I use daily charts but a 60 minute candlestick is my preferred choice for entry/exit. During its duration, it can be a long red candlestick only to end up as a white one with a tail for instance. Is it better to wait till the final 10 mins. or so to make trading decisions as early on it can give rise to erroneous ones? Ofcourse I can check the 15 min. or 5 min. chart but it has its own set of indicators and that just makes the process more complex.
The question has been closed for the following reason "Question has been answered" by ollielee Oct 03 '12 at 11:56
I am trading more and more off 60 minute charts especially in is wonderful volatility we have. If you trade off 60 minute charts that means you take your signal at the end of the hour. That is when the official candle is done, I trade with the Elder Impulse System which makes decisions a lot more mechanical with color coded candles. You may want to look into that by clicking on the link.
You have to decide your primary time frame and always trade off that timeframe. Of course you have to look at multiple time frames to trade with the trend but you need to decide if you want to trade off the dailies or the 60 minute charts. You can find a lot more short term trades off the 60 minute charts and if you trade big enough lot sizes they can be very profitable.
Peace & happy trading :)
answered Dec 02 '11 at 13:57