easyrider, I believe your intentions are honorable, how ever, let me refer you to the original post "Multiple Time Frame Charts Why do we need many time frames? How does it help?" No where does sukhen ask "should I trade". So why give your opinion on to trade or not to trade? Granted,it is a naive question, but why take on the role of being someone's mama? Again, if we all focus on the original question, and answer it the best we can, we can all benifit from the thread. No need to branch the thread off in diffrent directions than what was intended.
I screen every potential day trade or swing trade thru the same 3 chart time frames. A daily chart. A 15 minute 8 day chart. And a scrolling 2 minute chart to time my entries. If I am going to take a big size position, you can bet that all 3 chart time frames are confirming my trade direction along with volume, Moving averages, and slow stochastic. Many times the 2 minute chart gets me nervous, and the 15 minute chart shows me where I need patience to let the trade "Breathe".
Friends, Many thanks for your help. Still, my question is how I use multiple time frame charts in order to get the best results. To be more specific, I prefer nowadays 15 min charts. Can you please suggest what other time frame charts would be good to view and why. Suppose, I am getting a strong BUY signal at my 15 min chart and at the same if I watch the hourly chart, it might show me a SELL signal. If I watch 15 min, 5 min, hourly and daily charts, I barely see all time frame charts giving the same kind of signal together (BUY/SELL). Best regards Sukhen
Only you can answer that question for yourself, based on your trading style, your hold time, your profit expectations, etc. etc. You are not necessarily looking for all charts to align. You are looking for confirmation of your setup in preparation for an entry. For example, if you are buying pullbacks in a longer uptrend, you might want to access a daily chart to be certain you're in a daily uptrend. But your 15 min chart may look nearterm bearish, showing the pullback over the past few days. And your 2 minute chart may be starting to turn up, giving an entry signal, showing a reversal move back toward an uptrend. Each chart can be saying something completely different, but put them together and you get a clearer picture of the overall profile of the stock. P.S. And your question wasn't a dumb one. Every trader faces the issue of how best to make use of multiple timeframes.