The importance of multiple time frame trading(It helps me hold my position for weeks) - Page 96
Page 96 of 97 FirstFirst ... 4686929394959697 LastLast
Results 951 to 960 of 966

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

  1. #1
    Banned
    Join Date
    Mar 2015
    Posts
    9,577
    Promo (¢)
    0
    Thumbs Up
    Received: 127
    Given: 21

    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. #951
    Trader cutiekc's Avatar
    Join Date
    Dec 2013
    Posts
    23,017
    Promo (¢)
    6,480
    Thumbs Up
    Received: 158
    Given: 236
    Making use of multiple time frame is important, one thing that I have always gotten to have used. You need to learn and then see how it works, using just one time frame is good for the intraday trader, but for someone like I, I like looking at the different time frame to be sure that I am making good decisions and then making sure that I am not taking poor signals at all.

    Not allowed!

  3. #952
    Rookie Sascha's Avatar
    Join Date
    Dec 2013
    Location
    Racoon City
    Posts
    3,374
    Promo (¢)
    700
    Thumbs Up
    Received: 62
    Given: 54
    Quote Originally Posted by cutiekc View Post
    Making use of multiple time frame is important, one thing that I have always gotten to have used. You need to learn and then see how it works, using just one time frame is good for the intraday trader, but for someone like I, I like looking at the different time frame to be sure that I am making good decisions and then making sure that I am not taking poor signals at all.
    less time frames makes it even easier to trade but we'll get fewer confirmations from market. let's us choose the way we trade by attaching any time frames we like, and leave the others we don't really need to put into our trading. i have no problem with time frames at all because news is my only concern and what i focus more is to news impact to my chart.

    Not allowed!

  4. #953
    Rookie
    Join Date
    Aug 2014
    Posts
    3,308
    Promo (¢)
    1,680
    Thumbs Up
    Received: 10
    Given: 9
    Quote Originally Posted by Sascha View Post
    less time frames makes it even easier to trade but we'll get fewer confirmations from market. let's us choose the way we trade by attaching any time frames we like, and leave the others we don't really need to put into our trading. i have no problem with time frames at all because news is my only concern and what i focus more is to news impact to my chart.
    Neither many timeframes nor just one, I think we have to balance the things. For me using two time frames can help a trader can stronger confirmation and better earn money in the Forex market. We should begin with the basic understanding first To trade anyway we have to first analyze the market. The most relaxed way of working in the market is to be planned.

    Not allowed!

  5. #954
    Rookie
    Join Date
    Feb 2014
    Posts
    2,488
    Promo (¢)
    2,960
    Thumbs Up
    Received: 11
    Given: 9
    trading using many time frames can be one of the most successful strategies as they can help to draw a very clear picture for all of us to think clearly to avoid the wrong entry points , also there can be ver smart strategies that can help in making effective ways for the general manner to analyse the trends and the different ways for the trading .

    Not allowed!

  6. #955
    Trader
    Join Date
    Nov 2017
    Posts
    6,695
    Promo (¢)
    5,310
    Thumbs Up
    Received: 33
    Given: 68
    Quote Originally Posted by Abu George View Post
    trading using many time frames can be one of the most successful strategies as they can help to draw a very clear picture for all of us to think clearly to avoid the wrong entry points , also there can be ver smart strategies that can help in making effective ways for the general manner to analyse the trends and the different ways for the trading .
    That is because making analysis is always important, therefore the trader needs to know how to make use of different time frame in making analysis. Because the use of just one time frame will not be enough for the trader. I have been able to have made good analysis because I did understand the different time frmae market movement. However still, traders should know that the multiple time frame should be on the higher side.

    Not allowed!

  7. #956
    Rookie
    Join Date
    Aug 2017
    Posts
    7,822
    Promo (¢)
    0
    Thumbs Up
    Received: 51
    Given: 96
    This is the choice of the trader deciding on what they will want to make use of. I just know that the use of just one time frame will not be enough in trading, in as much as the trader wants their trading method to be based on quality trading, then the trader should adopt the use of different time frame, making sure to be more confident holding their trade when there is a trend.

    Not allowed!


  8. #957
    Rookie layigold's Avatar
    Join Date
    Dec 2013
    Posts
    10,150
    Promo (¢)
    517
    Thumbs Up
    Received: 162
    Given: 90
    Just like you have mentioned in the thread, one of the advantages of using multiple time frames could make you hold a position for days or weeks more so that higher time frames are in support of that . Each time frame on the trading platform has its own area of relevance and significance and a trader would be able to compare the setup on each time frame before taking his own trade decision.

    Not allowed!

  9. #958
    Rookie Sascha's Avatar
    Join Date
    Dec 2013
    Location
    Racoon City
    Posts
    3,374
    Promo (¢)
    700
    Thumbs Up
    Received: 62
    Given: 54
    Quote Originally Posted by layigold View Post
    Just like you have mentioned in the thread, one of the advantages of using multiple time frames could make you hold a position for days or weeks more so that higher time frames are in support of that . Each time frame on the trading platform has its own area of relevance and significance and a trader would be able to compare the setup on each time frame before taking his own trade decision.
    i doubt this could be useful for me because i never hold my trades for days and always close them for short term trading in news. few times i've been trading for days and it was an outstanding experience for me because it really tested my patience. i don't really use multiple time frames to trade because i only use one or two time frames at once with h1 and daily.

    Not allowed!

  10. #959
    Rookie ola4real's Avatar
    Join Date
    Mar 2018
    Posts
    7,303
    Promo (¢)
    6,720
    Thumbs Up
    Received: 44
    Given: 20
    Quote Originally Posted by Makaveli View Post
    That is because making analysis is always important, therefore the trader needs to know how to make use of different time frame in making analysis. Because the use of just one time frame will not be enough for the trader. I have been able to have made good analysis because I did understand the different time frmae market movement. However still, traders should know that the multiple time frame should be on the higher side.
    Making good analysis is important for every forex traders. No one want to lose their investment, they only want to gain, that is why the analysis we are using have to be such that will have much credibility to the extent that we will trade it with confidence. I like the multiple time frame analysis, that will increase the credibility of trading for forex traders, the signal in whom it generates will be so strong for usage too.

    Not allowed!

  11. #960
    Rookie Toyen's Avatar
    Join Date
    Apr 2018
    Posts
    6,584
    Promo (¢)
    7,940
    Thumbs Up
    Received: 38
    Given: 13
    Quote Originally Posted by ola4real View Post
    Making good analysis is important for every forex traders. No one want to lose their investment, they only want to gain, that is why the analysis we are using have to be such that will have much credibility to the extent that we will trade it with confidence. I like the multiple time frame analysis, that will increase the credibility of trading for forex traders, the signal in whom it generates will be so strong for usage too.
    When traders have missed it in the method of trading they are using, their analysis will be bad, and the traders will always waste their trading capital. That is the reason for the analysis to be trader's priority in trading. When traders have it bad with their analytical methods, the trader will definitely fail. I believe that we can make it better when we use multiple time frames, yet it is not all trading strategies which will let you use multiple time frame on them.

    Not allowed!

Page 96 of 97 FirstFirst ... 4686929394959697 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
  •