And I checked the 4HR TF to look for entry and it seemed like the market was ranging or sideways and now I’m confused about whether I should go long/short or just not trade at all
So I went on further and checked 1HR TF and it came as no surprise it was ranging on 1HR chart as well as far as I could see. I might be wrong please correct me if I am
This really depends on your strategy. If you are scalping then look at the 1m, 5m,and 15m charts. If ur intra day or swing trading then look at the longer time frames. So really it depends on how long you want to hold the trade and your brokers spreads and restrictions, and of course the time you want to spend on the terminal.
[QUOTE=“Zaghloul;587173”]This really depends on your strategy. If you are scalping then look at the 1m, 5m,and 15m charts. If ur intra day or swing trading then look at the longer time frames. So really it depends on how long you want to hold the trade and your brokers spreads and restrictions, and of course the time you want to spend on the terminal.[/QUOTE]
Since I’m pretty new to this I think scalping would be a bit hectic for me. I think I’ll be a lot more comfortable holding trades a bit longer considering that I position myself along the trend of course ! So what would you suggest in that case ?
Look at the 30m, 1H and 4H. Again it really depends on how long you want to follow the trend. 15m is good if you want to hold a position for a few hours. 4H is good for a day or longer. 1D is good for a few days. 1W is good for a month. And so on. But you need to realize that looking at smaller time frames is just like zooming in and looking at bigger frames is zooming out. So for example on the 5m each candle has the data of 5 candles on the 1m.
[QUOTE=“rookie39;587164”]Hello there! I’m having confusion about different time frames. Here’s the daily TF I spotted an uptrend so I’m thinking to myself I should probably go long <img src=“301 Moved Permanently”/> And I checked the 4HR TF to look for entry and it seemed like the market was ranging or sideways and now I’m confused about whether I should go long/short or just not trade at all <img src=“301 Moved Permanently”/> So I went on further and checked 1HR TF and it came as no surprise it was ranging on 1HR chart as well as far as I could see. I might be wrong please correct me if I am <img src=“301 Moved Permanently”/> What should I do now ? Should I just ignore the daily TF though I know I shouldn’t be.[/QUOTE]
Those who trade for an extended time period always end up trading higher time frames.
Lower TFs are good for looking for entry signals.
Higher TF is for trend or direction.
If u ssk me which is more important, its the higher TFS.
Hi rookie39, that looks pretty close to a 5-3 Elliot Wave on the Daily TF to me. Let’s look closer. Wave 4 [I]just barely[/I] passes into the same price region as wave 1, which violates one of the Cardinal Rules. However, it’s really close…
Personally, I am staying out of entering EUR/USD for now based on the daily TF (higher TF’s should have the most weight in your trading decisions - respect the trend!). I’m thinking the market might consolidate for a short while as some traders say “close enough” on the 5-3 wave and go long while others view it as a sign of failing bullish momentum and decide to lock in profits. If I am correct and we see some consolidation, I would begin to prepare for a moderate breakout (non-directional biased) beyond those levels, which could net you quite a few pips.
Until that point, I would look at another pair… I’m a sucker for technicals and when a chart pattern shows up that is as easily spotted as that yet [I]just barely[/I] breaks the criteria, I choose to sit back and see what happens. Just my two cents, hopefully you find it useful.
For me I’d say: treat each timeframe separately; each has its own structure.
Then when you do enter a trade, manage it fully from the timeframe you entered it on.
[ i.e, don’t enter a trade on Daily, then manage it from H4. Treat each independently ]
For starters, ( and even for laters ), operate from the higher timeframes, esp Daily. Will give you a good grounding.
Thanks for all the responses that was very helpful ! I guess I’ll trade off of from daily TF as I find this is within my comfort zone for now. Now gotta master the PA oh PA!! It’s a tough game. When you actually start doing it you realize so much is at stake and it is so much harder than it looks. But I’m willing to give it a go. Cheers happy pipping I might be back with more silly questions and I always appreciate genuine responses from baby pips members.
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