let me ask you this.... If it's not useful, then why am i trading successfully like this and have been doing so for a few years ?
You need to understand, everyone has their style of trading and everyone has their setup THAT WORKS FOR THEM
you can't just come out and say out it's not useful
Mate, it's like eating Pizza ok
you eat it from the front, i may like to eat the back first
or When i eat a burger and the beef pattie hangs out the side because it's big,
i like to first bite all the way around to make the pattie, the size of the bun.
some other people might just bite into the burger and work their way to the back
EACH TO HIS OWN
My way is not More or less Useful, and neither is yours.
but YOUR STATEMENT IS FALSE.. that's for sure.
as for this...
IN YOUR OPINION....
in mine, a Year is Huge
let me give an example of how you are wrong..
here is a 1 Minute chart
Now BASED ONLY ON THIS and nothing else, a Beginner might conclude that YOU SHOULD SELL because price is approaching the 2nd SD
so.. SELL Huh
let's now jump over TO YOUR FAVOURITE... 1 Hour chart
paints a different picture now doesn't it ?
Price is in the middle,
Now , a beginner may say it's good to sell here
Actually, in times like this, You stay out, but it's still under the Moving Average, but not such a huge sell right
ok, let's keep moving
how about Weekly
Ohh.. Look at that
i guess if you were selling, You'be buggered right now .. right
so... High Time frames are useless ARE THEY
and let's see the monthly
would you look at that huh
now.. to a newbie, this would look like it's going up
ACTUALLY IT'S RANGING
but ok, on the short term, it's actually going up
so if you look at this portion of it
CLEARLY you don't want to sell on this hehe
so.. so much for that H1 time frame
and so much for high Timeframes being useless
BUT THIS IS ONLY HALF THE STORY
you see, IF YOU'RE A SCALPER
you use this...
and you can wait for a reversal and buy low
or you could something like this...
and you could say that if price crosses to the top of the trend line, then you would scalp UP (as is conveniently happening now)
you can see a range forming
so now you may do this...
and from this you can conclude
IF PRICE DROPS BELOW THAT 2ND TREND LINE... it will possibly go down
BUT.. IF IT DOESN'T
then it is certainly going up
you can base entry point and Stop losses on this
that's scalping and BB's
Now lets move to a high time frame
by the same reckoning
we can say on the Weekly that as long as price
- Stays above the Red trend line
- Stays above the Mid Point (Moving Average)
WE CAN CONCLUDE,, IT MUST KEEP GOING UP
that's logical..... Right ?
and on the higher timeframe, you will get more warning to react than you would on the lower time frame
so HOW IS THIS USELESS
and how is is LESS EFFECTIVE than Lower Timeframes ?
it depends on what type of trader you are
if you are a scalper.... to some degree, the high timeframes are meaningless TO A CERTAIN DEGREE (But not completely)
if you trade long term.... The 1 minute is irrelevant to you , for the most part
it depends on trading style
but you cannot just come out and dismiss it like that, just because it does not conform to WHAT YOU USUALLY SEE
see how this works.