What timeframe is best for candlesticks?
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What timeframe is best for candlesticks?
Most candlestick patterns form over 1-3 days, which makes them short-term patterns that are valid for 1-2 weeks. Hammers and shooting stars require just one day. Engulfing patterns, piercing patterns and dark cloud cover patterns require two days.
What time frame should I use for day trading?
A day trader could trade off of 15-minute charts, use 60-minute charts to define the primary trend and a five-minute chart (or even a tick chart) to define the short-term trend.
How do you day trade using candlestick patterns?
Starts here21:05Why I Use Candlestick Analysis (Day Trading for Beginners) – YouTubeYouTube
How the timeframe impacts candlestick charts?
How the Timeframe Impacts Candlesticks Just like other time-based charts, the timeframe you analyze the candlestick chart is very important. The timeframe would determine the significance of the candlestick patterns. A reversal pattern you see on a 1-minute chart will not be as significant as the one you see on a daily timeframe.
What is the best candlestick pattern to use in trading?
Candlestick tip: Candlestick pattern observed in daily time-frame has major impact on the sentiments of traders. For example: Morning star and Evening Star candlestick patterns on NIFTY chart. You can use candlestick patterns in any time frame…..do read Steve Nison book for more knowledge….
What is the best time frame to use for trading?
Time-frame should be decided based on your trading style (Intraday, Swing or Positional). Candlestick pattern is a study that will work effectively across all the timeframes provided you spot them at the right location/zones. Candlestick tip: Candlestick pattern observed in daily time-frame has major impact on the sentiments of traders.
Do you trade the 1-hour or 4-hour charts on their own?
The answer is, yes, I sometimes do trade the 1-hour or 4-hour charts on their own without taking into account the daily or weekly time frame. However, 90\% of the time I use the 1-hour and 4-hour charts to confirm the higher time frame signal, mainly the daily chart time frame.