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If I knew then what I know now

  • #41
  • Mar 20, 2010 7:36am Mar 20, 2010 7:36am
Quoting Troikaone1
.....personally I think a trader should master all timeframes.
Why? For example what use is an H4 chart to a scalper, or an M1 chart to a positional trader?

I'd be interested to know whether, with nearly 3 years additional experience, clockwork and some of the other posters have changed any of their views or whether they still think the same way.
  • #42
  • Mar 20, 2010 9:27am Mar 20, 2010 9:27am
Quoting pipmutt
Why? For example what use is an H4 chart to a scalper, or an M1 chart to a positional trader?
It's called evolution!! You never stop learning as a trader. You should always seek out new strategies and ideas. I have a really good handle on the smaller timeframes. I have yet to translate those techniques to the larger timeframe.....mainly because of the larger stops I would probably have to endure. As of yet, I have no interest in the higher timeframes.....but as I evolve I will move towards the higher timeframes. In my earlier trading days, I did not have the proper strategies that could translate in the higher timeframes.....I feel that I can do that now, but it will take some time b4 I start tinkering with it.
  • #43
  • Mar 20, 2010 9:42am Mar 20, 2010 9:42am
You might say why move to the higher timeframes? Because those 80 pip moves that you enjoy on the smaller timeframes can be 300 pip moves in the higher timeframes. I don't hate on folks who trade on the higher timeframes at all....more power to them. I started out in the lower timeframes.....collected a lot of data, and now I am stuck with that decision. I would have to collect a whole lot more data before I start tackling the higher timeframes.
  • #44
  • Mar 20, 2010 10:23am Mar 20, 2010 10:23am
Quoting Troikaone1
It's called evolution!!
I'm sure there's some warped logic in there somewhere!

You can't say one time frame is any better to trade than another, it's all down to performance and to a certain extent personal preference. Also as I think someone else mentioned, trading off shorter time frame charts doesn't automatically mean short term trades, there's nothing to stop an M15 chart trader from leaving a trade to run for those 300-pip moves you mentioned.

I trade intraday off a 15 minute chart but I'm rarely glued to a screen all day, a couple of hours around European open and then maybe a couple of hours around US open and that's it for me. I enjoy trading but there are other things in life such as posting on FF!!

There are pros and cons for both.
  • #45
  • Mar 20, 2010 12:09pm Mar 20, 2010 12:09pm
Quoting pipmutt
You can't say one time frame is any better to trade than another, it's all down to performance and to a certain extent personal preference.
Wow dude......you really need to focus and take time to read these posts. I never said one timeframe was "better" than any other timeframe. I praise all time frames....they each have their distinct advantages and disadvantages. One guy may swear by the 1 minute timeframe as his key to success and another guy may swear by the daily timeframe. Each has its own nuances. It depends on how you choose to view the markets.
  • #46
  • Mar 20, 2010 12:20pm Mar 20, 2010 12:20pm
Quoting pipmutt
there's nothing to stop an M15 chart trader from leaving a trade to run for those 300-pip moves you mentioned.
In order to catch a 300 pip move you have to "see" an area of support/resistance area that may have occured...say...a couple of weeks ago. Don't get me wrong....in FOREX...there is always a possibility of a 300 pip move in a very short amount of time, but those days are rare. Under normal circumstances, the only person that can see a 300 pip support/resistance target is a "higher" timeframe trader. There is no guarantee that it will hit that target in the near term, but a "higher" timeframe guy might see it. Since I trade the "lower" time frames I might be just as happy taking an 80-100 pip move because I can more easily see the support/resistance area with the amount of data available in the small timeframe window. Make sense?
  • #47
  • Mar 20, 2010 1:13pm Mar 20, 2010 1:13pm
Quoting Troikaone1
You might say why move to the higher timeframes? Because those 80 pip moves that you enjoy on the smaller timeframes can be 300 pip moves in the higher timeframes. I don't hate on folks who trade on the higher timeframes at all....more power to them. I started out in the lower timeframes.....collected a lot of data, and now I am stuck with that decision. I would have to collect a whole lot more data before I start tackling the higher timeframes.
Troikaone...

what time frame are you using?
  • #48
  • Mar 20, 2010 1:21pm Mar 20, 2010 1:21pm
Quoting Troikaone1
I never said one timeframe was "better" than any other timeframe.
I must have misunderstood then, you said "I think it is very smart to trade in higher timeframes......personally I think a trader should master all timeframes.", and then you called the transition from shorter up to longer time frames "evolution", and then said that you were "stuck" with your initial decision to trade shorter time frames as if you somehow regretted that decision. Sounds biased to me!

Quoting Troikaone1
Since I trade the "lower" time frames I might be just as happy taking an 80-100 pip move because I can more easily see the support/resistance area with the amount of data available in the small timeframe window. Make sense?
No, not really. You can zoom out of a short term chart to get a broader view if you need to, and if that isn't enough then flip over to a longer time frame if it's more convenient, you're going to be looking at the same thing just more of it and with less magnification.

One of the benefits of trading a short timeframe chart over a longer one is that as the market generally moves in waves it's possible to have multiple entries/exits/re-entries, with tighter stops and therefore higher leverage but still maintaining the same risk as the longer term trader. So while the longer term guy is waiting for his 300 pip target you might have been in and out half a dozen times. Another benefit is reduced risk of a change in market sentiment. Say in the middle of his longer term Eur/Usd long trade news comes out that Greece is in the pooper, a short term trader can see market reaction and trade accordingly, if he was long he'll more than likely reverse his trade and profit from the down move and then enter long if/when it's appropriate. The long term guy, ignoring what he calls 'noise', is sitting on his long (if the trade is still valid and he hasn't been shaken out) waiting for his 300 pip target, in the meantime while he's been playing with his putz you've been cleaning up! If market sentiment changes altogether then chances are he'll get stopped out.

Like I say there are pros and cons for both, it's not all rosy for the intraday trader, event and execution risk can be an issue.
  • #49
  • Mar 20, 2010 4:04pm Mar 20, 2010 4:04pm
Wow.....lol....Yes....It is smart to trade in the higher timeframe.....that is not a biased statement! A biased statement is when you say...."I only trade in one timeframe and all other timeframes suck". And yes...."part of my evolution" as a trader is to master the higher timeframes.....it just provides greater opportunities for profit. I don't actively look at the higher timeframes because it can become information overload and it can bring on bias and indecision. However, every now and then I will take notice of major support/resistance in the higher timeframes....but that is not an integral part of my trading plan. In other words, there is nothing in my trading plan currently that says I have to confirm a particular setup in the higher timeframes. My goal as a trader (hopefully all traders) is to always find ways to maximize my pip gain. For me that will involve actively paying attention to the higher timeframes and making it an integral part of my trading plan which is something I do not do currently.
  • #50
  • Mar 20, 2010 4:18pm Mar 20, 2010 4:18pm
Quoting pipmutt

No, not really. You can zoom out of a short term chart to get a broader view if you need to, and if that isn't enough then flip over to a longer time frame if it's more convenient, you're going to be looking at the same thing just more of it and with less magnification.
I only "zoom out" as for as my current small timeframe allows. If you actively pay attention to the higher timeframes.....you are actually trading the higher timeframes. I hope to one day do that on a regular basis as part of my trading plan as I mentioned previously. You can easily see 80 to 100 pip moves on the smaller time frames....w/o any problem. I won't be able to get the huge 500 to 1000 pip gains until I learn to trade in the higher timeframes and actively and intelligently seek out those support/resistance areas.
  • #51
  • Mar 20, 2010 4:39pm Mar 20, 2010 4:39pm
Quoting Troikaone1
............
Oy vey!

http://www4.macnn.com/macnn/forums/graemlins/oyvey.gif
  • #52
  • Mar 20, 2010 5:35pm Mar 20, 2010 5:35pm
for a thread that started out interesting this has certainly gone down hill fast
  • #53
  • Mar 20, 2010 6:34pm Mar 20, 2010 6:34pm
Quoting pipmutt
I must have misunderstood then, you said "I think it is very smart to trade in higher timeframes......personally I think a trader should master all timeframes.", and then you called the transition from shorter up to longer time frames "evolution", and then said that you were "stuck" with your initial decision to trade shorter time frames as if you somehow regretted that decision. Sounds biased to me!



No, not really. You can zoom out of a short term chart to get a broader view if you need to, and if that isn't enough...
Trade both! Leave original higher TF position alone (except for pyramiding at key levels) for the 300+ move and scalp the same pair shorter TF's. Need a broker that allows hedging though as there will be many counter trend scalping opportunities.
  • #54
  • Mar 20, 2010 7:36pm Mar 20, 2010 7:36pm
Quoting endroute
for a thread that started out interesting this has certainly gone down hill fast

This thread started in July 2007 and barely has 50 posts......do you call that interesting??? Hopefully, this will be the last post until another 3 years. What was the topic by the way?
  • #55
  • Mar 20, 2010 8:20pm Mar 20, 2010 8:20pm
Troikaone...

I think you missed my question... please, can you tell what time frame are you using?

Thank you.

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  • #56
  • Mar 20, 2010 8:23pm Mar 20, 2010 8:23pm
Quoting ForexSV
Troikaone...

I think you missed my question... please, can you tell what time frame are you using?

Thank you.

http://cdn.forexfactory.com/images/misc/progress.gif

Sorry mate!!! I trade the 15 minute TF.
  • #57
  • Mar 20, 2010 11:49pm Mar 20, 2010 11:49pm
Quoting Troikaone1
This thread started in July 2007 and barely has 50 posts......do you call that interesting??? Hopefully, this will be the last post until another 3 years. What was the topic by the way?
  • #58
  • Mar 20, 2010 11:50pm Mar 20, 2010 11:50pm
Quoting endroute
for a thread that started out interesting this has certainly gone down hill fast

  • #59
  • Mar 21, 2010 12:22am Mar 21, 2010 12:22am
Quoting endroute
for a thread that started out interesting this has certainly gone down hill fast
It would be interesting to know if clockwork and some of the other posters still think the same now as they did nearly 3 years ago!




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  • #60
  • May 16, 2010 5:27pm May 16, 2010 5:27pm
My hardest part was learning the different time frames. Once I moved out to 4 hour and daily charts my trading changed completely. It just seemed like things started clicking. I agree that there is just to much chop in the lower time frames. Once I moved out to longer time frames it was then hard to be patient and wait for my setups. Forex is such a mind game and if people would look at those who all ready been there done that they would be able to see the hard part of forex. I also think this is a learning curve that we all see and the only way to advance as a trader is to recognize this and accept that this is the real forex and come up with a method to trade it.
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