In Forex there are many different time frames you can use. There are charts in all Forex charting platforms varying from 1 minute up to weekly or even monthly. What you have to see is what is the best time frame to analyze the currency pair you work with. The most common ones that can be used for day trading are the 1, 5 15 and even 30 minutes time frame but watch out and be careful with your choices.
1 minute is not very good. In Forex you'll always pay a 3 or 5 pips spread and most of the times the 1 minute period don't give you many opportunities. It is too small to avoid all the noise and won't be enough for you to find good intraday trends.
3 minutes is not much different. If you use this chart it will be hard for you to see any differences between a small price swing and a big one.
5 minutes is a fairly decent time frame to day trade Forex. It allows you to find the fast trades with a good movement in order to pay for the spread and still make profit for you as well.
15 minutes is just like the 5 minutes one and it is one of the best time frames for a day trader. This time frame you can also hold your winners for much longer than the 5 minutes one, so it's a good choice for day traders.
30 minutes can only be used if you intend to hold a trade for up to 6 or 8 hours, nevertheless, it can also be used for day trading Forex.
Talking about the swing traders, they prefer the 1 hour chart, the 2 hours chart, the 4 hours chart and also the daily chart.
2 hours chart and 4 hour chart are the best options to the ones that want to hold a trade for some time up to 2 weeks.
In Forex there are many choices of time frames available. It really depends on the kind of trader you are. Bear in mind that if you are going to use technical analysis in your trading, you will need larger time frames, so it is important to know what you want and strategically choose the chart in order to help you achieve your goals.
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