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Attachments: Preferred Timeframe for Trading
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Preferred Timeframe for Trading

Quoting kprsa
{quote} Hi, it is not a "method", it is a property that can be taken into account when developing a method. This can tell you, for example, about the odds of hitting the SL (the idea is to trade away from the fractal, and place the SL on the fractal.) Typically you would want to filter the entries somehow, for example by using an additional indicator to confirm the price drift. Or use higher tf trend and trade fractals agreeing with the trend. Dependent on that, one could backtest and obtain the practically useful quantities you mention. Since the...
You are on the right track here =) When you start to think this way, it means you are attempting to create a true system. Most ppl mistake this type of property / edge as trade probability. It is not; it is signal strength (iDoubleStoch's definition) / price action edge (my definition) / property (your definition).

I won't blame ppl not being able to see this. Its either they never considered it, or they haven't seen a true system, or they have seen too many 'systems'.

Find as many edges like these as possible, develop them in proper methodologies, and then create a wholesome system. Now that, is an actual trading system.

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Quoting Relativity
{quote} You are on the right track here =) When you start to think this way, it means you are attempting to create a true system. Most ppl mistake this type of property / edge as trade probability. It is not; it is signal strength (iDoubleStoch's definition) / price action edge (my definition) / property (your definition). I won't blame ppl not being able to see this. Its either they never considered it, or they haven't seen a true system, or they have seen too many 'systems'. Find as many edges like these as possible, develop them in proper methodologies,...
hi Relativity,
Thanks for your kind words. this fractal thing was meant just as an example.
I agree with your philosophy about devising a viable trading system, much of this approach I learned from your threads.
k
Quoting ctmforex
Just from observing the charts... Sometimes a time frame is smooth, or its choppy. I would like to trade daily so I only have to look at the bar 1 time, but like I said some markets have been choppy in the daily time frame, but when I lower the time frame to lets a say a 4hr, I see a picture but the problem with the four is every FOURTH hour I have to look at a chart every day. It gets annoying.
Yeah, me too. That's my only gripe about the 4 Hour charts. If I had to choose between the 1 Hour and the 4 Hour I would choose the 1 Hour because at least I know that every hour I could glance and see what's happening instead of every 4th hour which can get annoying and frustrating sometimes.

So as a dual chart setup I would most likely look at the 1 Hour and the Daily.

And for a triple screen setup like Dr. Elder, I would look at the 4 Hour, Daily and the Weekly charts.
It's time we stop entertaining ourselves and start realizing ourselves!
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