Trading on multiple time lines?
Hi,
I started reading up on drawing triangles on my candles. What I want to know how do I trade a triangle by looking on 3 different charts? They say you must always use multiple times frames. Let’s say I would draw a triangle, on what time if I use 30 min, 1 hour and 4 hours?
I trade Forex.
Then what is a better timeframe to trade? Daily, 4 hours and 1 hour?
What is meant by trading with multiple
time frames is to be aware of price
behavior in each time frame that may
impact the time frame used to trigger
your decisions.
You may have a triangle pattern that
shows an upside breakout on the 30
min chart, not on the hourly chart, but
the 240 min chart shows resistance
somewhere above your breakout point
on the 30 min chart, limiting what you
think may be upside potential, as a
loose example.
It is best to always know the trend of any
market in which you trade, and your best
trades will come from situations in which
all time frames are in harmony with the
direction of your intended move.
The 240 minute time frame is the most
reliable. The hourly, and for sure the
30 min, have too much “noise.”
Professional forex traders are very much
aware of time frames. Be v careful.
Forex Software :: eToro :: introduction
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