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which timeframe(s)?
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fxstuntelaar
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August 8, 2016 - 00:44
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Hi all,

 

Since i discovered this site last week i'm reading and rereading the free course to understand what's being taught here. Since last year i'm trying to become a trader, at first besides my job, but hopefully at the end to replace the job as my souce of income. I must say until now it's not easy. But i dont't give up and i really like the course on this site. Very clear and giving me the theory and tools (siwng indicators) to see price action better.

I'm struggling with what's the best timeframe in my case. The examples in the course are based on 1D timeframes but i also read 4H timeframes can be interesting because there are more opportunities, you don't have to hold a position during weekends and i think better on a small budget.

Is it possible to trade 4H timeframes with a job? I can only spend more time on trading during the evenings (i live in Europe, GMT+1). And how do you cope anyway with 4H beacause you can't be present/awake all closing candles?

 

Regards and thanks in advance,

 

Cornelis

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Theo Patsios
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August 8, 2016 - 01:07
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Hi Cornelis,

On a healthy 8 hour sleep schedule you will have to miss 1-2 4H candle closes and just make do with the rest. The 1D candle close is always going to be a good one to check even if you are trying to get in on the 4H candles. I also enjoyed the 8H candles back when I was trading at such a slow pace but these days I use a timeless charting setup and just get whatever I can whenever I can.

Welcome to EFX,
Theo

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fxstuntelaar
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August 8, 2016 - 02:02
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Hi Theo,

 

Thanks for your fast reply. Also thanks for this websiite and sharing your knowledge and experience.

The point with 4H is that i miss a lot more because of my work. Technically it is possible to monitor the charts while working but i can't always do that. I read about tools to automate part of trading, could that be a solution in this case?

I suppose you refer to Renko for timeless charting? So i could use a larger boxsize if i only can look once a day and decrease it on my day off for daytrading for instance?

 

Regard,

Cornelis

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Theo Patsios
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August 8, 2016 - 08:16
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Hi Cornelis,

Yes, I use tools to set and forget most of the process when I don't have the time but I only include the ones I use with my VIP membership. To a certain degree though you can make the set and forget approach work with the free tools also. When trading candles you have to use the candle close as an action point in time to plot your set and forget trades. When using Renko you are looking for patterns and can do the same thing by just checking whenever you have time, if a pattern is setting up you can plot your set and forget trades around them.

You can see what I mean by that in this mini series here:

** Register Here for Free Membership to see this image/link **

To get things started for you though it sounds like getting in to weekly chart trades using the daily chart candles may be a viable option for now. Since you are in the GMT +1 timezone it would be something you do each evening last thing. You could spend a fair amount of time on Sunday analyzing the weekly charts (your map) and then waiting for a nice pattern with entry trigger on the daily candles.

Another suggestion would be the same thing but using an H12 chart which would give you something to look at in the morning and in the evening, plus the Sunday weekly analysis. 

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August 8, 2016 - 12:20
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Hi Theo,

 

Thank you for that info. That are several options to look at, will keep me busy for a while i think.

Can i bother you with one thing you mention that's not completely clear to me?

You write i can look at the weekly chart to discover patterns and use the daily (or 12H) for my entries. Is that a better alternative for looking at long and short term on the same 1D chart? I'm using the swing1 and 2 indicator for this.

 

Regards,

Cornelis

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August 8, 2016 - 23:58
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Hi Cornelis,

The Weekly chart is simply a fantastic map for the D1 or H12 trades, for example, if you had a pattern with candlestick trigger on your D1 but looking at your W1 you see that it is a counter trend-move, you would know that a smart target for it would be a cautious target at the 1st obstacle. Whereas if you had a pattern on your D1 that was also part of a pattern on your W1 then a 2nd obstacle is not a greedy choice for your target and better risk:reward.

It's not the most exciting way to trade but you can keep your eye on far more pairs since it is not very time consuming. I have been trading the Weekly charts myself lately (watching 40 pairs) as a side project to my high speed trading which I keep to 4 pairs maximum but only really focus on my main 2

Best,
Theo

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August 9, 2016 - 04:24
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I understand now, at sunday i look for the long term trend on the W1, followed by scanning the D1 chart for pattersn with opportunities the coming days, preferably in line with the W1 and ,if contertrend,with more caution.

Thanks,

 

Cornelis

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