Lesson #60 Forex Trading Time Frame Summary

• It is up to you to choose the correct timeframe suited for you.

• When you have decided on your desired timeframe, proceed to the next higher timeframe. Once you are there you can make calculated decisions to choose long or short based on the course of the trend. Later you can go back to your preferred timeframe and make strategic decisions where to exit and enter (place stop and profit target).

• The additional element of time in your analysis provides you an edge over the other tunnel vision traders who merely trade off on only one timeframe.

• When trading it would be good to practice looking at multiple timeframes.

• Select a set of timeframes that you shall be observing and focus on those time frames. Select three timeframes: 1hr, 4hr, daily; 5 min, 15min, 1hr, and so on. Make use only of those timeframes. Gain all knowledge that you can on how the market works in those timeframes.

• It would not be wise to look at too many timeframes because you might become jammed with too many data that you can handle.

• More than two or three timeframes is overkill so set on two or three.

• We will say it again to always get a bird’s eye view. Making use of multiple timeframes determines contradictions among indicators and timeframes. At all times begin your market analysis by stepping back from the markets and glimpse at a big picture.

• Make use of a long-term chart in looking for the trend then go back closer to the market to decide on entries and exits.