Dont care about the rest of the timeframes. I get S/R or breakouts from the main charts and then do my best to get low risk signals off 1min.
Wow, you must be a High frequency trader ! This is the first time I actually met a high frequency trader, amazing So 4 Hour time frame do works after all... I am actually carrying out research on HFT and my result shows that you guys maybe trading on numbers than timeframes. For example, round numbers S/R, excess buying at prices end in 9 and excess selling at price end in 1. I don't know whether Fibonnacci numbers really work or it's just a myth (do HFT use Fibonnacci numbers as reference points??)...but I do believe round numbers work and numbers just below(above) round numbers work too.
hmmm... I can't remember those timeframes ... too long ago. Maybe next year there will be recession?? 1987- Stock Crash, 1997 -Asian Crisis, 2007- Global Crisis, 2017 - Brexit Crisis like what happened on Black Wed in 1992 ???
You must be trading on futures market. You trading setup resembles my old trading setup but I just had to change my setup to suit Forex market because I suffered from too many spikes on 5 min but I found a way to avoid it by using 1 min one
Your holding period must be really long then? and with your skills, your performance must be really good, and surely beat some index performance... When holding period is long, do you also change your stop loss level with changing resistance/support level to ensure you don't lose your gain?
yeah, lot's of spikes on 5 min .however u don't use it anymore and i did exactly same method as you !
general concept is like this : always trade in direction of higher time frame with one exception , if in lower timeframe there is a confirmed opposite divergence ,then you can trade against higher time frame .
"Hannibal Lecter: First principles, Clarice. Simplicity. Read Marcus Aurelius. Of each particular thing ask: what is it in itself? What is its nature? What does he do, this man you seek? Clarice Starling: He kills women... Hannibal Lecter: No. That is incidental. What is the first and principal thing he does? What needs does he serve by killing? " Firstly, one have to determine what need do timeframes serve... In all you questions you missing the need...