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Becoming a Better Trader: Using Multiple Time-frames

Becoming a Better Trader: Using Multiple Time-frames

Paul conducts webinars every Wednesday, Thursday, and Friday. For details and a full line-up of all upcoming live events, please see the DailyFX Webinar Calendar.

In today’s session, we discussed how the active trader can look for set-ups on the slower time-frame (i.e. daily) and then hone in on trading opportunities on the faster time-frames (i.e. 1 & 4-hr). While this is a very common way to view markets, the importance of it can be overlooked. For the short-term minded trader, though, it’s a necessity. For those looking to hold trades for longer periods of time it can offer higher quality entries and exits.

Utilizing multi-time frame analysis can help in identifying ‘set-ups within set-ups’. For example, a wicked reversal bar on the daily against the primary trend might not offer up the type of opportunity you are looking for, in addition to perhaps calling for a hold-time which is longer than your normal objective. But on the 1 or 4-hr chart there might be a bearish ‘head-and-shoulders’ set-up, or a series of lower lows, lower highs (for shorts) or higher lows and higher highs (for longs) which present both pullback and breakout trades.

We went through some basic guidelines, but spent most of the session looking at both prior examples and a couple of set-ups which could be unfolding in the not-too-distant future.

Trading Ideas and Guides

---Written by Paul Robinson, Market Analyst

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