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| Discuss what should be the time frame. Weeky OR Daily? at the Technical Analysis within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi friend s I am learning Technical analysis. I always think about the time frame ... |
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#1
8th September 2007, 10:35 PM
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what should be the time frame. Weeky OR Daily?
Hi friend s
I am learning Technical analysis. I always think about the time frame and get confused. My question is while studying the chart , what should be the Time Frame? Daily OR Weekly? What is the criteria for selection of Time Frame.? Can anybody explain it. Thanks in advance 
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#2
9th September 2007, 01:08 PM
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Re: what should be the time frame. Weeky OR Daily?
Hello Paciffic
Time frame depends upon your trading style. The usual course is to look in to higher time frame and to find out the trend in the higher time frame. Then look in to the lower time frame and take trade in the lower time frame. Let me explain. If you are trading on the basis of daily chart, you will first look in to monthly chart. See whether the trend is up or down in monthly chart. Then look in to weekly chart. See whether the trend is up or down. Then look in to daily chart. For the beginer in stock market, it is advisible to have uptrend in monthly chart, uptrend in daily chart and the stock must be begining to chart an uptrend in a daily chart. Then you will buy. Here the thing to remember is that trend in higher time frames must agree one another and you are going to take the trade in counter trend in the lowest time frame or at least the begining of the trend in the lowest time frame which is consonance with the trend in higher time frames. Logic is that it usually takes a lot of effort to change the trend in the higher time frame and hence it is better to go along with the trend in the higher timeframe. You might have heard the sentences like "following the path of least resistance" or "trend is your friend" or "donot swim against the current" etc. All imply this tactic. Now the question is what is the higher time frame. Usually 5 times greater time frame is considered as higher timeframe. For example, week is 5 times greater than daily, month is 4 times greater than week. If you are trading on hourly chart, then highest time frame could be week and intermediate time frame could be daily and lowest time frame would be hourly. I sincerely hope you have understood the concept and method of trade. Regards R. S. Iyer
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#5
10th September 2007, 02:24 PM
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Re: what should be the time frame. Weeky OR Daily?
Quote:
Thank you very much for the kind words Regards R. S. Iyer
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