I think it is good to see multiple time frames. To get strong analysis of market thee time frames will help a trader. If they stuck just on one time frame they can not watch what is in bigger timeframe. I go to low and high time frames to confirm my analysis then go for further trading.
It depends on your trading system; but in my live trading I use 2 time frames in a time (daily & h1).
Please I need someone to help me, I spent a time and times trading with my demo account, trying on all strategies that. I’ve studied at babypips, but till now many among my trades it fail, now I don’t know what can I do, please I need your advice. Thank you
Nothing is wrong or right until, you are only facing loss with your system. If you have getting profit then you can use any numbers of indicators or time frame.
How many months you have been trading demo? By the way, it takes time to build a good trading system; so don’t lose your momentum. You can test your strategies by many parameters according to your plan; then judge your strategy based on your trading experience.
About five months, so how can I test my strategy? And I wanted to trade with price action, but I m failing
You can use back testing; it will help you to make lots of trade within very short period of time. Price action is a good strategy; but don’t concentrate on only pattern based trading; try to focus on full context.
Is there any cost to use back test method?
On mt4, it’s free! You can watch YouTube tutorials. Hope this help.
I have a question related to this; when changing time frames, should you also adjust your indicator parameters. how do you know which indicator parameters are good for which time frame. if i am using the stochastic with default values on a 1hr chart, will those values still be reliable when i move to a 5min. chart to find an entry?
The minimum risk to reward ratio I use is 1:1.5 R. This means that my target has to be
a minimum of 1.5 times the size of my stop.
If my stop is 100 pips, the minimum size of my target is 150 pips (1.5 x 100).
If my stop is 75 pips, the minimum size of my target is 112.5 pips (1.5 x 75).
If there is a major barrier like the next support and resistance area in the way of my
minimum target I skip the trade, how can I know more about REWARD RISK RATIO? Thank you
For Me when I say reward to risk, I specifically mean I can only risk a certain amount of money. Eg. only 5% of my account. If 5% of my account is $100 than the value of my stop loss must not exceed $100. If I want to use a 200 pip stop loss then I will have to divide the $100 by 200 pips in order to get the Lot size that I will use for the trade. This is my version of Reward to Risk, I hope it helps you.
Thank you for your help
I am not a supporter of using multiple timeframes at a time. It will make you undecisive throughout the day. If you are a longterm trader then you have to stay in higher timeframes as you have to stay long on the market. If you are a scalper then you need to stay in lower timeframes.
Yes, it is! Even, we can verify the market trend by using multiple time frames.
Hahaha, great quote
He didn’t specify the indicators. I think we should work on our analysis and how we jump into trend. I shoot from my hip most times and the result have affected my account
Just felt like commenting, I know you weren’t asking me though
LOL! I used to day trade/price action the 5 &15 minute. My personality began to change. I found myself revenge trading and trying to corner and beat an imaginary broker and beat the house. Went all in once too often. Won big. Lost even bigger. No risk management whats so ever. After 3 blown accounts, am a recovering price action co-holic committed to 2% and use of indicators for now.
hows it going now?
nice and dandy