of each period on the daily chart is greater than each period on a 5 minute chart. Which pin bar do you think is more likely to succeed? . If you were to an put oversold/overbought indicator on the chart it would indicate that this market is overbought. Traders in fact hardly realize they are implementing MTF because it is engrained in the strategy. Putting a Case Together From The Multiple Time Frame Analysis. I will take a loss but it will be much smaller than the one I planned for. Time Frame Variations, forget about everything I just said about modifying time frames in MetaTrader.
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I personally dont use that methodology by taking a quick look at a trend indicator or general price movement but attempt to gain more information from the higher time frame. I do trade support bounces but there are certain patterns I will look for in these locations. Now, if you were to trade using only the monthly or weekly charts, it would take forever for trading setups to form so you can trade them. Indicators will show overbought and price has gone into a consolidation at the highs of the move. If you live in an area where there can be bad weather for a few days in a row, you understand the importance of knowing what the weather is going to be like if you plan on doing anything outside.