long term and short term time frames which are transmitted through trend and trigger charts. Trend charts refer to longer-term time frame charts that help traders identify the trend, while trigger charts pick potential trade entry points. This article will explore these forex trading timeframes in depth, as well as offer tips that can best serve your trading goals.
As mentioned above, the best time frame to trade forex will vary depending on the trading strategy you have adopted to meet your specific goals. The table below summarizes the variable forex timeframes used by various traders for trend identification and trade entries, which are explored in more depth below:
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Traders use different strategies which will determine the time frame used. For example, a day trader will hold a trade for a much shorter period of time than a swing trader. Read our guide to a basic introduction to the different trading styles.
As summarized in the table above, the time frame for position trading varies for different trading strategies. Under the ‘long term’ definition, it can fluctuate from daily to annual.
Many new traders avoid this approach because it means the trade will take a long time to materialize. However, by many accounts, successfully executing trades with a shorter term (day trading) approach can be far more problematic, and it often takes traders significantly longer to develop their strategy.
Position trading (long term) outlook grading can look at the monthly charts for trends and the weekly charts for potential entry points.
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Once the trend has been determined on the monthly chart (lower high and lower low), traders can consider entering positions on the weekly chart in a variety of ways. Many traders like to use price action (as seen on the weekly chart below) to determine trends and/or enter positions, but indicators can be used here as well.
Once a trader is comfortable on the longer term charts, they may consider moving their outlook and desired holding time slightly lower. This can bring greater variability in the trader’s outlook, hence risk and money management should be taken care of before venturing into the lower time frames.
Swing trading is a happy medium between longer-term trading time frames and a short-term, scalping approach. The best advantage of swing trading is that traders can get the benefits of both styles without having to take into account all the downsides. As a result, this makes swing trading a very popular approach in the markets.
Swing traders will check the charts a couple of times daily in case there is a major movement in the market. This gives traders the advantage of not having to constantly monitor the markets while trading. Once the opportunity is identified, traders take the trade by attaching stops and monitor at a later stage to see the progress of the trade.
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Another advantage of this approach is that the trader still looks at the charts frequently to seize opportunities as they arise. This eliminates one of the negative aspects of long term trading in that entries are typically placed on weekly/daily charts.
For this approach, the daily chart is often used to determine the trend or general market direction and the four-hour chart is used to enter trades and hold positions (see below). The daily chart shows the high and low of the recent movement respectively. Traders usually trade volatility in the direction of the previous trend – in this example the previous trend is up.
Now that the direction of the trade has been identified, the swing trader will reduce the time frame to four hours to look for entry points. In the example below, there is a clear price resistance level that the swing trader will look at when entering a long trade. Traders may look to enter once the price breaks or the candle closes above the specified resistance level.
Day trading can be one of the most difficult strategies to find profitable. Traders new to day trading strategy are exposing themselves to more frequent trading decisions that have not been practiced for a very long time. This combination of experience and frequency opens the door for losses that could have been prevented if the trader had chosen a slightly longer approach such as swing trading.
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The scalper or day trader is in the unenviable position of needing to move the price quickly in the direction of the trade. Therefore, the day trader is bound to the charts as he looks for the market trend for that day. Paying attention to charts for long periods of time can be tiring. The short term approach also has less margin for error.
Generally, the profit potential in short term trades is low due to which the stop levels become tighter. These tighter stops mean a higher probability of failed trades as opposed to longer term trading. In order to trade with a very short-term outlook, it is advisable for a trader to become comfortable with longer-term and swing-trading approaches before venturing down. Very short time frame.
Similar to longer term trading, day traders can evaluate trends on the hourly chart and find entry opportunities on ‘minute’ time frames such as the five or ten minute charts. The one minute time frame is also an option, but extreme caution should be exercised as volatility on a one minute chart can be very random and difficult to work with. Once again, once the trend is determined traders can use a variety of triggers – price action or technical indicators – to initiate positions.
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All You Need To Choose The Best Forex Trading Strategy
The charts below use hourly charts to determine the trend – a price below the 200-day moving average indicates a downtrend. The second 10 minute chart uses the RSI indicator to aid in short term entry points. In this case, the trader identifies overbought signals only on the RSI (highlighted in red) due to the long-term preceding downtrend.
The best time frame for forex trading does not necessarily mean a specific time frame. It is possible to combine approaches to find opportunities in the forex market. Find out more in our guide to multiple time frame analysis.
The contents of this site are not a solicitation to trade or open an account with any US-based brokerage or trading firm
By selecting the box below, you are confirming that you are not a resident of the United States. The global foreign exchange market is a hotbed of activity. This decentralized market operates 24 hours a day, 5 days a week. The forex markets begin trading at 5 p.m. local time in New York City on Sundays, and they close at 5 p.m. local time in New York City on Fridays, continuing operations only 48 hours later. These hours of operation will vary according to the location of the forex trader. A worldwide network of decentralized exchanges and brokers operates in multiple time zones, with multiple overlapping sessions across time zones.
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Forex trading activity is usually busiest when the New York and London trading sessions overlap between 1:00 PM and 5:00 PM UTC time, with the Tokyo session and the London session between 8:00 and 9:00 PM UTC time. trade in the middle of the day, and the Sydney session and the Tokyo session overlap between 12 pm and 7 pm. PM UTC time. The most popular currency pairs to trade include combinations of USD, GBP, AUD, CAD, JPY, GBP and CHF. The best time to trade these currencies is during overlapping sessions between major global currencies
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