Traders' Roundtable

I am just curious as to the time frames (weekly, daily, 60 min 30 min, 5 min, etc) that people are watching and trading the Forex market?

Thanks

Don

Daily data for me - haven't considered anything shorter as I am and need to continue to be employed on a full-time basis, until I can build enough capital to go it as an independent...

Do you think that you will look at a shorter time frame once you get closer to going independent?

Don

Definitely will look at it - its a matter of doing the testing first (and having the time to do that as well) that will lead to the final decision. However, I think I am a few years away from that...and I believe that trading forex with shorter time frames can really change your lifestyle, given 24 hour markets, so I would also be somewhat reluctant to move away from daily...

I mostly use daily charts to determine the direction of the trend and then drill down to a 60/30/10 min chart to get a low risk entry level where I can latch on to it using a pullback/breakout strategy.

Also predominantly use daily charts and relevant indicators to determine whether market is overbought/oversold and volatility is at extreme levels. This usually occurs at the end of the trend. I then start looking for a reversal due to the fact that the probablility of trend continuation is low.

Does anybody here use pivot points for their forex trading?

I have looked at camarillo, floor, opening price, and DeMark pivots on forex and found them to be less useful than on stocks and indexes. I think that the reason for this is that there is no consensus as to the open and close times for forex sessions. I played with US day, Globex, EST, and London time in an attempt to get a meaningful outcome ... and failed.

Please let me know if you find a particular time zone that seems to work for you - I'd take another look at that point.