The Time Chart you should be using will depend on the strategy you are using for that specific trade, for instance in my last article, The Binary Pro Strategy, we are using a one minute time chart for a five to fifteen minute trade, this being said if I am placing trades for under one hour I will jump between the,one minute, five minute and fifteen minute time charts ( normal candles ), as so much can change in one minute so I use the these other time charts to sort of confirm the direction of the up comming trade I am about to take using the Heikin Ashi candles.
When I am placing one hour trades, my main time chart will be the five minute time chart and i will jump between the five minute and fifteen minute charts and occassionally will switch to Hiekin Ashi candles on the five minute chart for confirmation.
Timing is everything in both Binary Options and Forex trading so understanding the difference in time charts and the time frame for your intended trade can be crucial to the outcome of that trade. Like I have mentioned in an earlier article, it is in your best interest to learn and understand candles and candle formations, as this knowledge can help you with entry points and the intended time frame for your trade.
Timing is also critical and reliant on the strategy you are using, for example, if you are trading EUR/USD and your strategy relies on volatility, you would really want to be be trading during the European and US market open times, more so when the US market is open. On the other hand if your strategy relies on a calmer market for the same currency pair, EUR/USD you would be better off waiting until these markets are closed, Use your demo account at different times of the day for the strategy you are contemplating using and keep a journal for future references.
With different markets opening at all different times, keeping a track of these can be dificult but in todays world of technology and Apps. , you simply need to download a world trading clock, I use Market 24h Clock.