If im using the m1 chart should i use the m5 to get the strength/weakness trend of the pair? Or should i use a more intraday time frame like m15, to catch a trend on the m1?
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DislikedHello Mike, it's all subjective. Using another TF or any another filter won't necessarily improve your approach. It is true that the 'trend is your friend' BUT how to use this? The market ebs & flows so regardless of what you do it will never cover all the angles. There are many ways to determine a trend BUT it's all subjective...you can use a slow MA i.e. 200sma, the daily open, a currency strength meter, RSI, MACD, higher TFs etc etc. Best to explore different options & go from there. It's a slow process. Good luckIgnored
Disliked{quote} Alright thank you i really appreciate your response, I notice that when i would use the currency strength approach it works well but sometimes the price will reveres back on me which would confuse me because the currency strength is telling me one thing but the price on the m1 is doing something else. I know i should expect Pullbacks but the price would literally really start trending in the opposite direction. So i was thinking maybe it's because the strength meter i was using is looking at the main market bias which on the 4hr/daily time...Ignored
Disliked{quote} Hi Mike, I'm sure you realise now that Daily & 4hr info isn't compatible with 1m scalping unless you have something specific in mind i.e. trade 1m based on major Daily/Weekly s/r levels. Generally you want 3x to 5x TFs higher or lower. So for 1m keeping an eye on the 5m is standard. What you propose with the dashboard sounds good, it's pretty logical to want to follow the higher trend so I would say sure give it a try...its part of the journey. Quite a few systems out there that use MTF & dashboards so have a look & mix it up to fit your...Ignored
DislikedIf im using the m1 chart should i use the m5 to get the strength/weakness trend of the pair? Or should i use a more intraday time frame like m15, to catch a trend on the m1?Ignored
Disliked{quote} Alright thank you i really appreciate your response, I notice that when i would use the currency strength approach it works well but sometimes the price will reveres back on me which would confuse me because the currency strength is telling me one thing but the price on the m1 is doing something else. I know i should expect Pullbacks but the price would literally really start trending in the opposite direction. So i was thinking maybe it's because the strength meter i was using is looking at the main market bias which on the 4hr/daily time...Ignored
Disliked{quote} sometimes the price will reveres back on me which would confuse me because the currency strength is telling me one thing but the price on the m1 is doing something else.Ignored