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

  1. #1
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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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  2. #961
    Trader Silhouette's Avatar
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    Quote Originally Posted by Toyen View Post
    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.
    One mistake in analysis could run into chain and caused further damage to our trading. It won't affect us that bad when we realize something's off earlier but for traders who doesn't feel that way, they're definitely lose their trades easily and run into panic for no reasons. Time frames are used to tell traders about different possibilities they can take and avoid. More time frames used will help traders to open their eyes wider to see the probabilities to enter and exit from market.

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  3. #962
    Trader mexima's Avatar
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    very chart is important for analysis like i have notice many time the point where you see in h4 that there is support but that support will be resistance on d1 chart and d1 is important than h4 so you need to consider than major resistance instead of support so alots of pattern which we need to see in every time frame.

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  4. #963
    Trader sniper007's Avatar
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    I suppose that we need to use multiple time frame if we are the kind of trader who wants to last longer with our trades, experience has got to make me understand that the long term traders are having more winnings and one of the factors to that is that they are making use of the multiple time frame in making analysis. It is a good advantage because you can see the different market movement using just one time frame.

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  5. #964
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    Quote Originally Posted by sniper007 View Post
    I suppose that we need to use multiple time frame if we are the kind of trader who wants to last longer with our trades, experience has got to make me understand that the long term traders are having more winnings and one of the factors to that is that they are making use of the multiple time frame in making analysis. It is a good advantage because you can see the different market movement using just one time frame.
    When we trade by correlating the signals achieved from more than one time frame and dont rely much on the lower time frames, we can achieve fewer but stronger signals. Moreover for profitable trading experience we need not indulge into trading on a daily basis and focus on larger number of trades daily or weekly. This sort of strong confirmations can give the confidence needed to keep our trades running for long but we also need to keep an eye on the high impact news releases.

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  6. #965
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    Quote Originally Posted by sniper007 View Post
    I suppose that we need to use multiple time frame if we are the kind of trader who wants to last longer with our trades, experience has got to make me understand that the long term traders are having more winnings and one of the factors to that is that they are making use of the multiple time frame in making analysis. It is a good advantage because you can see the different market movement using just one time frame.
    no doubt long term trader can have more accuracy in trading in fact we can securely trade on long term but when we do short term trading we can confuse, we can lose more here because in short term we use mostly swing trading whenever we do swing trading we can lose because we try to earn every pip here, so in this try we lose, our profit is depend on us but if we have good experience so we can earn otherwise we can not

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  7. #966
    Trader mexima's Avatar
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    Quote Originally Posted by sniper007 View Post
    I suppose that we need to use multiple time frame if we are the kind of trader who wants to last longer with our trades, experience has got to make me understand that the long term traders are having more winnings and one of the factors to that is that they are making use of the multiple time frame in making analysis. It is a good advantage because you can see the different market movement using just one time frame.
    as i said every chart has their own important like if you are talking about long term chart you must go with h4 and higher chart but if you go in h1 chart then you will be that market break the support and resistance level and more pattern break easily but on the higher time frame market will be struck between point .

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  8. #967
    Trader Azis Muslim's Avatar
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    Quote Originally Posted by naeem555 View Post
    no doubt long term trader can have more accuracy in trading in fact we can securely trade on long term but when we do short term trading we can confuse, we can lose more here because in short term we use mostly swing trading whenever we do swing trading we can lose because we try to earn every pip here, so in this try we lose, our profit is depend on us but if we have good experience so we can earn otherwise we can not
    Getting it done through multiple time frames will help us to get more accuracy and clearances about market in different ways. I like how the advantages of using more time frames for my analysis because it is not enough to get half accuracy from a single time frame. Especially for a typical trader like me who likes to hold my trade for swing purpose, mostly for hours to 2 days max and this strategy really helpful.

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