john
New trader
Posts: 25 
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Post by john on Jun 3, 2015 5:46:59 GMT -5
I am taking entries on the 5 minute chart.
Do you think it is worthwhile looking at other timeframes to get an idea of the direction that they are moving in? If so which timeframes would you recommend?
Thanks,
John
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Post by traderAllen on Jun 3, 2015 11:55:03 GMT -5
For most aspiring traders it's hard enough trying to focus on one chart, multiple charts really get confusing. I do think it helps to trade with the dominant buying and selling pressure. Is it necessary to have a reasonable win loss ratio? I don't think so. You can accomplish the same thing by taking the one chart that you trade and scrunch it up. Mark the major support and resistance levels and the dominant trend. Then spread it back out to your current trading view. This will be less confusing. The problem with multiple time frames that aspiring traders run into. If they have three reasons to buy for reasons to sell them get stopped out either way they go.
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