I have my own recipe for profitable Forex trading. This is my personal research after the long time practice. I'm now sticking to this recipe.
Here it goes. It is often difficult to determine what time frame to trade in Forex. I'd say, trade 1 hour TF, or 5 min TF. These are the best. Trade daily TF only if swaps by the end of the trading day are in your favor or exit your daily trade no matter what before the swap is added to your account, which means before 5 pm.
A thing of the paramount importance is exit. Use fixed and clear rules for exits, use Pivot points and trend lines for exits, use Fibonacci for exits etc. Whatever you use, make sure you stick to your rules and follow them.
Final recipe factor is timing. If you want to trade 1 hour charts in Forex, you must know what hours are the best for trading and what are the worst. Learn about best Forex trading hours and tighten your trade to those hours. Do not over trade. Whatever you got with your trading strategy for the day, take it and wait for the next day and a new opportunity to profit from Forex market.
That's it. The rules are simple: trade 1 hour, 5 min or daily charts, don't leave your trades without control, take exits in time, define a period during the day where your trading will be the most successful. Enjoy trading Forex!
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