The current ranging markets are making it very difficult to trend trade on longer time frames, such as the 4 hr or daily charts. Trends may appear but there is little follow through. The 4 hr charts are my preference to trade from and this is mostly due to time zone issues given that I live in Sydney, Australia.
There have been moves on smaller time frames over the last 2 weeks though that could have been caught. The example below shows how there were 2 possible TradeSpotting (TS) trades on the AUD/USD yesterday (24/10/11) using 1 hr charts that netted a possible 95 pips. This is almost a weekly quota of pips! The chart is a simplified template of the main chart that I use for finding TS trades and I have expanded the zoom for easier viewing.
I often lament when I update my charts in the morning to see that a beautiful trend occurred during the US session; when I am tucked up in bed! Often these trends can be caught on shorter time frames such as the 1 hr or 30 min charts. I have not found that there is enough consistent move with the FX pairs during the Asian session though to warrant, and justify, sitting in front of the charts and looking for trades during my daytime. The chart below illustrates this more clearly. This is a chart of the 30 min AUD/USD and has blue boxes drawn on it. These are often referred to as 'Tokyo Boxes'. The left hand blue box denotes the Asian trading session, the right hand blue box denotes the London open and the clear space between the boxes denotes the US trading session. (see chart). It is easy to see from this chart how there is more price movement during the London and US sessions. Those people lucky enough to live in the US zone would have much more opportunity to catch my TS trend trades during their day time!