Lot of traders would say daily trumps intra-day, weekly trumps daily, monthly trumps weekly, though not many actually shape their trades off monthlies. But I've never heard of a 5 month time-frame for s/r - where does this come from?
well dont many intra day traders use multiple time frames? Like the daily and monthly to find s/r? Or do they use daily and weekly??
What they do and what they should do are different things. I hear many day-traders get into difficulties if they don't acknowledge daily and weekly s/r.
The typical "intraday retail trader" I've talked to are using time frames like 1min, 5min, 15min and 1 hour charts. Typical scalpers are using 1min, tick charts or second charts or no charts at all because they are DOM traders and the s/r plots aren't lines drawn but just a key price areas they've identified in their DOM. Also, I think there's a growing number of intraday retail traders not using any specific time frame. What I mean is that they recognize a key price area or number and that info stays exactly the same regardless if they're using a 1min chart or 15min chart or 1 hour chart. Simply, those intraday traders are trading the price while not concerned about the time frame because the key price will always be the same regardless to the time frame being used. wrbtrader
I don't know ... but if you do find a clearcut consensus answer, that would probably be a good timeframe to avoid, given that most intraday traders are losing, don't you think? (I trade intraday and all my trading revolves around s/r, but I don't use a timeframe to determine it, myself.)
ahhh.. I see. My thoughts on Support and Resistance.... Longer the time frame, easier it is to call bottoms and tops. Shorter time frames... go with the momentum. To define where support and resistance is.... it is not just an absolute figure. You need to watch carefully how the market is approaching the "key level." Learn to read what strong momentum is, what weakening momentum is etc. It's the momentum change... not the absolute figure of where the charts show support and resistance. Also, longer term time frames are easier to read than shorter time frames... just my opinion, but if you are new to the game... try to trade the longer time frames 1st before you get involved in the shorter time frames.
trading levels do not make any sense to me....it is momentum as it approaches a level and if momentum is what matters, why not only see only momentum, which is weakening or not and why bother with any kind of levels