Which timeframe do you use for day trading?
Which timeframe do you use for day trading?
I’ve been working on a trading bot for the better part of six months. It uses a five min timeframe to make decisions. Do most intra-day traders use such a short time frame as well? Has anyone had any luck with a custom timeframe like 7 mins?
That’s really a short timeframe. Other traders that I know of use 15-min at the very least, coupled with 30, and 1 hr. I guess it depends on how many times you want to make a trade each day? How’s the result of your bot anyway? If it’s good enough for you then I guess there’s no need to change.
I normally use 1 min, 5 min and 15 min for intra day trading. 7m or maybe 4m timeframes are potentially a good idea for spitting stuff other people have missed and I normally check my strategy is obvious on more than one chart before opening a position so it’d probably help with that. It’s going to be dependent on your strategy though, if you’re relying on things like support and resistance, you might be better off looking at what everyone else is.