One timeframe or multiple?
In my opinion, it depends on the type of trader you are. Here I’m mainly thinkin of a trend trader, but it doesn’t have to be a huuuuuge trend… just a nice move.
If the 1hour chart gives a long signal, and the 4hour chart gives a short signal you may be buying a retrace – so don’t expect a big move.
So if you are a trend trader, other timeframes are obviously important.
I looked up once how can you tell if a pair is retracing or reversing….
The best answer I took was ‘’when it retraces too far and doesn’t stop, it’s a reversal’’
So the thing is, that drives me bananas, when you think you see a good thing on the 1 hour for example, then check the other timeframes, it might put you off takin the trade… then you check back later and kick yourself. (My foot is in bits!) Like it would have been the perfect entry and now it’s either too late or it’s too dodgy to enter atall atall……………. So sometimes I think should I look at all or will it scare me off.
Is this time to practice ‘’patience’’ and be sure to be sure, till we see some other confirming sign on another timeframe? Or do we get in while we can?
What are your opinions?