Well Aubrey, it can be volatile, but, if I follow rules, my suite keeps me away from short range markets and encourages me to trade the long range and trend markets. So if you look at it like that, it is not so volatile. Have you ever applied a methodology to trading the 1 minute?
You have a good point I'm definitely going to try it for a minute.
Sent from my BlackBerry® on the MetroPCS Network. Great! Well def. come back and show us your results. Anyone else trading 1 minute charts?
I day traded for 5 years and used nothing but a one minute chart. How can it be more volatile? I don't understand those comments, the market moves the same whether looking at 1 minute or 10 minute...it is just perception and methodology. Also the same methods apply to one minute charts as to longer time frames--still capturing the trend, although the moves extracted are generally smaller since I am trading smaller waves than if I was trading a 15 minute chart for example. In this way trading a one minute chart is much less volatile because risk is also based on a smaller time frame and thus smaller (I may have a wave bottom on a one minute chart which is 30 pips away which can be used for a stop, where as the 15 minute chart bottom is 80 pips away). In other words, my risk and profits are less when using the one minute...generally. Methods can be used to entry using one minute (or 5 minute) data with very low risk to enter into longer-term moves (seen on15, 30 min or even longer) to increase the potential reward.
The only difference is the number of trades as far as I am concerned. For instance I may make 3 trades catching three small trends within a 30 minute bar. While someone looking at the 30 minute chart may only make one.
If I am day trading I will still always keep a one minute chart up. But I almost only exclusively swing trade for the last two years now so i don't have to sit in front of my computer and trade all day...although I still do anyway haha.
So nothing wrong with one minute charts. Although I would caution, traders needs to be very selective on trades because often the rewards are smaller when focusing on this time frame but the spread stays the same.
Thank you Cory, that is exactly what I am talking about. I don't want to bash people who use the predictive models like Fibonacci and Elliot wave, Support and resistance and the such but you just cant predict the future, so I want to bring more attention to actually trading in realtime and seeing the turns of the market. I think it is a much more sufficient way for the common man to trade these markets. Which is what I can do on 1 minute charts, and I am sure I am not the only one.
Well, the only way is to sculpt through exchanged futures. Any OTC products won't be available because the dealers will list your account into watch list.
All time frames have advantages and disadvantages. I agree the 1 minute is very tradable... as are the hourly time frame or daily charts.I see it as personal preference. I used to love sitting and watching every tick, jumping in and out of the markets. But now I much prefer to sit back and look over charts, find trades and then put out my orders. Trades generally last several days to a couple weeks although I still do day trade when I see set-ups like.
Having been in both camps (very short-term and now short to medium term) I won't try to convince anyone one way or other, all are perfectly viable options with the right plan and a personality that suits the time frame and plan chosen.
I've stuck with a 1 minute chart for the past 7 years. It's not all I use but is the main chart I use for my discretionary trading. I agree with Cory. It all comes down to personal preference and style/strategy. It's not right or wrong, it just comes down to what makes sense to an individual trader and where they can consistently produce results from. And for me, a 1 minute chart has been very profitable for the way that I trade.
Sean you couldn't have said it better! I really want to bring trading 1 minute charts to light because I feel it is easier for new traders to learn it and for people who have been struggling to predict the future, b/c you can't, they should be working on a 1 minute chart methodology.
Hello newbie Charlie, the broker I use is FXCM (that does not matter so much). There are several topics you need to learn BEFORE you learn the technical ins and outs of analysis and trade execution: Psychology of trading, Fundamentals, types of Technical analysis. I have written a bunch of articles on all three of these topics on my web site ForexWinnersAcademy.com. 164 students over the last past few years typically ask the same questions and they are answered there.
When we are talking about trend cycles, the one minute is used as a trigger for opens and closes in concert with the 5, 15, 30 and sometimes the 4hr along with 4 non-lagging indicators. This delivers an accuracy of about 90%. Support and resistance - very simple but only delivers an accuracy of 70%.
I would be very happy to review these topics - free in my weekly webinar. Simply register on my web site ForexWinnersAcademy.com
used to trade 1 minutee charts with equities and followed the price action. With Forex, I haven't been successful with 1 min, as the price action always alluded me and I ended out just trading too much and losing due to the spreads.
Dennis - hope to view one of the webinars this week