Types of Time Frame

Timeframe	Description	Advantages / Disadvantages
Intraday	Designed for active currency traders, such as the scalper and the daytrader. Timeframe's usually used to trade are 1 and 5 minute for scalpers and 5-15-60 minute for daytraders.	Intraday trading can be very stressful, whether it's scalping or day trading, the trader needs to set aside dedicated an uninterrupted work. You will have lots of intraday trading opportunities and no overnight risk or rollover fees.
	Trades are typically held for minutes (scalpers) or couple of hours (daytraders). Intraday traders will close their positions before market close (5 PM EST)	Scalpers and daytraders are the real deal. This is what they do for a living. Usually, they don't have a second job. Most online currency traders are intraday traders. Both scalpers and daytraders will keep a close eye on key economic data. Make sure you have an Economic Data Release Calendar on your trading desk!
Swing or Position	Designed for the less active currency trader. Timeframe's usually used to trade are 60 min, 240 min, daily and weekly charts. Trades are typically held for days or weeks	If you want to trade currencies but have a job, then become a swing or position trader. Looking to your charts once or twice a day is fair enough to make your trade decisions. Less stressful compared to intraday trading. Rollover fees will affect your account since you are holding overnight.
Long-term	Designed for the passive currency trader. Timeframe's usually used to trade are daily and weekly charts. Trades are typically held for several months or even years.	Your primary income is a full time job and you don't have the time to watch your forex charts every day. Rollover fees will affect your account since you are holding overnight. Holding a carry trade might be a good idea for you. Trading long-term timeframe’s requiring a large stop and the best approach is to be a long-term trend follower.