Which timeframe do you use to for support and resistance or which is the best to use when actually making a trade? Thanks
This Q has been asked a billion times. It depends on the product and market condition/situation. For day traders, Sometimes, you use 0.5 second timeframe, sometimes, 1 sec .... sometimes, 15 minutes. There is no one-size-fits-all thing. But professional writers will say don't use a short timeframe chart. TO EACH HIS OWN.
First you better pick a timeframe to trade that fits your personality. Then explore the concept of S/R within that timeframe.
For awhile, I was just using 3 min time frames for futures. The lower time frame charts incorporated MA's that helped to inform me if we currently were in a down day or an up day to help with my bias of taking shorts or longs. I also like to look at news in the morning to see if something important came out like Fed decides to pause interest rate increases. However, I did about a week ago add 15 minute charts to help with intraday trades after doing some research based on what professional traders are using to make say $ 4,000 real money in a day. I do wish to start a youtube channel where I can post some of my charts, but it is not setup yet. The benefit of a higher frame chart is that you can more easily see pivot points and then use the lower time frame charts for an entry.
Look Hunnybunny, looks like we got a fellow price-based advocate in our midst (shh, don't spill all the beans.. make 'em yearn, spark some synapses. Most won't when treasure roadmap is right in their face.)
Proffesh traders don't use time charts PERIOD. Fixed-price bars only. If takes a nanosecond or eternity for price to travel the user-defined preset fixed distance then that's what it is. Red Pill moment right here. #IYKYK