Why We Trade Multiple Time Frame Charts

Podcast:

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#478: Why We Trade Multiple Time Frame Charts

In this video:
00:26 – How looking at different time frame charts will help your trading
01:01 – If we had focused on 1 time frame chart
02:14 – More trade examples
02:45 – More successful trades on my live weekly webinar
03:39 – A higher probability of overall success
04:06 – I’ll be interviewing Ben Clay at Blueberry Markets

I’m going to explain why we look at multiple time frame charts each day. Let’s talk about that and more, right now.

Hey there, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 478.

How looking at different time frame charts will help your trading

I want to explain why we look at different time frame charts and how it can really help you with your trading. This week’s a really good example, and this week we haven’t had a great deal happening on the longer time frame charts. We had no weekly chart trades, which is quite unusual. On Monday and again today, being Friday, we’ve had no daily chart trades. On Tuesday and Wednesday, we only had one daily chart trade, and on Thursday we had four. And of course, you cannot tell in advance what’s happening and why and what the market’s going to do.

If we had focused on 1 time frame chart

So if we had just focused purely on the daily charts this week and the weekly charts, we’d have had just six trades. However, we look at other time frame charts as well. But it doesn’t mean to say that you are taking lots and lots of time to do that because if you can trade once a day and have a look at the charts when the daily charts close, you can also look at the 12 hour charts, the eight hour and the six hour. That’s at 5:00 PM New York time. If you can also look at 5:00 AM New York time or any time after that, you can also look at two hour, four hour, six hour and 12 hour charts. And so because we take trades only at the close of a candle, I can quite easily trade once or just twice a day. It takes a maximum of 30 minutes to go through all those different time frame charts and give o