Multiple timeframes is another means of getting better market clarity

tygeade

legendary

Activity: 2086

Merit: 1058

Quote from: Aanuoluwatofunmi on July 11, 2023, 09:26:42 AM

Quote from: EarnOnVictor on June 17, 2023, 11:39:21 AM

It's never a bad saying that "two are better than one," and most times in trading, 'multiple' could even be better, if not the best.

I strongly believe in this you say, we need to have a multiple of data to compare from each other in other for us to arrived well at the desired destination having better results to proof for it, there are times whereby we will need to sit and make comparisons form what we are having at present to what we already have in times past, this also lies in our individual abilities and how we are able to relate information together to arrived on same outcome using different time frames in both the present and past events with their respective months altogether.

I agree with it as well, multiple time frames that contradict each other would be a trouble and could allow you to stay away from it, whereas if you are careful about what you are doing then you could make a profit with multiple of them showing the same thing to you.

That would mean that you are on the right path and you could make some profit with it. I am not saying that you should be making a big profit right away, that's not how it works and you are going to end up with a different situation, but at the end of the day we are going to end up with a great return and that should be a bit more different. I believe that we are going to end up with a situation where people would make profit based on what you could be seen everywhere.

EarnOnVictor

hero member

Activity: 644

Merit: 592

Leading Crypto Sports Betting & Casino Platform

Quote from: Natalim on July 13, 2023, 09:44:57 AM

Quote from: pawanjain on July 12, 2023, 12:09:48 PM

Quote from: EarnOnVictor on July 11, 2023, 03:23:55 AM

Quote from: pawanjain on June 29, 2023, 10:35:27 AM

As for the timeframes, I mostly stick to 3 timeframes 1D, 1H and 15m which are ideal for me right now.

I must say that this is a very good combination. If one would want to use very large time frames like 1Y, 1M and even 1W, there are other sets of timeframes that work best with them, and the same thing goes for the combining in which the highest timeframe is 1D like yours.

In 3 combinations, I love settings like (1Y, 1M and 1W), (1W, 1D and 4H) and (1D, 1H and 15m) which is yours.

Did you just say 1Y. That must be really huge. I have never went past 1M which I rarely read.
For me it has mostly been 1W for the highest time frame and it gives me enough data to analyze the trend.
What do you generally read when you are looking at 1M and 1Y ?

I've preferred to use a short time frame 1H, 1D, 1 week.

This is a very good combo also so long as you know how you use it accurately. And if I were you, the 1H would be primarily for my defence to know where earliest to place a reasonable stop loss. Aside from that, it doesn't connect well in my understanding for omitting 4H for 1H despite considering 1W and 1D.

Quote from: Hypnosis00 on July 13, 2023, 06:28:00 PM

Quote from: goaldigger on July 13, 2023, 05:49:06 PM

Quote from: omgitsmehehe on July 13, 2023, 04:10:42 PM

Quote from: Kimonoe on July 13, 2023, 11:40:27 AM

In my opinion, daily trading is more inclined to small time frames, and larger time frames are used as a reference for analyzing longer markets. I usually watch the trend from the larger time frame and place transactions on the smaller time frame. the smaller the time frame used, the more support and resistance areas will be visible, and we can use it to trade with faster market reactions in the visible support and resistance areas. if we analyze on a large time frame, the price reaction will take longer, even though our goal is for short-term, or daily trading

Trading in the bull and bear seasons can become difficult; we simply require to comprehend the market's concepts and price action; this will at the very least facilitate our trading journey. We are acquainted with trading strategies, alongside the support and resistance zone becomes obvious with these smaller views and advantageous trading intervals. I prefer shorter time frames because I am an experienced scalper in the market; trading daily will result in more stress. Despite bigger time frames, we can see the chart perfectly, and the market is turbulent at all times.

You have to use different time frame, different indicators to know when to buy and sell and see your current position, there’s no wrong on doing this and you can become more effective trader if you have this trading strategy since the market can’t be ok in just one time frame or indicator, expect for a trader to use multiple strategy. This is trading and you are looking for the best combination, day trader are often looks at a shorter time frame.

These time frames are available because they are very helpful when doing analysis. I indeed use short and long time frames just to picture what really happens on this particular project as we can't just rely on what happened today or this week but also, we consider what happened several months ago. Yes, the use of multiple timeframes makes us clearly understand their situation and it was easy for us to decide whether we have to buy this or not based on their previous performances.

I must say you understand this scope very well, using the different time frames helps better in understanding the true sentiment of the market at that time. Not like what a single timeframe might be doing. For example, what 1H tells you might not be the true sentiment of the market at the time, it might only be a mere correction, and this often makes traders lose easily. And those who are smart to use multiple timeframes would detect this and wait until the 1H would align back to the trend before they pull the trigger.

Bushdark

sr. member

Activity: 854

Merit: 262

Eloncoin.org - Mars, here we come!

Quote from: omgitsmehehe on July 13, 2023, 04:10:42 PM

Quote from: Kimonoe on July 13, 2023, 11:40:27 AM

In my opinion, daily trading is more inclined to small time frames, and larger time frames are used as a reference for analyzing longer markets. I usually watch the trend from the larger time frame and place transactions on the smaller time frame. the smaller the time frame used, the more support and resistance areas will be visible, and we can use it to trade with faster market reactions in the visible support and resistance areas. if we analyze on a large time frame, the price reaction will take longer, even though our goal is for short-term, or daily trading

Trading in the bull and bear seasons can become difficult; we simply require to comprehend the market's concepts and price action; this will at the very least facilitate our trading journey. We are acquainted with trading strategies, alongside the support and resistance zone becomes obvious with these smaller views and advantageous trading intervals. I prefer shorter time frames because I am an experienced scalper in the market; trading daily will result in more stress. Despite bigger time frames, we can see the chart perfectly, and the market is turbulent at all times.

No matter what we are trading in the market, we need to understand the importance of multiple timeframe to add to our knowledge because if we know how to use multiple timeframe very well, we shall understand how to relate the smaller timeframe to the bigger timefrsme to get a particular results. The market is going to be bull in months coming and we need to make sure that we develop our skills in trading so that we can earn more from the market when the bull comes and the cryptocurrency market becomes more volatile.

Hypnosis00

sr. member

Activity: 2338

Merit: 338

Quote from: goaldigger on July 13, 2023, 05:49:06 PM

Quote from: omgitsmehehe on July 13, 2023, 04:10:42 PM

Quote from: Kimonoe on July 13, 2023, 11:40:27 AM

In my opinion, daily trading is more inclined to small time frames, and larger time frames are used as a reference for analyzing longer markets. I usually watch the trend from the larger time frame and place transactions on the smaller time frame. the smaller the time frame used, the more support and resistance areas will be visible, and we can use it to trade with faster market reactions in the visible support and resistance areas. if we analyze on a large time frame, the price reaction will take longer, even though our goal is for short-term, or daily trading

Trading in the bull and bear seasons can become difficult; we simply require to comprehend the market's concepts and price action; this will at the very least facilitate our trading journey. We are acquainted with trading strategies, alongside the support and resistance zone becomes obvious with these smaller views and advantageous trading intervals. I prefer shorter time frames because I am an experienced scalper in the market; trading daily will result in more stress. Despite bigger time frames, we can see the chart perfectly, and the market is turbulent at all times.

You have to use different time frame, different indicators to know when to buy and sell and see your current position, there’s no wrong on doing this and you can become more effective trader if you have this trading strategy since the market can’t be ok in just one time frame or indicator, expect for a trader to use multiple strategy. This is trading and you are looking for the best combination, day trader are often looks at a shorter time frame.

These time frames are available because they are very helpful when doing analysis. I indeed use short and long time frames just to picture what really happens on this particular project as we can't just rely on what happened today or this week but also, we consider what happened several months ago. Yes, the use of multiple timeframes makes us clearly understand their situation and it was easy for us to decide whether we have to buy this or not based on their previous performances.

goaldigger

sr. member

Activity: 2394

Merit: 357

Quote from: omgitsmehehe on July 13, 2023, 04:10:42 PM

Quote from: Kimonoe on July 13, 2023, 11:40:27 AM

In my opinion, daily trading is more inclined to small time frames, and larger time frames are used as a reference for analyzing longer markets. I usually watch the trend from the larger time frame and place transactions on the smaller time frame. the smaller the time frame used, the more support and resistance areas will be visible, and we can use it to trade with faster market reactions in the visible support and resistance areas. if we analyze on a large time frame, the price reaction will take longer, even though our goal is for short-term, or daily trading

Trading in the bull and bear seasons can become difficult; we simply require to comprehend the market's concepts and price action; this will at the very least facilitate our trading journey. We are acquainted with trading strategies, alongside the support and resistance zone becomes obvious with these smaller views and advantageous trading intervals. I prefer shorter time frames because I am an experienced scalper in the market; trading daily will result in more stress. Despite bigger time frames, we can see the chart perfectly, and the market is turbulent at all times.

You have to use different time frame, different indicators to know when to buy and sell and see your current position, there’s no wrong on doing this and you can become more effective trader if you have this trading strategy since the market can’t be ok in just one time frame or indicator, expect for a trader to use multiple strategy. This is trading and you are looking for the best combination, day trader are often looks at a shorter time frame.

omgitsmehehe

full member

Activity: 580

Merit: 108

Quote from: Kimonoe on July 13, 2023, 11:40:27 AM

In my opinion, daily trading is more inclined to small time frames, and larger time frames are used as a reference for analyzing longer markets. I usually watch the trend from the larger time frame and place transactions on the smaller time frame. the smaller the time frame used, the more support and resistance areas will be visible, and we can use it to trade with faster market reactions in the visible support and resistance areas. if we analyze on a large time frame, the price reaction will take longer, even though our goal is for short-term, or daily trading

Trading in the bull and bear seasons can become difficult; we simply require to comprehend the market's concepts and price action; this will at the very least facilitate our trading journey. We are acquainted with trading strategies, alongside the support and resistance zone becomes obvious with these smaller views and advantageous trading intervals. I prefer shorter time frames because I am an experienced scalper in the market; trading daily will result in more stress. Despite bigger time frames, we can see the chart perfectly, and the market is turbulent at all times.

Kimonoe

member

Activity: 700

Merit: 10

Quote from: Natalim on July 13, 2023, 09:44:57 AM

Quote from: pawanjain on July 12, 2023, 12:09:48 PM

Quote from: EarnOnVictor on July 11, 2023, 03:23:55 AM

Quote from: pawanjain on June 29, 2023, 10:35:27 AM

As for the timeframes, I mostly stick to 3 timeframes 1D, 1H and 15m which are ideal for me right now.

I must say that this is a very good combination. If one would want to use very large time frames like 1Y, 1M and even 1W, there are other sets of timeframes that work best with them, and the same thing goes for the combining in which the highest timeframe is 1D like yours.

In 3 combinations, I love settings like (1Y, 1M and 1W), (1W, 1D and 4H) and (1D, 1H and 15m) which is yours.

Did you just say 1Y. That must be really huge. I have never went past 1M which I rarely read.
For me it has mostly been 1W for the highest time frame and it gives me enough data to analyze the trend.
What do you generally read when you are looking at 1M and 1Y ?

I've preferred to use a short time frame 1H, 1D, 1 week. Because in trading, we often take advantage of every up and down which only takes just a few minutes but of course, we also have to look at what happened a month before just to know that we are not buying at the inclining trend. Perhaps we can use them all if we have enough time to spend in the market and it was encouraging but yes, it will depend on where you think you are confident. And I would say that it was best to focus on the time frame that you usually used and if it was effective.

In my opinion, daily trading is more inclined to small time frames, and larger time frames are used as a reference for analyzing longer markets. I usually watch the trend from the larger time frame and place transactions on the smaller time frame. the smaller the time frame used, the more support and resistance areas will be visible, and we can use it to trade with faster market reactions in the visible support and resistance areas. if we analyze on a large time frame, the price reaction will take longer, even though our goal is for short-term, or daily trading

Natalim

hero member

Activity: 2898

Merit: 590

BTC to the MOON in 2019

Quote from: pawanjain on July 12, 2023, 12:09:48 PM

Quote from: EarnOnVictor on July 11, 2023, 03:23:55 AM

Quote from: pawanjain on June 29, 2023, 10:35:27 AM

As for the timeframes, I mostly stick to 3 timeframes 1D, 1H and 15m which are ideal for me right now.

I must say that this is a very good combination. If one would want to use very large time frames like 1Y, 1M and even 1W, there are other sets of timeframes that work best with them, and the same thing goes for the combining in which the highest timeframe is 1D like yours.

In 3 combinations, I love settings like (1Y, 1M and 1W), (1W, 1D and 4H) and (1D, 1H and 15m) which is yours.

Did you just say 1Y. That must be really huge. I have never went past 1M which I rarely read.
For me it has mostly been 1W for the highest time frame and it gives me enough data to analyze the trend.
What do you generally read when you are looking at 1M and 1Y ?

I've preferred to use a short time frame 1H, 1D, 1 week. Because in trading, we often take advantage of every up and down which only takes just a few minutes but of course, we also have to look at what happened a month before just to know that we are not buying at the inclining trend. Perhaps we can use them all if we have enough time to spend in the market and it was encouraging but yes, it will depend on where you think you are confident. And I would say that it was best to focus on the time frame that you usually used and if it was effective.

EarnOnVictor

hero member

Activity: 644

Merit: 592

Leading Crypto Sports Betting & Casino Platform

Quote from: palle11 on July 11, 2023, 09:12:13 AM

Quote from: Flexystar on July 11, 2023, 07:54:00 AM

For example it can give clear idea if Bitcoin stood its resistance when FTX collapse was happening or if China declared no bitcoin country etc etc. This is just example but such analysis can be done easily. On the other front it is easy to understand the pattern of specific coin, it’s volume, it’s growth and declining nature etc. This is the reason multiple time frames should be done.

I guess the FTX and China analysis is funny to me even though I understand the point you were making there but however, it is still difficult to see that through the chart except it is a fresh chart, probably the same day they happened. But if it is a long time ago, it may not be easy to know except you are specifically checking for that which may be of no use on the long run because that incident is not repeating itself again. But it is right to use different time frame for trade, it gives more direction for trend.

I understand you quite well, but the scope is not directly knowing the China and FTX issues via the chart but knowing the effect of their action and issues respectively on the chart. In other words, the chart allows traders to know the winning bias/sentiment in the market regardless if it's caused by news or not, the chart will always pick it. So, both of you are right.

Quote from: pawanjain on July 12, 2023, 12:09:48 PM

Quote from: EarnOnVictor on July 11, 2023, 03:23:55 AM

Quote from: pawanjain on June 29, 2023, 10:35:27 AM

As for the timeframes, I mostly stick to 3 timeframes 1D, 1H and 15m which are ideal for me right now.

I must say that this is a very good combination. If one would want to use very large time frames like 1Y, 1M and even 1W, there are other sets of timeframes that work best with them, and the same thing goes for the combining in which the highest timeframe is 1D like yours.

In 3 combinations, I love settings like (1Y, 1M and 1W), (1W, 1D and 4H) and (1D, 1H and 15m) which is yours.

Did you just say 1Y. That must be really huge. I have never went past 1M which I rarely read.
For me it has mostly been 1W for the highest time frame and it gives me enough data to analyze the trend.
What do you generally read when you are looking at 1M and 1Y ?

The point is that I generalised the combo, not that I use the 1Y, but I often see it on some trading platforms despite being absent in many others. Basically, there is no need for retail traders like us to be using the 1Y chart, it's widely used by institutional traders, especially for trading stocks, bonds and many others. They could hold their positions for several months and years which makes it useful for them.

Cryptomultiplier

full member

Activity: 770

Merit: 180

Eloncoin.org - Mars, here we come!

I strongly agree with you OP. As it is even said that 'two good heads, (but in this case, time frame), is better than one'.
There used to be a popular music icon of the name D'banj, who often was seen wearing two different time piece on both of his wrist. When asked during an interview the reason behind this mentality, he said he did it so he could tell the different time zones in order not to miss his schedule which involves business with international clients from Paris, UK, China.

While that helped him maintain a cluster free schedule and he is able to fulfil his duties and be early for his appointments, there's no saying why this strategy for getting better market clarity won't work like magic for any tier of trader who is all about making profit and taking advantage of opportunities.

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

Quote from: EarnOnVictor on July 11, 2023, 03:23:55 AM

Quote from: pawanjain on June 29, 2023, 10:35:27 AM

As for the timeframes, I mostly stick to 3 timeframes 1D, 1H and 15m which are ideal for me right now.

I must say that this is a very good combination. If one would want to use very large time frames like 1Y, 1M and even 1W, there are other sets of timeframes that work best with them, and the same thing goes for the combining in which the highest timeframe is 1D like yours.

In 3 combinations, I love settings like (1Y, 1M and 1W), (1W, 1D and 4H) and (1D, 1H and 15m) which is yours.

Did you just say 1Y. That must be really huge. I have never went past 1M which I rarely read.
For me it has mostly been 1W for the highest time frame and it gives me enough data to analyze the trend.
What do you generally read when you are looking at 1M and 1Y ?

GeorgeJohn

hero member

Activity: 1470

Merit: 711

Instant cryptocurrency exchange with own reserves!

Quote from: Franctoshi on June 17, 2023, 12:00:57 PM

I wonder if there is a trader out there who only sticks to one timeframe to carry out their trades, To get a clearer picture of the market, One must do a multi-timeframe analysis of the market or a top-down analysis, which is simply starting from the monthly, or weekly, daily and the rest of other timeframes to execute trades. We use monthly, weekly, and daily timeframes to determine the market direction while H4 and below are the best timeframes for entries.

Do you know that some uses multi time frames analysis, theirs is no trader that uses one set analysis in trading you most at least have diverse timeframe to execute your trading to be able to master the market, some times some of the traders uses some days to study the market before going into either monthly or weekly in trading, and it's obvious that in trading what can easily make a trader to know the strength of the market is when it uses chart and interpret the chat of the market very well.

Hamphser

sr. member

Activity: 2506

Merit: 328

Quote from: Aanuoluwatofunmi on July 11, 2023, 09:26:42 AM

Quote from: EarnOnVictor on June 17, 2023, 11:39:21 AM

It's never a bad saying that "two are better than one," and most times in trading, 'multiple' could even be better, if not the best.

I strongly believe in this you say, we need to have a multiple of data to compare from each other in other for us to arrived well at the desired destination having better results to proof for it, there are times whereby we will need to sit and make comparisons form what we are having at present to what we already have in times past, this also lies in our individual abilities and how we are able to relate information together to arrived on same outcome using different time frames in both the present and past events with their respective months altogether.

A very common approach or something which it is really that mainly be needing for you to zoom out on different timeframes so that you would really be able to picture out and to see those indicators would really

give out that kind of idea on which it would really be able for you to make out analysis and would really be able to give out the idea on what you should really gonna do. Always find out for confirmations on other timeframes because if you do stick into small ones but the higher TF's doesnt give out any biases or confirmation then the analysis you had made on lower TF's wouldnt really be that something ideal or
wouldnt really be that good at all.

You would really be able to realize these things on the time that you would really be able to put yourself into this unpredictable market on which checking out in between TF's would
really be that something a very normal step to be done.

Aanuoluwatofunmi

sr. member

Activity: 532

Merit: 390

Quote from: EarnOnVictor on June 17, 2023, 11:39:21 AM

It's never a bad saying that "two are better than one," and most times in trading, 'multiple' could even be better, if not the best.

I strongly believe in this you say, we need to have a multiple of data to compare from each other in other for us to arrived well at the desired destination having better results to proof for it, there are times whereby we will need to sit and make comparisons form what we are having at present to what we already have in times past, this also lies in our individual abilities and how we are able to relate information together to arrived on same outcome using different time frames in both the present and past events with their respective months altogether.

palle11

sr. member

Activity: 2310

Merit: 332

Quote from: Flexystar on July 11, 2023, 07:54:00 AM

For example it can give clear idea if Bitcoin stood its resistance when FTX collapse was happening or if China declared no bitcoin country etc etc. This is just example but such analysis can be done easily. On the other front it is easy to understand the pattern of specific coin, it’s volume, it’s growth and declining nature etc. This is the reason multiple time frames should be done.

I guess the FTX and China analysis is funny to me even though I understand the point you were making there but however, it is still difficult to see that through the chart except it is a fresh chart, probably the same day they happened. But if it is a long time ago, it may not be easy to know except you are specifically checking for that which may be of no use on the long run because that incident is not repeating itself again. But it is right to use different time frame for trade, it gives more direction for trend.

Flexystar

full member

Activity: 1092

Merit: 227

Quote from: Franctoshi on June 17, 2023, 12:00:57 PM

I wonder if there is a trader out there who only sticks to one timeframe to carry out their trades, To get a clearer picture of the market, One must do a multi-timeframe analysis of the market or a top-down analysis, which is simply starting from the monthly, or weekly, daily and the rest of other timeframes to execute trades. We use monthly, weekly, and daily timeframes to determine the market direction while H4 and below are the best timeframes for entries.

Oh yeah, even if I am not doing the trading on regular basis then also I know the fact that you have to have clear picture of lengthy timeline. On one front past timelines can tell you how things were for the projected timeline and during the various events that might have happened. For example it can give clear idea if Bitcoin stood its resistance when FTX collapse was happening or if China declared no bitcoin country etc etc. This is just example but such analysis can be done easily. On the other front it is easy to understand the pattern of specific coin, it’s volume, it’s growth and declining nature etc. This is the reason multiple time frames should be done.

EarnOnVictor

hero member

Activity: 644

Merit: 592

Leading Crypto Sports Betting & Casino Platform

Quote from: pawanjain on June 29, 2023, 10:35:27 AM

As for the timeframes, I mostly stick to 3 timeframes 1D, 1H and 15m which are ideal for me right now.

I must say that this is a very good combination. If one would want to use very large time frames like 1Y, 1M and even 1W, there are other sets of timeframes that work best with them, and the same thing goes for the combining in which the highest timeframe is 1D like yours.

In 3 combinations, I love settings like (1Y, 1M and 1W), (1W, 1D and 4H) and (1D, 1H and 15m) which is yours.

Quote from: Huppercase on June 29, 2023, 12:09:16 PM

Having multiple time frames doesn't matter, it depends on the price action of your pairs that you choose to trade.

All I could say is that your statement lacks coherence. I'm always with the disposition that traders can use one or more timeframes, it's all about them. But for you to be specifying price action as a basis is out of the line. Price action is the first strategy I use before others are considered and I also have many friends using price action with their multiple timeframes as well.

What's there is that if many timeframes agree on the same trend, it gives better filtering and signal reliability other than how they disagree independently, a situation in which the market might be deceptive with the one you use if care is not taken.

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: justdimin on June 29, 2023, 12:42:39 PM

Quote from: EarnOnVictor on June 29, 2023, 05:21:21 AM

You should not be surprised my friend, these are strategies that are always instantly loaded upon opening the trading platform, so reading them are fast, just like glancing at a thing and immediately you know what they are and what they can do. Also, I believe you need more practice to actualize your goal of a good trading system.

But be sure to know that the trading system might not be the issue at times, many abandoned a good strategy because of that not knowing that no strategy is perfect and traders can't be successful without proper money and risk management to complement the strategy. And good strategy could be one or more, it doesn't matter.

When you are so used to doing a thing, obviously that becomes easier to handle. There are a lot of people who have absolutely nothing to do and they still ended up with a result in the end. Why? Because if you learn what to do and do it for many months even years, then it becomes a second nature and you do it very easily.

There are way too many people who still do not understand what this means and what they should be doing, that's an unfortunate thing but I bet that it is going to be an easy thing eventually. Just realize that it is a life that's a bit harder on that side and you will be able to actually consider it as a good thing. I know people are looking at bitcoin as a way to make profit but you need to work hard to get there for sure.

Yes, it would be wise that you shouldnt really be focusing into a one point on which you wont really be tending to zoom out whenever you do make use of some strategy specially on trading on which we

do really love lots of things that we do need to know or to use up specially on trading. Strategies is having lots of variations and speaking about multiple timeframes then it would really be just that normal that people should really be trying out to look for some biases on other timeframes on which it would really be that normal that you should not focus on putting up indicators on 1m 5m or 15m without trying to look on 4h 1D TF's on which you would be needing to see some confirmation if those entry or exit points are really that indeed considerable because you could really be
able to make up some patterns on low timeframes but doesnt really match up on higher time frames.

palle11

sr. member

Activity: 2310

Merit: 332

Quote from: EarnOnVictor on June 17, 2023, 11:39:21 AM

Whether you are a long or short-term trader, no matter the timeframes you are using to analyze the market, others might be trading differently. This is more reason why I like to use at least 5 timeframes for trading, which will surely increase my chance of capturing the true psychology of the market at that time. And you know what? All of them must agree on a particular direction before I pull the trigger.

Using different trading timeframe is well advised because all the time frame are Indeed necessary and play there different roles. Analytically , the timeframe can be explained with trying to see what stands before you before it happens. So you can see the short time effect and long time effect of the market by looking closely at the timeframe. 1 minutes and 4 hours will not give same result likewise 4 hours won't give same result with monthly. Example if the market close by the month, it is significant to the expectation of the next month. You watch different timeframe to know when to enter the market and when to exit. Most traders use lower time frame like 1 minutes and between 15 minutes to enter the market and decide when to exit by also looking at the longer timeframe, this is how important timeframe is.

Quote from: EarnOnVictor on June 17, 2023, 11:39:21 AM

This is another style that may slow your trading down, but believe me, it's to your advantage. It's worth it as it filters noise out of the market and makes you trade less, lose less and win more.

What is worth doing is worth doing well. If you have to trade for profit then it is better to observe all what is good for the trade. It is a good trading strategy to take your time to get things right because if you get it right, it will reflect in the profit.

tjtonmoy

sr. member

Activity: 1008

Merit: 366

I agree with you. Data analysis is the key to successful trades. And what's the best way to do it rather than looking through every available data? Every timeframe has its own unique characteristic. Based on that data, we choose different types of trading strategies. It gives us more freedom to move, collect and analyze data. This helps us to better understand the market's behavior and gives us the best results on when we should enter and exit the market.
The more time you give to something, the better you will become at it. So not sticking to one timeframe and exploring others will take more time, and by doing so, we will get more knowledge.
Overall, it's a good practice to have in order to expand our knowledge and become better at trading. Understanding the market and its movements is essential for successful trades. So no doubt this will help a lot on that matter.

Topic: Multiple timeframes is another means of getting better market clarity (Read 378 times)