Forex

[hendrikone]

Hello Neal,,
>
> I am mostly a short term trader( newbee), and I
was
> wondering if it would be all right to trade
from the 60 min. charts and
> from there to the 15 and 5 min. charts?


>
> If the 60 min is in an uptrend and shows a down
tick of
> 15 to 30 pips, in your opinion should I look to
sell the
> rallies? ( from the Fib point level and Pref.
Stoch ?)
> and the same for the 60 min downtrend, with a
good
> bullish uptick, look for dips to buy?
>
> Thanks for your help.
>
> Best regards,
>

[FibMaster]

Hendrik, I apologize for the delay in my response. My schedule is too busy!

Yes a 60 minute chart and 15 minute chart combination is good. Watch out though, the lower time-frames will be calling you..

I don't really like what you wrote about the trend though. Generally, it is better to trade with the 60 minute trend. Taking triggers on a 15 minute chart in the direction of a 60 minute trend is usually better.

-Neal.

[hendrikone]

Thanks Neal, I have another question: If I draw fib on a 60 min. chart of a chosen currency pair and then move to the 15 min. chart (of the same pair) will the 60 min. fib be usable on the 15 min. chart or do I have to draw a NEW fib on the 15 min. chart?
Thanks for your help!

[FibMaster]

The answer is "yes" to both questions. See the reply to this question in a separate thread here;
http://www.traderzine.com/forums/showthread.php?t=95