The importance of multiple time frame trading(It helps me hold my position for weeks) - Page 2
Page 2 of 97 FirstFirst 1234561252 ... LastLast
Results 11 to 20 of 967

Thread: The importance of multiple time frame trading(It helps me hold my position for weeks)

  1. #1
    Banned
    Join Date
    Mar 2015
    Posts
    9,523
    Thumbs Up
    Received: 127
    Given: 20

    The importance of multiple time frame trading(It helps me hold my position for weeks)

    I will be sharing my experience on how I hold my positions with the help of multiple time frame trading.

    I trade the Daily, weekly and monthly time frames only.

    On the GBPUSD chart on the screenshot. I took the short trade setup known as a bearish engulfing pattern that formed with a bollinger breakout. Such setup is known to me as a strong set up plus it formed at a resistance level of 1.57856 But then, there was a support level very close which is slant.

    My initial stoploss was around the resistance level of 1.57856. Good a thing, the next day, the next candle broke the support level. I was happy and I moved my take profit lower making it x6.7 of my stoploss. thus 1:6.
    Attachment 12952

    Now let me explain what gave me the courage to hold my position for long.

    Switching over to the weekly time frame. The bollinger middle band was broken.
    Attachment 12953
    Note that the Bollinger middle band is a 20 simple moving average. It usually serves as a support or resistance level as the case may be. SO therefore on the weekly chart, the middle bollinger band got broken, which literally means to me that the price will continue going down.

    Now let me show you how the monthly time frame helped me on holding the position. The bollinger middle band on the monthly time frame acted as a resistance level thus not allowing the price to go above it. But then there is a strong bullish reversal signal formed on the monthly time frame by 2015.03 and 2015.04 candle.
    Attachment 12954
    Therefore to me, GBPUSD might reverse when it reached the 1.49870 level which is where my ultimate 1:6 take profit is. It might reverse there or break below it, we can not tell what the market will do. but then this is how the mutiple time frame helps me on holding my position for long and making about 1:10 risk to reward sometime..


    Please note that this is for education purpose. PLEASE don't open any position based on my supposed educational tips. I decide to share this for others who makes use of bollinger band to learn how they can make analysis with it.

    Hope my thread adds more knowledge to your already existing trading knowledge.

    Thanks.

    Also, I now use the BOLLINGER BAND. It is a good indicator when used rightly.

    Not allowed!

  2. #11
    Banned
    Join Date
    Mar 2015
    Posts
    9,523
    Thumbs Up
    Received: 127
    Given: 20
    Quote Originally Posted by cozard007 View Post
    It is true, not even the support and resistance alone, it is applying to all the trading system I know in the market, they are better layer with the higher time frames, and this will reduce the risk of entering too many traders that is wrong for the trader. I believe in the use of the 4 hours time frames among my high time frames, and that is the lowest I use.
    That is the reason why we need to know how to make use of support and resistance level when it comes to forex trading because so far so good even if we should know how to make use of it, we still need to practical aspect to be confident when trading with the trading system, I guess that is what I keep on doing.

    Not allowed!

  3. #12
    Trader
    Join Date
    Feb 2014
    Posts
    5,556
    Thumbs Up
    Received: 64
    Given: 30
    whatever we used of times frames we can use only one theory which depend on the news . so all of the trading news are very important for us to build up our trading points on them . for many reasons we can find that the best things will help us to take a good decisions for making the trading easier

    Not allowed!

  4. #13
    Banned
    Join Date
    Jul 2014
    Posts
    9,665
    Thumbs Up
    Received: 126
    Given: 104
    Quote Originally Posted by hosny55 View Post
    whatever we used of times frames we can use only one theory which depend on the news . so all of the trading news are very important for us to build up our trading points on them . for many reasons we can find that the best things will help us to take a good decisions for making the trading easier
    [lang=id]time frames is still needed for them and although they use the news for trading forex, we can use it to indicate the market and find the saturation before enter the market, and news is the moment to enter the market, and of course, traders should understand to trade with news, because usually the market will get volatile[/lang]

    Not allowed!

  5. #14
    Banned
    Join Date
    Mar 2015
    Posts
    9,523
    Thumbs Up
    Received: 127
    Given: 20
    Quote Originally Posted by hosny55 View Post
    whatever we used of times frames we can use only one theory which depend on the news . so all of the trading news are very important for us to build up our trading points on them . for many reasons we can find that the best things will help us to take a good decisions for making the trading easier
    Funny, but I don't pay attention to those news so how come am i able to have winning trades? Well, trading in forex market is good when we have the good trading strategy that works for us. Trading the news does not work for me and I think it is a waste of time, because you never can tell, I believe on what works on the chart which I am seeing.

    Not allowed!

  6. #15
    Banned
    Join Date
    Nov 2013
    Posts
    14,748
    Thumbs Up
    Received: 106
    Given: 14
    Quote Originally Posted by splash View Post
    Funny, but I don't pay attention to those news so how come am i able to have winning trades? Well, trading in forex market is good when we have the good trading strategy that works for us. Trading the news does not work for me and I think it is a waste of time, because you never can tell, I believe on what works on the chart which I am seeing.
    strategy is powerful to make money for traders. when the trader is not making money, then the strategy should be questioned. this makes me know that it is important to use your strategy well, and me sure that the time frames are not problem as the higher time frames are better.

    Not allowed!

  7. #16
    Trader Hukam's Avatar
    Join Date
    Jan 2014
    Posts
    8,615
    Thumbs Up
    Received: 250
    Given: 495
    First of all thanks for opening such a great thread mate, this is wonderful to tell people about the value of long term time frames use in forex. I am also a long term trader and I spend my most of time with daily chart. For analysis I use weekly and monthly chart too but I never used the monthly for opening my positions because need a very long patience in that. I use daily chart, H4 chart to open my trades.

    Not allowed!

  8. #17
    Banned
    Join Date
    Mar 2015
    Posts
    9,523
    Thumbs Up
    Received: 127
    Given: 20
    Quote Originally Posted by Hukam View Post
    First of all thanks for opening such a great thread mate, this is wonderful to tell people about the value of long term time frames use in forex. I am also a long term trader and I spend my most of time with daily chart. For analysis I use weekly and monthly chart too but I never used the monthly for opening my positions because need a very long patience in that. I use daily chart, H4 chart to open my trades.
    I comprehend, I am also trying to develop the patient on opening trades with the monthly time frame, it is the king, and some of the times we don't even have to wait that long and have the position work in our favor, also when trading with the longer time frame we need to ensure that we make use of smaller lots not to loss huge or risk huge.

    Not allowed!

  9. #18
    Banned
    Join Date
    Jul 2014
    Posts
    9,665
    Thumbs Up
    Received: 126
    Given: 104
    Quote Originally Posted by splash View Post
    I comprehend, I am also trying to develop the patient on opening trades with the monthly time frame, it is the king, and some of the times we don't even have to wait that long and have the position work in our favor, also when trading with the longer time frame we need to ensure that we make use of smaller lots not to loss huge or risk huge.
    [lang=id]be careful to use higher time frames for trading, make sure that you get the right validation with wait for some candlestick to give us indication that the price still continue the position or not, because, the movements will give wide range too, and then use or set the volume or lots size wisely.
    so good for traders who always support themselves with good patience[/lang]

    Not allowed!

  10. #19
    Registered user
    Join Date
    Dec 2013
    Posts
    608
    Thumbs Up
    Received: 2
    Given: 0
    You can really play between the different chart in order to get more right signal , i really know some person who work in the H1 and the Daily at the same time and they can be sure abotu their decision via this method , in fact in the end it's about you and how you can find the right method of trading that goes with you .

    Not allowed!

  11. #20
    Trader cutiekc's Avatar
    Join Date
    Dec 2013
    Posts
    23,501
    Thumbs Up
    Received: 158
    Given: 236
    In my own point of view I think I have to say that we should keep to what works for us, the approach that we make use of that works for us, we should keep on making use of it. In the context of making use of multiple time frames, I think one should know that some times, the whole time frame might not tally with each other, in such situation, I think it will take a trader with good discipline to handle properly such situations.

    Not allowed!

Page 2 of 97 FirstFirst 1234561252 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •