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Dealing with Conflicting Signals

Dealing with Conflicting Signals

Richard Krivo, Trading Instructor

Instructor's Response:

Good question...
The dominant signal that a trader will take for the direction to trade a pair is from the Daily chart. Only trade the pair with the strongest trend in either direction from the Daily chart. Once that determination is made, then go to a lower time frame chart, the 4 hour or the 1 hour, to fine tune the entry.
What you are looking for on those lower time frame charts is the beginning of a "fresh move" back in the direction of the Daily trend. So once the lower time frame chart has completed a retracement, a move against the Daily trend, we look for that fresh move back in the direction of the Daily chart for our entry.
It is called Multiple Time Frame Analysis and here is a link from the Instructor Trading Tips area of DailyFX with some additional information...

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.