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EP70: How to Choose the Right Timeframe for Forex Trading
In this episode of Truth About FX, Walter talks about catching kangaroos and big shadows. According to Walter, there are different ways but it should always depend on your lifestyle and where you live.
He also talks about flagging currency pairs and keeping sticky notes with you.
Download (Duration: 06:42/ 7.67 MB)
In This Episode:
00:41 – busy life
02:36 – flag charts
04:14 – set up your life
05:03 – sticky notes
06:15 – really obvious
Tweetables:
Switch to a timeframe that you can manage. [Click To Tweet].
The simplest way is set up your life. [Click To Tweet].
If the chart’s flagged, just pull it out a little bit. [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. We’ve got a question here. This person says, “I am always missing trading setups like kangaroo tails or big shadows because I cannot watch the charts all day. What should I do?”
Walter: That is a great question. There’s basically two different ways that I would approach it. It sounds like this person has got a busy life, have a job or whatever is going on. What I would say is, one is, just switch to a timeframe that you can manage.
That could be maybe the weekly or the daily or the 8-hour charts, or 6-hour or 12-hour, whatever where you can come up with a routine. Let’s say, you get up and go to work at 6:30 in the morning, maybe you can get up 15 minutes earlier and scan the daily charts or in the evening or whatever depending on where you are at.
For example, if I had a job and had a lot of things going on in my life and I was on a netball team or a handball team or softball, kids I’ve got to take to soccer, I’ve got bridge on Wednesday nights or whatever, what I would probably do is concentrate on the weeklies and the dailies.
What I would do is do something like… Let’s say you live in the UK, in that case, the candles are going to close in your evening. If you use the 5 pm New York close then, that will be 10 pm New York time in London.
What that would mean is that you would be able to check the charts at 10 and you would know, like seeing those charts, you would know whether or not you are going to have a trade the following day.
The same thing here in Asia. Like I am in Australia, I know in the morning when I wake up — it depends on the time of the year, right now the daily candles close at 7 am. I know at 7:01 am whether or not I’ve got any daily candles set ups.
The only thing I would say — and everyone has to decide on their own whether or not this is your experience — but my experience has been that you do not want these daily candles to necessarily trigger during the Asian session.
If you live in Europe, what that means is you might flag some charts at night before you go to sleep at 10 pm or 11 pm. If you are in Germany or something like that then, in the morning, get up quite early and put your order in before the London open.
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By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter talks about catching kangaroos and big shadows. According to Walter, there are different ways but it should always depend on your lifestyle and where you live.
He also talks about flagging currency pairs and keeping sticky notes with you.
Download (Duration: 06:42/ 7.67 MB)
In This Episode:
00:41 – busy life
02:36 – flag charts
04:14 – set up your life
05:03 – sticky notes
06:15 – really obvious
Tweetables:
Switch to a timeframe that you can manage. [Click To Tweet].
The simplest way is set up your life. [Click To Tweet].
If the chart’s flagged, just pull it out a little bit. [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. We’ve got a question here. This person says, “I am always missing trading setups like kangaroo tails or big shadows because I cannot watch the charts all day. What should I do?”
Walter: That is a great question. There’s basically two different ways that I would approach it. It sounds like this person has got a busy life, have a job or whatever is going on. What I would say is, one is, just switch to a timeframe that you can manage.
That could be maybe the weekly or the daily or the 8-hour charts, or 6-hour or 12-hour, whatever where you can come up with a routine. Let’s say, you get up and go to work at 6:30 in the morning, maybe you can get up 15 minutes earlier and scan the daily charts or in the evening or whatever depending on where you are at.
For example, if I had a job and had a lot of things going on in my life and I was on a netball team or a handball team or softball, kids I’ve got to take to soccer, I’ve got bridge on Wednesday nights or whatever, what I would probably do is concentrate on the weeklies and the dailies.
What I would do is do something like… Let’s say you live in the UK, in that case, the candles are going to close in your evening. If you use the 5 pm New York close then, that will be 10 pm New York time in London.
What that would mean is that you would be able to check the charts at 10 and you would know, like seeing those charts, you would know whether or not you are going to have a trade the following day.
The same thing here in Asia. Like I am in Australia, I know in the morning when I wake up — it depends on the time of the year, right now the daily candles close at 7 am. I know at 7:01 am whether or not I’ve got any daily candles set ups.
The only thing I would say — and everyone has to decide on their own whether or not this is your experience — but my experience has been that you do not want these daily candles to necessarily trigger during the Asian session.
If you live in Europe, what that means is you might flag some charts at night before you go to sleep at 10 pm or 11 pm. If you are in Germany or something like that then, in the morning, get up quite early and put your order in before the London open.