- 30 - minute chart for main trend identification,
- 5 - minute chart for entry and to look for breakout trend, and
- 1 - minute chart to make entry and stop loss as well as target
You will realized the above time frame will have fast moving price and will require you to monitor the market movement every minute. This can be very exhaustive. For this what I like to do is to look for trend breakout on either 30-minute or 5-minute chart. If I can find or see a new trend developing and break the current resistance or support, I will start to sit infront of my laptop screen until I can find the perfect spot for an entry with good probable result of profiting from it.
For novice or new trader, I DO NOT encourage you to trade in this way. The market movement is quite fast and a lot of market noise are generated with false signal. If you have been with the FOREX market for quite some time you may taste this water condition.
In the next part I will try to share with you how I personally trade the 1-minute chart. Until then, happy trading...