......I did not want to take away from the point of this video, the reason is many, or should I say most traders have a hard time understanding multiple time frames & how they interrelate to one another, shorting 1 min bear flags or 5 min flags into a key support, trend line or 20 ema or 50 ema of a larger time frame bull flag buy. Now that that already confusing idea & put in some stochastic, you will have 9 time frames 9 diff buy & sells & you have a mess, not a joke, I already tried to share that with people & they looked as if I had 3 heads, buying & selling at the same time or same area & both being correct is not a easy thing to follow........
Chris:
Points well taken...
Keep it simple with support and resistance across multiple timeframes... Sometimes too much info is worse than not enough info... : >
Here is a daily chart of the QQQ's...
stockcharts.com[m,a]daclyymy[pc13!d20,2!c50][vc60][iLb14!La12,26,9!Lk14!Lf!Lg!Lc20!Lp14,3,3!Ll14] Note the 13 day MA crossing of the 50 day MA in the 35.00 area... It suggests good trendline support in the 35.00 to 36.00 area on the daily chart...
The 60 minute chart shows a tightening of the Bollinger Bands as the price consolidation moves closer to the moment of truth...
stockcharts.com[m,a]eaclyymy[pc13!d20,2!c50][vc60][iLb14!La12,26,9!Lk14!Lf!Lg!Lc20!Lp14,3,3!Ll14]
As you pointed out in the video... Using multiple timeframes helps set up the gameplan for the next trade... In this case 42.50 to 45.00 on the upside and 35.00 to 36.00 on the downside...
Jim |
