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A Forex trader faces a wide variety of choices when the trading career is started… and choosing the chart type and time frame configuration is one of them.
First of all, the time frame choice is connected to your trading style. Here is a list to provide an essential idea:. This is a simplified approach and we advise to tackle the market in a smarter way — more on that down below. One more important message: Of course, the Double Trend Trap method is always available if you want to make your trading simple.
Winners Edge Trading advises traders to use multiple time frame analysis techniques. This can result in a most reliable forex strategy. It offers the opportunity for traders to understand the market structure in a much deeper and profound way than any single time frame analysis can do.
It offers the chance for traders to read what the big money is doing; instead of trying to follow someone on TV. Without a doubt, we recommend multiple time frame MTF analysis… but using MTF can have the drawback that it can cause confusion for traders when they start out.
It allows traders to use multiple time frame analysis in a simple step by step fashion. Traders in fact hardly realize they are implementing MTF because it is engrained in the strategy. Although the DTT is certainly not the only configuration possible, it does make the steps simple for you, the Forex trader.
Winners Edge Trading uses 5 primary degrees of time frames. Irrespective of the time frame a trader chooses, its best to maximize the number of degrees to 5. The time frames we use for this article are:. The beauty of our DTT trend indicators is that it automatically shows what the trend is in the 4 hour and daily chart — no matter what time frame you are actually looking at!
This keeps your trading simple and consistent throughout time. If the market matches what your strategy is looking for, then you can move on to the next step which is an opportunity.
If not, then move on to the next currency pair. This provides the possibility for traders to zoom in and look for trade setups in the direction of their step 1. The trigger chart should be closer to price action than Step 1 Trend and Step 2 Opportunity as it keeps in sync with the market rhythm.
The timeframe for the entry can actually be quite diverse. It can be the same as the trigger chart, or even again 1-time frame lower. It could also be the same time frame as the Step 2 Opportunity chart. For the DTT traders all of the above is well-known, but for others, this approach is new, or almost new.
How do YOU view multiple frame analysis? Do you trade better with it? What advantages are the most important to your trading while using MTF? What do you think about this simple way of trading forex? Finding the right time frame for your trading is not an easy task. How to tackle it and what things should be considered? Here is a list to provide an essential idea: Now traders can have the benefits of both worlds: The simplicity of a single time frame approach; Combined with the in-depth understanding of market structure via multiple time frames.
The time frames we use for this article are: Traders can adequately judge whether a market is trending, reversing, or ranging. If a trader is trading long-term positions, then the weekly chart is optimal. If a trader is trading very short-term positions, then a 1-hour or 2-hour could be better. Please tell us how your time frame approach differs from above?
Thanks for taking the time to read this article and hope you will share it with others as well. Wish you Happy Trading! The following two tabs change content below.
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