Remember that trading signal in one time frame might mean nothing in another time frame.
Second, chart patterns of shorter duration often fail, only to become redefined as part of a larger chart formation.
Charts are a record of where prices have been, but trading is an operation that needs to be done in real time with an eye on the future. To be a successful chart trader, a person must have a firm fix on the time frame that will generate the trading signals.
Let me touch on one more point dealing with time framing. I believe it is important for a trader to use similar time frames to both enter and manage a trade. What sense does it make to enter a trade based on a weekly chart, and then manage the trade using an hourly chart? Or to enter a trade using a daily chart pattern, but then manage the trade using a monthly chart? I personally understand the importance of keeping time frames consistent because when I fall into the trap of not doing so it usually costs me money.
If you have more questions just post them here and I try to answer my view.
Note for the people sending med PM
Post questions here not on skype or PM. Thanks !
I have no pretention that my approach to trading is the best or that my trading operations cannot be improved.
Second, chart patterns of shorter duration often fail, only to become redefined as part of a larger chart formation.
Charts are a record of where prices have been, but trading is an operation that needs to be done in real time with an eye on the future. To be a successful chart trader, a person must have a firm fix on the time frame that will generate the trading signals.
Let me touch on one more point dealing with time framing. I believe it is important for a trader to use similar time frames to both enter and manage a trade. What sense does it make to enter a trade based on a weekly chart, and then manage the trade using an hourly chart? Or to enter a trade using a daily chart pattern, but then manage the trade using a monthly chart? I personally understand the importance of keeping time frames consistent because when I fall into the trap of not doing so it usually costs me money.
If you have more questions just post them here and I try to answer my view.
Note for the people sending med PM
Post questions here not on skype or PM. Thanks !I have no pretention that my approach to trading is the best or that my trading operations cannot be improved.
. In some senses I'm still there (over trading is one).
