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Al says that the minimum scalp on forex is 10 pips. Therefor, the minimum should be that a market should have 10 pips sized bars.
This is not the case in EURUSD 5 minute charts. Bars on this chart hardly are larger than 7-8 pips.
Knowing this, is it safe to assume EURUSD cannot be traded on the 5 minute chart? Am I misunderstanding something?
Thank you for your time.
Hi Jesus,
A scalp of 10 pips does not mean bars also need to be 10 pips. No connection in that sense.
Applying same logic to swing trading would mean waiting on market to deliver 40 pip bars. Maybe it will, maybe not. Do not connect trade size to bar size in this way.
You can certainly trade the EURUSD on a 5-minute chart. But as Al suggests, look for swing trades.
Thank you for taking the time to respond to my question Richard. You always give great insight.
Over the past few weeks, I've been finding it consistently more difficult to catch a good swing trade on Eurusd. I aim for 30-40 pips. I have been finding that lots of scalps are dominating the market. Sometimes a move over multiple hours only gives 10 pips...
What are your views on using 15 minute charts, instead of 5 minute charts? My reasoning for this is that there would be more pips within each bar.
