Thanks Phoenix , how many timeframes higher would you look for an overall outlook?Hi there,
I think most people have a favourite timeframe they study deeply but they all depend on looking at the other time frames to find your perfect entry points. Hence, you do need to look at other time frames to give you a bigger picture of what the market is heading.
i have a freind who trades 1 hour direction and then scalps 1 min time frame god knows howHi all, hoping to get some idea of whether it is a good idea to trade on different timeframes (e.g. scalping and intraday) or whether it is best to stick to one timeframe strategy?
See choosing a time frame depends upon the trading style you opt. its not mandatory that you stick to one time frame, you would need to switch the time frames to get a better picture of the instrument. Smaller timeframes give you the current picture and larger time frames provide you a long term approach. So if you are scalping its better to use minutes timeframes I personally prefer 5 minutes to 10 minutes. when I am about to close the trade I cross check on 1 minute time frame and decide my exit point.Hi all, hoping to get some idea of whether it is a good idea to trade on different timeframes (e.g. scalping and intraday) or whether it is best to stick to one timeframe strategy?