I decide to use three time frames in my forex strategy (after reading the School of Pipsology). I use 15 mins charts (my preferred time frame), 60 mins charts and daily charts. What should I look out for in the larger time frames beside the direction of the trend? Is it reliable to trade use only one timeframe, will it produces a lot of whipsaws?
I use the longer time frames to draw key support and resistance lines, so you might consider doing that. It might not be necessary depending on your system but i think its good to know. There are traders out there who trade very successfully using one time frame. I prefer to look through more than one lens when trading. Iām not as good as those other traders
Thanks kagein, I will take your advise into consideration. I will make my long and short decision using the longer timeframe and entry and exit using my preferred timeframe.