I need the advice of people who are well versed with Multi Time Frame Analysis.
I trade Binary options and I’m PROFITABLE, those are my general rules and tools if you want to learn more about it:
Support and Resistance: Draw S/R lines on H1 and H4, just 1 bounce.
Fibonacci Retracement: Drawn by MT4 on M1
Round Numbers 50, 00, and 000: I use them as S/R and for trading rallies/dips
Harmonic Patterns: I use a scanner that shows me patterns that are forming in the chart
Divergences: I have 2 indicators, one for RSI and one for MACD that warn me of incoming divergences
Economic Calendar of Investing: This warns me of sudden fundamental moves in case a risk event is coming out, sometimes I trade the news if there’s a good deviation.
Elliot Wave: The same scanner shows Waves on the chart
Audio Squawk : This warns me in case anything happens in the market that I’m not aware of.
General Rules of entry
I generally enter on the touch of any S/R line, 60 seconds expiration, if the trade goes well all good, otherwise I use a 4 step martingale, like 1-3-9-27, depending on account balance.
For example if price touches a Support and the general trend is bullish (at least what I think that is the general trend) I’ll keep martingaling until the trade is a win.
Lately though I realized I might be watching way too many timeframes, and even using an indicator that is saving me a bit of time is still not doing the job properly
I’m always on the M1 timeframe for entries, then I check M5,M15,M30 and H1 and I try to get an idea of the general trend.
babypips recommends to use 3 timeframes, for example M1, M5, M30
I’m starting to think H1 is useless, but a friend of mine (the one who taught me the method, and he’s an insanely good trader with 8 years experience) does watch h1 when pushing the martingale.
Can’t ask him for advice because he’s way too busy nowadays
From my understanding H1 is way too far from M1… It’s kind of pointless to watch it, like it would be pointless to watch for Daily, weekly and Monthly
I don’t even know if I should keep M15 as well, as M15 isnt 5 times M5…
For Multi time Frame Analysis I use this little piece of software that gives me a general idea of trend in all timeframes, it also tells me intensity, duration, strength etc
I’d like some pointers from the experts in this analysis, should I trash h1 because too far away from m1? How about M15?
How would you approach Multi time frame analysis in FX/bo if you had to 60 seconds options/ scalping?
Thanks for the advice