For the swing traders who’d like to enter a few trades a week, what the most common dual time frame chart setup you keep your eyes on the most?
- Daily and 4 hour
- Weekly and daily
- Monthly and weekly
For the swing traders who’d like to enter a few trades a week, what the most common dual time frame chart setup you keep your eyes on the most?
Daily and 4-hourly. The entry to stop-loss distances for longer time-frames tend to be so large that only tiny positions would be tradable.
But the question assumes you need to use two time-frames. Do you need two time-frames? Question all assumptions that other people make for you.
Tommor, this is great feedback! I hadn’t thought of that yet, cause I haven’t placed too many trades in the simulator yet. My thinking was that dual time frame confirmation on trend direction would be a good confluence item to add to my strategy. But certainly open to other ideas here!
You’ve probably just worked out, from a couple of your threads, that @tommor is a very good person to “follow”, here.
Hint: it’s all about deciding who you want to listen to, and learn from.
I think using two TF isn’t necessary. Sticking to one TF can also be effective. What works best for you?
I stick to D1. I have never consulted lower t/f’s for entries or exits. I have when D1 trend-following also consulted W1 trend indications just for confirmation.
I honestly think it’s not really necessary to look at multiple time frames. If anything, it only confuses the heck out of new traders.
One time frame is enough to make you profitable.
Dual time frames are useful, but it’s not one-size-fits-all. Just picking a pair (like daily & 4H) without understanding how they complement each other won’t magically improve trades. I would focus on price action and structure first.
I think TF adds confusion if you don’t understand the structure first. How’d you use them in your analysis?
I use weekly charts to determine the directional bias, but I usually drill down to 4H to look at PA before I enter.
I want to be sure price is moving in my preferred direction to avoid getting in too early. The weekly chart can move slow and price can go against you for days before resuming the longer term trend.
It’s all the rage, at the moment (“drill, baby, drill”).
We need to analyse trend using D1 and H4.
Then make a trade setup for entry exit on H1
you might feel each time frame is giving different trend but trades can be taken long or short based on higher TF D1 and H4
H1 gives minute entry , SL , target
now a golden rule for trader here to follow this many ways is bcoz “the less time your money into the trade the more your capital is safe”
It’s not for me thanks.
I think it depends on the kind of trader you’re. Although i can trade on a single time frame, using multiples TF has proven time over time to maximise my potentially profits and minimise my loses.
Some people are using multiple time-frames unnecessarily when what they want to look at (especially indicators) could all be shown on one.
Example: indicator crossover on an H1 chart “confirmed” by the same thing on an H4 chart. This can normally be shown all on the H1 chart just by multiplying the H4 numbers by 4.
It’s much easier to look at one chart than at two or three.
I try to stick with 4H timeframe but I sometimes use others just to confirm the price action.