Lately I’ve been told that I should check the trend direction with Daily chart, and find entry points with lower timeframes.
Since I’m a day trader, I kinda get sceptical about the charts lower than 1 hour. In fact, the lowest timeframe that I look at is ATM 4 hours, to find an entry pattern (doji, pinbar, etc)
What timeframe do you guys use, in order to find an entry? Examples with pictures would be much appreciated.
I supposed that you are not a scalper/trend chaser/betting agains the trend.
Normally i use 4H timeframe to determine the trend using XMA 5, XMA10, stoch 10,5,5 and william% -50. If the uptrend/downtrend is fully confirmed, i will use 15m timeframe to execute a position using the same indicators.
If you use candlesticks; they have much less strength as you drop below the four hour charts. No particular time frame is actually superior though because they all have difference subtleties to them. If you try and apply the same exact principles from trading a daily chart to trading a minute chart; then you’re probably not going to have a successful time. I generally look for entry signals on either four hour or daily; and then use daily or weekly to help determine general direction.
Rather than focus and ask what others do, spend your time defining what trader you want to be and do what you need to do in order to achieve your goals. Everyone is different and you should focus on what will be beneficial to you.