time frame/indicators

[fivezerozero]

Hi,
Newish to trading but learning everyday. Have read a load of books etc on Forex etc but everyone says a different thing about timeframes/indicators to use.

Ive been trialing various things but cant seem to find the right match for short term trades on forex. Looking for 5-10 pips and currently set up for following:

60min chart for trend
5-1 min chart for entry/exit
Indicatorsrice with MA, MCAD 12/26/9,Stochastic 14/3/5,RSI,Momentum

Im trading with a live account with 0.50 pip as trading with real money is always more educational than fantasy!

Some help would be great!

Cheers

 

[Barramundi]

I would advise that you work out your strategy, backtest it, and trade it in simulation before commiting funds to it. When you start trading live, it's much easier if you know that both the methodology and your execution of it is profitable.

Those timeframes are a good combo and those indicators are fine but you won't need all of them. The other question is what are you planning on doing with them? Having the right tools is great, but knowing how to use them is equally important.

If you're looking for just 5-10 pips, you'll have the spread working against you. Also you're not going to have a favourable risk/reward ratio meaning you'll need a high success rate. Up to you but I'd suggest looking for bigger moves, or have a inital target and a runner, to take advantage of the trend that you're looking at on the 1Hr.