Greetings,
While studying how to use candlesticks with S&R today, I wonder which timeframe it should be to determine an entry point?
Let’s assume it might develop an inside down trend. Should I wait for 2-3 4H candles, or let it be 1H / 15M to help me out with entry point?
I am also having some difficulty charting S&R levels. If I draw them on Monthly timeframe for swing trades, I don’t see them correctly on Weekly or Daily timeframes. They give me completely different trends.
I’ll be glad if I could get some feedback on this.
Hey @ajbozdar, are you solely looking for swing trades or also intraday trades? I often find the best S/R zones are the ones that appear on multiple timeframes i.e. 1H and 4H. Depending on your strategy, and whether you’re swing or day trading, I’d personally reduce the number of zones on your image. I’d also take a look at top-down analysis, often you mark your zones on the higher timeframe and then refine those zones as you go down the timeframes.
Depending on whether you want to get a trading result monthly or get a daily result. If you want to do a long time trading, you can follow the monthly trend and if you want to do short time trading, you can follow the daily trend.
