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

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    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.

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    Quote Originally Posted by samprazaan View Post
    [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]
    I have been making use of it and my stoploss has been working the way I expected. The only thing I think I need is to be patient because the strategy I make use of is not that one that generates huge trading opportunity, some times in a week I wouldn't have trading opportunity, so I am working on being patient.

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    Quote Originally Posted by splash View Post
    I have been making use of it and my stoploss has been working the way I expected. The only thing I think I need is to be patient because the strategy I make use of is not that one that generates huge trading opportunity, some times in a week I wouldn't have trading opportunity, so I am working on being patient.
    do trading with good patience is very important and no matter for what methods is used for it, and even it is a vital decision for traders to make sure that they are on good track, good time to enter and exit from the market, do not so rush, and use some points that will give us validation too, use multi time frames are very important for us

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    Quote Originally Posted by newentry View Post
    do trading with good patience is very important and no matter for what methods is used for it, and even it is a vital decision for traders to make sure that they are on good track, good time to enter and exit from the market, do not so rush, and use some points that will give us validation too, use multi time frames are very important for us
    there are benefits of making nice analysis in the market, traders can do trading with multiple time frame to make the market known the more, and that is patience too. Since the trader who will work on the multiples time frames will have to do it with patience, not rushing.

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    When we will understand the market trend but we make sure that we will find profit from our trade that time we can hold our position on floating loss. But sometimes market never return on same price & we will face huge loss. So we need to take decision carefully.

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    Quote Originally Posted by newentry View Post
    do trading with good patience is very important and no matter for what methods is used for it, and even it is a vital decision for traders to make sure that they are on good track, good time to enter and exit from the market, do not so rush, and use some points that will give us validation too, use multi time frames are very important for us
    Yes, that is what I have learned as well though I wouldn't want to appear as if I am a professional trader, I am far from that and I am sure I will get there therefore I also have my flaws and that is not being disciplined enough, some times I loss patient, but then that is what I am working on since I know that patient is so much important to become successful in the business.

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    Multiple time frames will give you ideas of either a break out, end of a trend or when a trend is ant the very middle and you cannot soil it, it will have to work with the right mind set that prevails in all sense we have seen a lot being said but the right to prove that we are developing and greater involvement is a good chance to pull the market in the right direction

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    This kind of trading would give trader's a nice view about the long term trading as well as short term trading. Forex trading become very risky when we don't have to do trade in short and long term time frames, many follow indicator's signals without any proper analysis. If indicator showing sell on short term time frame then trader sell, and when its show buy on long term time frames then trader go with buy. Its a very good step to check each time so that we can follow indicator's nicely.

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    Quote Originally Posted by Kariuki View Post
    Multiple time frames will give you ideas of either a break out, end of a trend or when a trend is ant the very middle and you cannot soil it, it will have to work with the right mind set that prevails in all sense we have seen a lot being said but the right to prove that we are developing and greater involvement is a good chance to pull the market in the right direction
    [lang=id]there are many good thing that we can get from multi time frames, so good to pay attention for them because the function here will give us more ideas and validation before make a decision, and almost is there, we just need to take a look them seriously and with good focus ,[/lang]

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    Quote Originally Posted by splash View Post
    Yes, that is what I have learned as well though I wouldn't want to appear as if I am a professional trader, I am far from that and I am sure I will get there therefore I also have my flaws and that is not being disciplined enough, some times I loss patient, but then that is what I am working on since I know that patient is so much important to become successful in the business.
    we are now in process, and we have known some points that should taken and followed, and now, we just need to support them with good emotion controlling and psychologies then discpline will come to us, or also we can try to start it with discpline first and automatically we can keep stable the psychologies and emotion controlling

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    Quote Originally Posted by newentry View Post
    we are now in process, and we have known some points that should taken and followed, and now, we just need to support them with good emotion controlling and psychologies then discpline will come to us, or also we can try to start it with discpline first and automatically we can keep stable the psychologies and emotion controlling
    I know we can and that is the reason why the experienced pro trader are more experienced than we all, they know how to actually follow the market, therefore they have good knowledge and skills of how the market works. Well, I love the multiple time frame and it has helped me alot and what I need mostly now is the patient to be able to hold to my discipline.

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