Why the Daily Chart is the Best Time Frame Chart to Trade

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#442: Why the Daily Chart is the Best Time Frame Chart to Trade

In this video:

00:31 – When to trade and which time frame chart?

01:04 – Not watching your charts all of the time

01:50 – Trade the MN1 and W1 charts too

02:13 – Spend 10 -15 minutes once a day

03:08 – Trades from this week

04:01 – Sell trades on the H8 charts

04:26 – Summary of when to trade

05:07 – Feel free to share my trading information

If you had to pick one timeframe chart and one time of day to trade the forex market, when would that be? Let me explain more about how I trade and why I look at the daily charts at 5:00 PM New York time. Let's get into that and more, right now.

Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 442.

When to trade and which time frame chart?

Now, questions I get asked all the time is, "Andrew, so many different chart timeframes out there, which one's the best, and when should I look at my charts?" So the easy answer for me is you should try and look at the daily charts each day. It's something I've done for the last 14, 15 years, and it's something that's very repeatable. It's easy to do. It doesn't take much time. It's profitable, and it is consistently reliable because the daily charts contain so much information.

Not watching your charts all of the time

It also means that you're not sitting there waiting all day and night watching charts. It also means that you're not leaving trades open for days upon days or weeks upon weeks. So it has a perfect blend for me. Now, if you cannot get to your charts at 5:00 PM New York time, doesn't matter, because the way that we trade, we use limit orders, anyway. Now we have coaching clients in 99 countries, all around the world, all on different time zones, people with different jobs, different times they can get to their charts, whether it be work, family, sport, all these different restrictions. Not everybody around the world can be there at exactly that time. But that is the time when the daily charts close, and then the new day opens.

Trade the MN1 and W1 charts too

At the beginning of each month, the new month opens at 5:00 PM, New York time, on the first of each new month, and the beginning of each week, the weekly charts open as well. So if you can be near your charts around that time, 5:00, 6:00, 7:00, 8:00, 9:00, 10:00 PM, New York time, depending on what that time is for you, that's going to be the ideal time to go and look at your charts for the daily charts.

Spend 10 -15 minutes once a day

Now I can scan through the daily charts using all the forex pairs, and now we also look at indices, cryptos and commodities, and I can go through all the daily charts in around 10, 15 minutes. And I do that now on a regular daily basis. But also you don't have to trade just the daily timeframes at that time. You see, at that same time of day, I then go through and look at the 12 hour charts, the eight hour charts, the six hour and the four hour. So you can scan all those four timeframe charts plus the daily. At the beginning of each week, you can do the weekly as well. And that gives you so many opportunities.

Now, realistically, you can do all of that, completely, easily in under 30 minutes a day. Absolutely. Absolutely, simply to do in under 30 minutes a day. And that gives you so much in terms of timeframes to look at, but also means you can trade just once a day.

Trades from this week

Now, I'll give you some examples of trades that we've taken this week on the daily charts. We've had a trade of all these, being published on our membership site, by the way. Ethereum. So we're getting into the cryptos. We had a loss on Ethereum and I've got another trade open at 2.7 to one right now.