What is the time that is used on the school candlebars. When I try to analyze a graph I always wonder what time to use for a candlebar so I could use the things I’ve learned from the school on the real graph but I just can’t realize what time should I use. How much does it matter. What is the difference?
Edit: Right now I am a Fibonachi article and this sentence got my attention:" Price tried to pierce through the support level, but failed to close below it." Well if this was set on less time for a bar there would have been bars that closed under the support level. So this is an example of my concerns. I can’t image how to read the market because with different times things change a lot.
Good point. I can see how it would confuse a newbie. I learned elsewhere and I am only slightly familiar with the lessons and the charts. For someone who is experienced, it matters very little because we know the TF we like to trade and when looking at another chart or an unfamiliar indicator, we have a good feel as to interpret it. By that I mean, the higher TF bars will have a wider price range and of course fewer in a day. A 1M and 5M chart just jumps out at you because the bars look so choppy. But a good indicator like an MA or Fractals will work on any TF. Its just a matter of setting the TP and SL differently.
On your second point, you will again learn that Fibs, Support and Resistance will work on all TF (maybe not 1M although some do). You will learn that Support on the 15M is less meaningful than on the 1H and therefore is less likely to hold. But that doesn’t mean it can’t be part of your trading decision because it works often enough to be useful. I’m not a great fan of fibs on lower TF, so I will let others comment.
These are some great points here. If I remember correctly if you look at the top left corner of the chart in the school it should tell you the pair and tf they are using. Also keep in mind support and resistance are never exact levels but more an area. So if you are looking at a 15 minute chart and price pierces a support level and closes but shows signs of loosing steam (candles are getting smaller, long wicks at the bottom). Then you can assume that the support level will hold and higher time frame charts will most likely fail to close below the support level. Hope this helps.