Rashid,
I wish to point out to you the benefit of looking at multiple time frames in your perspectives. First, know the trend in terms of weeks and months, and then look at days and hours and fractions thereof. It gives a basis for the more minute fluctuations in the market, and they all interact and then you can have a better "perspective" in your "daytrading". One thing that you might keep in mind is that you are in competition with traders with even a shorter time frame. There are many levels of market participation. There are traders of 1/16, and etc. There are many traders and many are successful and most are not in any time frame that you might pick. Most successful traders in any time frame look at other time frames to give them guidance and a basis for their trading. There are waves within waves and waves within other waves, if you know what I mean!! If the direction of your waves are to the downside, then seek to trade short, and if the direction of your waves are up then seek to trade long. Not to say that contratrend positions cannot be profitable, but I think that the good trader must always be aware of the greater trend, no matter the time frame that he trades!!
Now, please, do not listen to me, but take your own advice and go forward and profit greatly!!!
Develop your own trading system, for I talk lots and trade little!!
Talk is cheap!!
Chicken trader, Jack!! |
