Hi,
I use three time frames. D1, H4, and H1. and most of my trades last about 5 - 12 hours.
Am I using the correct time frames?
I drive 12 miles to work my favorite color is green I drive a Ford Do I drive the right car?
Thats a joke, But No one can answer your question. Do you win or lose your trades? Are you losing money?What are you looking at on those time frames? are your stops appropriate for the time frame you trade from? You need to give us some more info.
I have been winning all my trades lately. Mainly trading based on breakouts, my stops are usually tight, 10 - 20 pips, right below or above the support or resistance, my profits are usually 30 - 80.
I use H1 as my trigger time frame, use H4 for confirmation for H1, and use D1 charts to find strong daily resistance and support level.
The reason I am now questioning my use of time frame, is because i find D1 and H4 charts pretty useless, sure I use Daily charts to find big S&R, but since my trades usually last not more than 1.5 days, I cant really get that much info out of a day chart, its like trying to predict what the next candle will be like.
So that brings me back to my reason to start this thread and question my time frames. Sure i am winning trades, but to others who are more experienced or have similar trading times. What charts and time frame you use to maximize your profit, given your trade holding period is usually 5- 15 hours, and aim to make 30 - 100 pips.
Like Shrik says, it doesn’t matter what others are doing, only what you are doing. If someone told you what they did, you may or may not find success with it. If you are finding success, it is natural to want to know why…lol.
So, IMO you are doing fine. You are using the smaller timeframe entries based on direction, support & resistance of the higher timeframe. You won’t find you need the higher timeframes often, but they are your guide. When they change direction, you change the direction of your entries on the smaller timeframe to match. It is a high probability way to trade when using multi-timeframes.
thank you for your inputs.
- Going back to the jungle and cut my own road with my machete.
Good attitude!!
Listen to what the experienced people tell you but in the end you will be the one making the decisions and the only real way to measure your success is your bottom line.
Why change what isn’t broken?
If you’re demo testing this strat right now, try it without using the timeframes you find useless. See how it affects your success of winning trades. If theres no change and you adapt, well good on you and you’re doing great! If you start losing trades then good on you and you’re ALSO doing great. You’d have found the usefulness of those charts.
Sometimes you really don’t know what you’ve got till you’ve lost it. 