2be
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Robert Miner's books are really good to study.
Alexander Elder also mentions multi time frame gearing, among other things, and so does Bill Williams if I am correct.
For myself multi TF's gearing is part of my DNA, it just comes natural.
Carolyn Boroden also mentions it, but probably not in her book on Fib trading.
There must be many other books and articles written about it, or at least mentioning it.
Reading books, articles and even postings one needs to be focussed and be clever enough to take advantage of the written information in a way to be of assistance in multiplying profits, a very strange although well desired idea/reality to most.
Unfortunately, many "traders" are very capable of missing the wealth presented for free or for the price of the book, being driven by self destructive forces ranging from undiluted (cerebral and physical) laziness, low self-image, pride, emotional itchiness, lack of discipline or pure arrogance. Unfortunately all of these vices and much more are well entrenched and valued as the present currency of the reigning political correctness impacting our lives.
No surprise there is so much confusion all around.
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I read the book, there is table helpful to determine trend.
But i have a basic question, can anybody help me to answer it?
If my base chart is 15M & Hourly is the higher one. Trend is up i am buying. If in hourly Resistance is at 50 & in 15TF resistance is at 65. Then what should be my target? 50 or 65 or average of both? Consider the Support/resistance very accurate.
What if, hourly is at 65 & 15TF is at 50. Then which to choose?
Regards.
But i have a basic question, can anybody help me to answer it?
If my base chart is 15M & Hourly is the higher one. Trend is up i am buying. If in hourly Resistance is at 50 & in 15TF resistance is at 65. Then what should be my target? 50 or 65 or average of both? Consider the Support/resistance very accurate.
What if, hourly is at 65 & 15TF is at 50. Then which to choose?
Regards.
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I use 2 TFs in trend-following trades, the longer one confirming the trend, the shorter one identifying entry and exit levels.
Its generally best to put target for an exit from a long position below resistance, especially when it is a round number like 50 or 65. Also, you haven't said where your stop will be: its more important to consider how much you can lose before thinking how much you can gain, and this level might show you where your target would need to be to make the trade worthwhile in risk:reward terms.
Its generally best to put target for an exit from a long position below resistance, especially when it is a round number like 50 or 65. Also, you haven't said where your stop will be: its more important to consider how much you can lose before thinking how much you can gain, and this level might show you where your target would need to be to make the trade worthwhile in risk:reward terms.
Thank you for your post.
That's exactly my point, idea behind targeting higher TF resistance is for better R:R. My Sl will be based on lower time frame entry.
pooja.lily
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Technical Analysis Using Multiple Timeframes
by Brian Shannon (Author)
Check the link http://www.amazon.com/Technical-Analysis-Using-Multiple-Timeframes/dp/1598795805
by Brian Shannon (Author)
Check the link http://www.amazon.com/Technical-Analysis-Using-Multiple-Timeframes/dp/1598795805
alexaherself
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I think the "classic book" on this subject, which I see widely recommended, is Marcel Link's book High-Probability Trading.
I happened to re-read it, about a month ago, and to be honest I didn't find it particularly inspiring or learn anything much from a re-reading, but I recall that when I first read it, about 6 years ago, knowing little about the subject and being confused by it, it was very helpful. I recommend it if you want a good "primer" of this subject.
tokyojoe
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I use 3 timeframes, all open on 3 separate screens at the same time, 1 instrument (Dax)
Screen 1 : overall trend : 4 hr down to 30mins (depending on current pa conditions) for obvious major levels.
Screen 2 : current trend : 5 mins zoomed out.
Laptop (screen 3) : Execution screen, 1 min (or 5 min zoomed in) for very close up action, again depending on the current pa conditions.
I know reading books will help, but I've taken the time to teach myself.
I have simplified my strategy over time, but I am pretty sure that overcomplicating the whole process in the beginning has actually helped enormously in a bent sort of way.
It takes a while to adjust to reading multiple timeframes at the same time, but very easy thereafter.
Then it's all down to reading into traps & inducement (very very important), price manipulation, reading dma price quotes compared to your broker quotes etc etc.
There is much to learn, unless you want to take pot shots, good luck with that !
I cannot emphasize enough on the psychological side of this game. We are not genetically programmed for it, learning to read multiple time frames (properly) helped me to allow focus on the more important skills required.
They will not allow you to take money easily from the markets, no matter how experienced or good you are. Yes it is repetitive & sometimes looks predictable, allowing people to become lazy in their approach, this is the most dangerous time.
It must be treated with the utmost respect, I hope I learn every single day I am in the markets.
Good luck to all next week.
Screen 1 : overall trend : 4 hr down to 30mins (depending on current pa conditions) for obvious major levels.
Screen 2 : current trend : 5 mins zoomed out.
Laptop (screen 3) : Execution screen, 1 min (or 5 min zoomed in) for very close up action, again depending on the current pa conditions.
I know reading books will help, but I've taken the time to teach myself.
I have simplified my strategy over time, but I am pretty sure that overcomplicating the whole process in the beginning has actually helped enormously in a bent sort of way.
It takes a while to adjust to reading multiple timeframes at the same time, but very easy thereafter.
Then it's all down to reading into traps & inducement (very very important), price manipulation, reading dma price quotes compared to your broker quotes etc etc.
There is much to learn, unless you want to take pot shots, good luck with that !
I cannot emphasize enough on the psychological side of this game. We are not genetically programmed for it, learning to read multiple time frames (properly) helped me to allow focus on the more important skills required.
They will not allow you to take money easily from the markets, no matter how experienced or good you are. Yes it is repetitive & sometimes looks predictable, allowing people to become lazy in their approach, this is the most dangerous time.
It must be treated with the utmost respect, I hope I learn every single day I am in the markets.
Good luck to all next week.
AutomatedTrader
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It is always better to see video tutorial than reading books. You may get the video tutorial in youtube of the same author who wrote the book u liked.
Thanks
Thanks
alexaherself
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The "always" clearly isn't right at all. But it's very easy to project your own experiences and attitudes onto others.
People vary greatly, in this regard, according to how they best learn, and the media that therefore suit them for educational purposes: some of us even find books so far superior to video that we're close to "plain unwilling" to watch videos in this context.
AutomatedTrader
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The "always" clearly isn't right at all. But it's very easy to project your own experiences and attitudes onto others.
People vary greatly, in this regard, according to how they best learn, and the media that therefore suit them for educational purposes: some of us even find books so far superior to video that we're close to "plain unwilling" to watch videos in this context.
Ok, I have got ur point. Actually I meant, Imo for technical skill learning, video tutorials are easier to understand than books. Of course books are important. In case of fundamental analysis or psychological motivation books help a lot . Btw all these are my personal opinion.
Thanks.
Pat Riley
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Have ta admit the concept intrigues me. If ya want to know how likely it is that your train will be 5 minutes late arriving, ya could assimilate all the historical statistics and arrive at a best guess in terms of probabilities. Or, ya could look at where you are and how fast you’re goin and do a bit of calculating. Or, you could ask the driver.
Using higher timeframes to establish context doesn’t make too much sense ta me as if for instance the Weekly is on a clear up trend and you’re trading intraday, it can do an awful lot of travelling downward any given day and still end up on the week. So how would that inform you? And as for the timeframes smaller than the one you’re using to trade, if you take the view they’re giving you insight, why don’t you trade them instead?
I find it tough ta look at any chart and find any way of it making any sense in terms of making a trading decision, but that’s maybe the way I’m built. I’d make a useless retail trader, and make no mistake about that.
Using higher timeframes to establish context doesn’t make too much sense ta me as if for instance the Weekly is on a clear up trend and you’re trading intraday, it can do an awful lot of travelling downward any given day and still end up on the week. So how would that inform you? And as for the timeframes smaller than the one you’re using to trade, if you take the view they’re giving you insight, why don’t you trade them instead?
I find it tough ta look at any chart and find any way of it making any sense in terms of making a trading decision, but that’s maybe the way I’m built. I’d make a useless retail trader, and make no mistake about that.
Hi Riley,
i got your point. But fact is, there is no point to zoom into lower time frame than your base TF. Suppose if my base chart is 15M, then looking at 5M, 1M will make me confused (personally experienced). Rather i should be looking at Hourly, 4H. Entry/Exit on base chart. (So far what all these books says)
But yes, if my entry/ exit is based on single chart. Then it doesn't create much difference. Cause if trend get changed, then i can see it on my base chart too. Its just higher tf confirms it. In a simplest way to say this, If in 4H chart market hit any resistance, then we can pretty much guess that market will react for next 8-12 hours. So in 15 Min it will be a major trend change. That's all.
Hope I'm right.
alexaherself
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If you live in Brighton and have to attend at meeting in London at 9.00 tomorrow morning, would it be relevant to you, in selecting a train to travel on, to know that the daily 7.29am train from Brighton to London hasn't arrived on time once in the last year? It's about as simple as that, I think? The higher TF may just give you information at a glance not so readily available in other ways.
