Disliked{quote} Hi Bill I do occasionally trade higher timeframes as I like to have longer term trades in the market as well as my daily trades. The methodology is pretty much the same. Main difference is, as expected, stop losses have to be bigger and take profit amount should be bigger too. I've chosen an hourly chart at random to show how you could trade it. NZD/CAD - I've marked two potential long entry points and two potential short entry points. The first arrow is an aggressive long entry, the second is a conservative long entry. Aggressive...Ignored
Thank you Laura for such a detailed reply .
The conservative entries you indicated are the types of trade I’m entering. I’m not too worried about bigger stop losses as my risk stays the same no matter what time frame I’m on.
Thanks for the advice about watching the ADR and what it tells us with regards to the bigger picture. I’ll have a look at this in more detail when I get the chance but I can see it being useful. Especially as there are periods when I can’t monitor my trades closely enough and miss trend lines being broken or candles closing the wrong side of channels.
Have a great day