Hi all just wondering if these zones I’ve drawn are correct.
looks like you have some common points there.
I am a longer term trader, D, W, M. I would suggest drawing lines a time frame above and below what you trade.
FWIW I will draw S/R at ADX extremes on the monthly first, change line color, then the weekly and finally the daily.
GL,
KC
Hey an that is above the time frame I trade, I trade the h1 chart using 4h as longer time frame. I set my a/r levels on the 4 hour
The S/R is correct but my suggestion is the same as frandlost.
Plot S/R using Daily time frame & above even if you’re trading on hourly charts.
That’s wrong tho because the distance from h1 is too far away from d1, you have to use a multiple of 4 to 6 and even when you do 1x6 that’s 6 hours not 1 day
well, we aint stopping you.
You don’t HAVE to do anything, you do whatever works for you. But the reality is, that daily S/R is probably stronger than hourly and you won’t see it on your charts, so when your trade unexpectedly turns around, you might wish that you could have seen an area that might be relevant to you
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The thing is I don’t get is that I keep getting different answers all the time regarding what time frame I should use as my higher time frame. People saying when I trade the 1 hour I should use the daily and others saying use a multiple of 4-6 like what’s the correct answer
Thanks
There is no correct answer. You do whatever works for you. Trade how you want to, practice it until you consistently get it right and then practice it some more. Nobody can tell you how to do things, because if it was that easy then everybody would do the same thing and nobody would be able to make any money. It’s probably worth keeping an eye on the daily chart even if it’s not making up your strategy, just so you know what might be approaching.
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for possible s r
start from the monthly all the way to the 1h
do that preferably on sunday before the opening
and use different colors for different time frame
that is what learned from an expert trader on youtube
and it sounds logical
Ok no worries mate thanks
this kinda issue happen when a trader is trying to trade off 1 or a few charts. they choose find whichever S/R nearest to the price instead of looking for strong S/R from the Daily & above.
I trade 30 pairs & no matter I’m trading on 15mins or 1hr, I simply wont look at the chart if the price is still far from my S/R.
of coz, im not suggesting you to start off trading so many pairs but every pair got its own holiday.
I’m trading pull backs in the 4 hour trend so I’m really only looking for major levels in the 4 hour to watch out for. Then if it comes to a level and breaks it then I look for trades to the next zone
Hi use the daily time frame; and don’t count all of the levels; only the important levels.
You need to figure out what works for you, and stick to that.
But i personally think that no mater your trading style/strategy, you “always” have to consult your analysis with the longer time frames, otherwise you W/L ratio will suffer because of pure laziness lol
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