Using multiple timeframes is one of the keys to trading success, and in this morning’s forex session we explain why, and using several of the GBP pairs.
The reasons are many. First, using this approach reveals how price action in one timeframe, can reveal so much in another. Overlaying two candles is easy, but doing this with several is hard and almost impossible to do quickly. The Quantum Trading indicators for MT5 and NinjaTrader then help, with different signals in different timeframes. One may be signaling a change in trend which is developing, or perhaps a volatility signal is triggered.
Finally, the price action itself reveals areas of support and resistance, of deep concentrations of volume which are not apparent on the timeframe of choice. All of these then provide the pieces of the jigsaw, which answer the simple question ‘where is the market heading next?’ And all underpinned of course by volume price analysis, which again offers powerful insights when applied in multiple timeframes.
OK.
Is that the way to go, really ‘ And for a guy like me tracking ES xauusd, forex pairs wtic etc will need multiple split screens !?
The way to go is to know in advance and stored in your head the main weekly and daily bullish or bearish trend of each instrument’s pivot points.
You do not need to keep tracking the 4hr 60,30, 15 min charts all the time Take Gold -You got to know where it came from say $1368 ceiling where is it at now tail ending rebound $1228 of its b wave which is at the near top of its 3 wave a-b-c rebound roof-line and where is it going? upon reversing this rebound; decline within the 5 downside waves, and crack through $1197 – 1182 – 1161 ! New yearly Lows anticipated
By the way I only have my mob to track them all..
Thanks for your ears