I’ve recently started trading using the 5-minute chart and I’m trying to refine my strategy. One of the aspects I’m struggling with is determining the best timeframes to set my support and resistance (S&R) and trend lines.
For those of you who trade primarily on the 5-minute chart, I’d love to hear your insights on:
What timeframes do you typically use to establish your S&R levels?
Do you find it more effective to set these levels based on the 1-hour, 4-hour, or even daily charts?
How do you adjust your strategy if there are discrepancies between S&R levels on different timeframes?
I appreciate any tips or experiences you can share. TYIA
Always shoot for the next one up. If you’re jumping in on the 1-minute chart, aim for the 15-minute, 5-minute, or 1-minute. If you’re on the 5-minute, go for the 1-hour, 15-minute, or 5-minute.
As for folks talking about daily, weekly, or yearly charts? Maybe they’re just waiting for their grandkids to show up before they find a point of interest! Good luck with that…
Yeah, that’s my way. Others draw them on 1-min. It’s more like psychological levels for me, that coupled with fundamentals and price action, help me enter.
@Reka Yeah, that’s my way. Others draw them on 1-min. It’s more like psychological levels for me, that coupled with fundamentals and price action, help me enter.