I am just starting out trading and have the situation where I have a standard job for most of the day. I also live in NZ. This means I might have an hour or so in the morning (5-6pm GMT) or evening (9-10pm GMT) to devote to trading.
Hence I had thought that using the daily chart would be good, using the weekly and 1 hour charts as reference (multiple chart analysis).
I have read through the mechanical systems on the site but most seem to be applicable to those who can devote the entire day to trading looking at 1 hour or shorter time frame charts (or am I wrong).
It would be great if anyone could suggest systems for longer time frames.
Mech systems can work on any timeframe, but for the longer ones like Daily charts, you’re not likely to get a signal very often if you’re using settings and structures that are commonly used out there (e.g., various SMA systems, mean reversion systems, etc). To better understand how these work, it might be best to spend that hour you have in the morning/evening doing some backetesting of different systems to get proper statistics and expectations of what may or may work for your particular situation.
Here’s an older article on getting started with backtesting in MT4, which should help you get started on the right path. The rest will be up to you in terms of putting in the time to test different settings and ideas. Good luck!
Thank you for the informative feedback and encouragement!
Another thought did occur to me however, regarding Pipcrawlers remarks about most systems being best suited to the shorter time frames.
Is it then possible to use the systems and make trades based on information on the one hour charts(say), but then put in the trade only once a day perhaps ?
Or would that mean missing out on being able to make necessary adjustments based on changes over the day.
Any thoughts or advice would be gratefully appreciated!