QuoteDislikedHi Lee,
I would advise you to always work from up to down.
Looking at weekly once or twice a week to see what’s happening, on daily once or twice a day to check where we are, drawing trendlines and Fibonacci levels as needed.
But trading from the daily TF is difficult in the beginning.
H4 is a great time frame to follow the market without the need to stick to your PC.
Lower trendlines are dangerous to trade in the beginning.
I use all timeframes to trade, depending on my 'humor', on the market and on the time of the day.
But I would advise you not to focus on more than 2 TF, choosing them as you feel comfortable with. In your choice you can select for example H4 as your leading TF and H30 as your entry TF for more precision.
I use sometimes M1, but it is dangerous and I would not advise you to go into less than M15 to start with.
Read again post#7 for a Top down analysis using EU.
Don't jump too quickly into trading, but don't stay for ever watching.
Use a live account that would have very small lot size to work with, like 1$ for example (1 pip = 0.0001$) so you move away the emotion problem, then grow slowly the lot size as you become successful in your trades. Many borkers offers this possibility, and some for free.
Happy trading,
Hani
Hi Hani
Thank you for the advise. I will trade a live account again soon but at the moment I am taking a breather after having blown my previous account.
Regards,
Lee