I use both the 4hr and the 1hr to spot trend then place my trades using the 30 min timeframe
Frankly, multiple time frames analysis is super important! 1st of all, we need to findout the trend and in that case, daily time frame plays an important role to know the direction of market!
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Yeah @waltoncharles. Totally agree with you. Using the daily time frame is highly helpful, mainly during a new trading week.
I do the same; daily time frame is my main weapon for understanding the market trend! And small time frames are helping me to understand my entry point!
i use 3 timeframes; 1hr, 4hr and daily. normally i catch the entry at daily timeframe then use 4hr to check for the entry/exit and takes one look at 1hr too for confirmation the entry and once i made the entry then i uses only daily timeframe to watch my trade. using daily timeframe is more relaxing because it filter out most of the noise. i find it more comfortable for me.
So your main timeframe is daily, and what do you do in weekly chart? To see bigger trend or something else?
And for 15 minutes I know smaller timeframe is for enter the trade, but what is your trigger to entry? Is it candlesticks pattern? or reversal chart pattern? or something else?
I use daily for overview, 4hour as my ‘trading timeframe’ and 40 mins for entry/exit. I base my SL off the ATR. However, I am unsure whether the ATR should be based off the 40 minute or the 4 hour. Anyone have a preferred approach about that?
I think using multiple timeframes in trading is the right choice. Firstly, on higher timeframes we can determine the direction of movement of the general trend. Secondly, on small time frames we can find more profitable entry points into the market in the direction of this trend, as well as where to install SL. That is, you need to see the whole picture in the market in order to earn more by trading in the direction of the trend.