TECH ANALYSIS: TIMEFRAMES please help

Dear Community,

I have just finished reading the book: Profiting With Forex

I enjoyed their part on technical analysis and watched a few further youtube videos to reinforce what I have learned.

My question is simple, I have been browsing charts for 1 minute/5 minute/hourly and daily. All 4 have different trends, they have different support/resistance lines, they have different reversal patterns and indicators.

How can I effecively place trades on ONE chart when I know the other chart is indicating the opposite??!? I am at a completel loss because from my standpoint no matter which way I choose I am screwed.

You need to pick the time frame which suits you best and work from that base. It's that simple. You can use slightly higher and lower time frames for context, but if you bounce around you'll just drive yourself to distraction.

Dear Sir,

Is there a consolidated guide/book that would inform me of how to effectively perform technicall analysis over several timeframes and what to look out for? Perhaps some advice, I understand the concept of looking at the general long etrm trade, supportand tying that back to the shoter timeframe to get a feel of a good entry position. Etc. However I wish to learn "all the tricks" before I play with the cards.

Maybe anyone came across such a guide? Specific performance indicators or perhaps even some tool/instrument that I could use?

Timeframes don't matter at all. What matters is where the market has been, what it did before, where it's trying to go and your assessment on how good a job it is doing of getting there.

Read the "Three Ducks" approach on T2W.
Have a look at James16 thread on Forexfactory.

So- plenty of reading and practice for you. And, of course, you can demo before committing real cash

Check out Lance Beggs on Price action trading..............hes the best I've ever worked with

This is basicially part of Market/Timeframe Structure

In my own opinion use a Max of 3 TF levels..and decide what you are going to do

Fade the Highest TF trend
(ie trading it's (possible) retracement using opposing lower TF Trend signals)

Trade the highest TF trend
(ie trade the lowest TF's in same direction as the Highest TF Trend)

Remember the highest TF looks great in a Trend mode....... but that very next reversing bar on the lowest TF could be the first step to total reversal of the higher TF trend.........

you are only as knowledgable as the last Bar....

thats it .......
N

agreed

Andy is a great mentor and the 3D's is a nice simple approach that is very effective

James16 is a legendary thread and is worth the effort of reading ...........even if to see how nice guys can finish first !

N

Dully noted will give both articles a read this evening. I am not too concerned about loosing money, but I will definetly use wisdom of a demo account.