Why Trading Multiple Time Frames Boosts Your Forex Success

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#565: Why Trading Multiple Time Frames Boosts Your Forex Success

In this video:

00:22 – What is the best time frame chart to trade?

01:01 – It depends on how you like to trade.

01:57 – What is the market doing?  

02:35 – My preferred times of day to trade.

03:20 – My trading time frames this week.

05:52 – Ideally trade a blend of different time frame charts.

07:10 - My 17 minutes Masterclass and Book a Call.

07:21 – Blueberry Markets as a Forex Broker.

08:02 – Comments, Like & Subscribe.

What's the best time frame chart that you should trade as a forex trader? Let's talk about that a more. Right now. Like.

Hey there, Traders! Andrew here at the Forex Trading Coach with video on podcast number 565.

What is the best time frame chart to trade?

Want to talk about a really important topic about different time frame charts. What is the best time frame chart to trade? It's a an issue that so many people struggle with because they get confused when they look at different charts. And as an example, they may look at a daily chart and it looks like, let's say the EUR/USD is moving up.

And then they go to a one hour chart and it looks like it's moving down and they don't know what to do. You get that analysis paralysis. Which one's better, which one's more reliable. Which one should I be trading. And I quite often get asked hey Andrew, what's the best time frame if I just had to choose one? What is the best?

It depends on how you like to trade.

Now, unfortunately, there is no one best time frame chart. So really depends on you as a person and as a trader. You see, if you're the sort of person that wants to sit there for 2 or 3 hours a day studying the shorter time frame charts, almost certainly taking a trade of some inscription then probably the shorter time frame charts are for you.

However, on the other hand, if you like to do other things and you want to trade, say just monthlies and weeklies and possibly dailies and you like those longer time frame charts, then that's what you should be focusing on. But also for me as a trader, I think the important thing is to have a balance of both, because a lot of it comes down to not what you want to do or can do.

What I want to do or can do. It's just it comes down to the market conditions at the time, and that's the real important factor.

What is the market doing?  

What is the market going to give us today or this week for this month? That is going to give us a high probability chance of success. And that's why for me, the answer to what is the best time frame to chart to trade is it depends.

And also you should look at multiple time frame charts. Now, I'm not saying you need to be there staring at your charts for like hours and hours a day. Far from it. You need to be smart about this, and you can trade multiple time frame charts looking for the highest quality setup by just looking at charts, just like, say, once or twice a day.

My preferred times of day to trade.

Now, if I had to pick one time of the day, that would be my preferred time. It would be at the close of the trading day, which is 5 p.m. New York time. Now that is when we analyze the markets and we post our daily chart trade suggestions, but also at that time we scan through the markets and look at 12 hours, eight hours and six hours because they close at the same time.

At the beginning of the week, you can look at the weekly charts. Beginning of the month you will look at the monthly charts. If I had to pick another time, it would be 5 a.m. Eastern Standard Time, New York time, because that's into the European session. The 12 hours change over so as the 6,4,3,2,1 hour charts,