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I take the relaxed view - develop my confirmations of trend from the weeklies, then look for a helpful daily pattern for an entry.
I admit, if I had more time to screen-watch I would try to get better levels for entries using the 4 hourlies, but 2 timeframes - one for set-up, one for entry - will still be plenty complicated for me.
I admit, if I had more time to screen-watch I would try to get better levels for entries using the 4 hourlies, but 2 timeframes - one for set-up, one for entry - will still be plenty complicated for me.
I take the relaxed view - develop my confirmations of trend from the weeklies, then look for a helpful daily pattern for an entry.
I admit, if I had more time to screen-watch I would try to get better levels for entries using the 4 hourlies, but 2 timeframes - one for set-up, one for entry - will still be plenty complicated for me.
Sounds like a good approach, seems to be working for you then.
What I find about trading the 4 hourly is that the damned thing gives a signal in the middle of the night,
so what I find to be an attractive idea is inpracticable for me. I've tried the "if it's blue, trade long and if it's red trade short" approach, but you can't tell and, being so large a period I can't seem to decide when to get out of a bad trade. I am better on shorter TFs.
It may be the TF for you, though, and you will have to make your own decision on that.
so what I find to be an attractive idea is inpracticable for me. I've tried the "if it's blue, trade long and if it's red trade short" approach, but you can't tell and, being so large a period I can't seem to decide when to get out of a bad trade. I am better on shorter TFs.
It may be the TF for you, though, and you will have to make your own decision on that.
Two TFs works for me, I'm desperate to avoid complicated qualitative judgement input when trading. The 3 ducks approach elsewhere on this forum uses 3 TFs and likewise looks simple. I have a feeling that more than 3Tfs will complicate the picture so much that judgement worsens with more information rather than improving.
I also suspect that TFs should be far apart, each more than double the smaller below it, but not exactly 2x in case they work in harmonics. The shorter the TFs the more impact such things will have, so there's little point (and some danger) in using 5mins and 10mins or even 1day and 2days.
Same coud be said of MAs too.
Whichever way you go, each additional element of the chart has to tell you something that you a) absolutely need to know to make a winning trade and b) you wouldn't otherwise know in any other simpler way.
I also suspect that TFs should be far apart, each more than double the smaller below it, but not exactly 2x in case they work in harmonics. The shorter the TFs the more impact such things will have, so there's little point (and some danger) in using 5mins and 10mins or even 1day and 2days.
Same coud be said of MAs too.
Whichever way you go, each additional element of the chart has to tell you something that you a) absolutely need to know to make a winning trade and b) you wouldn't otherwise know in any other simpler way.
3 ducks seems to lose a lot of good opportunities, to me. I suppose it's horses for courses and my disposition makes me want to kick myself for looking at a chart in hindsight and seeing that I could have taken a profitable trade and did not.
That is why I mentioned to King156 that he has to find what suits his temperament.
That is why I mentioned to King156 that he has to find what suits his temperament.
Hi king156 - I don't think the 1min bars are random but I don't think even the 1monthly bars are predictable. The thing I have found though is when stuff starts to go wrong, its nice to have more than 1 minute to put it right.
Yeah I suppose that's true. Can I ask what time scale you trade on...
I only enter trades (forex) after the London Close using daily charts. I set up my targets using weeklies to determine trend direction & strength.
Thanks for the help and everyone else too iv got some experimenting to do.
Happy trading all!
We do of course, but why pass up on an opportunity to be gratuitously unpleasant?We understand what he means, though, don't we?
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