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Hi, my question is pretty is objective: how to use higher time frame to auxiliate trading in 5-minutes? Sometimes it looks very helpful but frequently I find myself completely confused, for exemple: price is at the Bottom Third of a Trading Range at 30-minutes time frame, but at 5-minutes it is forming a sell entry, like Double Top or Wedge. Should I take the sell, even being low in TR?
how to use higher time frame to auxiliate trading in 5-minutes?
The best and easiest way is simply not using it because, as you are experiencing already, it will bring more confusion than anything.
Should I take the sell, even being low in TR?
Nop!
What Al recommends to beginners is just picking one time frame and learn to read the chart and, only once you know, add higher time frames (HTF)... remember that if there is a reason to sell in a HTF, there will also be a reason in the 5 min.
start with 1hr timeframe. you dont get confused
Hello Ludopuig! I have the same question: If I trade in 60-min charts on the forex market, should I pay attention to H4 & Daily Charts?
And, Why does Al analysis the Daily & Weekly Chart on his website whilst he trade in 5 min chart?
Thank you!
TP,
Like Ludopuig said above, it is best to stick to one timeframe until very comfortable with it (and profitable). Multiple time frames will give you more analysis paralysis and more than likely mess your trading up.
Al discusses daily and weekly charts to provide more education and examples. Remember, you can apply all of Al's methods in any time frame, so there is nothing wrong with looking at multiple time frame charts when studying and applying Al's concepts. But when it comes to placing trades, best to stick to whatever chart is in front of you.
Here is a little extra for you; think back to Al in some of the videos how a tight channel is a broader channel on a smaller time frame and how a tight channel is a breakout on a higher time frame. So now let me give you an example.
So as I type this, the GBPUSD is in a trading range on the 30-minute chart. If I go to a 120-minute chart, I can see that the market is in a much clearer broad bull channel. So what do I do? Simple, I either trade the 120-minute chart or the 30-minute chart, but I would not trade the 120-minute chart with a protective stop based on a 30-minute chart. If I want to trade the 30-minute chart and take a look at the 60 minutes or 120-minute chart, I am simply checking read on the overall market direction, or maybe there is some kind of significant support or resistance.
Again you have to be very careful about looking at multiple time frames because it can easily cause analysis paralysis. Keep it simple and trust the chart in front of you.
I hope this helps,
Brad
Thank you, Brad! I think it helps a lot!
