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

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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, but it depends on what works for you. And that’s why I look at the close of a candle.

My trading time frames this week.

Now to give you some examples, just this week I have taken, one trade on the two hour charts, one trade on the four hour charts for trades, on the six hour, four trades on the 12 hour, and only two on the daily and nothing on the weekly.

And so I found for this week that the you know, when you look at those figures, the six in the 12 hour charts this week have been giving us the higher quality setups. Now, I’ve also had I’m not sure if you can see behind me here. If you’re watching the video. A lot of profitable trades. Had a very good week so far.

just with a quarter of 1% risk per trade, I’m up getting close on 3% gain for the week. Still with two days to go as I’m recording this a day earlier than normal. And so again, it comes back to what is the market giving us. You have to trade the the strategy and the system with the chart that is giving you the best possible setup.

And that’s all depending on what’s happening in the market at the time. You know, you can find some weeks where the two and four hour charts are just fantastic. Other weeks, the two and four hour charts are not giving us very many opportunities in the dailies and the these are giving us the better trade. So I think it’s very important that you have a strategy that can be adapted, that can work against, over multiple time frame charts.

When I hear about people who say my strategy only works on a one hour chart and it only works on the EUR/USD, I would run a mile from someone giving you or suggesting or thinking that’s a good way to trade, because you cannot limit yourself to just one pair or handful of pairs and just say one time frame chart.

Why does it only supposedly work on that timeframe? Has it been over optimized curve fitted those type of things? The way that I trade it works across all the time frame charts. Look, I’ve got some people trading on one and five minute charts. Is that something I personally do? Not at all. But for the right person it works.

Now, of course you’d have to be selective on what markets and pairs you’re trading with those tight, you know, the tight spreads if you’re in and out of the markets on those short timeframe charts. But the point is, if that suits you and you see the conditions and you see the setups and it works, fantastic, go for it.

If you’re the sort of person that goes, I just want to look at the charts just once a week, well, trade the monthly charts and maybe the weekly charts. and you can do very, very well from those. It just have to accept that some weeks or some months there won’t be set ups.

Ideally trade a blend of different time frame charts

But again, it’s my preferred option is a blend. You trade a blend, you’re opening yourself up to more good trading opportunities and being able to be quite selective and pick what you see at the time is the higher quality trade setups. So I hope that answers the question for you. It’s also another reason why I never look at my trading, success in terms of pips. Completely irrelevant.

You know, you’ve got to make sure that if you’re trading a two hour chart or a daily chart, if you have a trade, that’s profitable. It’s going to risk the same amount on both setups, and it’s going to make you roughly the same amount. If you have a profitable trade. Doesn’t really matter which of those works or doesn’t work.

You have to have a similar reward to risk. Now, naturally, you’ll find that the bigger time frame chart spread becomes less of an issue. They tend to be slightly more reliable because there’s more data within a bigger time frame chart, and you tend to find you can probably get a higher reward to risk out of the trade. As opposed to, say, like a two hour chart.

But having said that, if the setups on the two hour charts and not on the daily charts. Take the two hour charts. If the setups are showing you on the daily or the 12 hour, take them on that. So be selective, high quality, be, quite critical with the trade setups that you take. You’re going to give yourself a higher chance of success and getting yourself a nice, smooth equity curve there.

My 17 minutes Masterclass and Book a Call.

Now, if you’d like to know how we do this and how we can help you to do the same, to know exactly what to look for, when to look for, jump on to my 17 minute on demand masterclass. I’ll put a link to that.

Blueberry Markets as a Forex Broker.

And if you are looking for a high quality broker, can highly recommend Blueberry Markets again, I’ll put a link to them here. I’ve been with Blueberry Market since I started and I found them absolutely fantastic to trade with. They’ve got a new copier service, they’ve got, you know, lots of new ideas in the pipeline as well, but also lots for you to use right now. Their MT5 platform covers a large array of different markets, both forex and non forex. Very fast withdrawals, very tight spreads. I can highly recommend blueberry markets. So if you’re out there looking for a broker consider them. If you’re not been on my masterclass have a look at that. Really think it’s a great investment in 15-20 minutes of your time.

Comments, Like & Subscribe.

And any questions that have that you’d like me to cover on future videos and podcasts like this, just drop me an email [e-mail] or, leave a comment if you’re watching the video.

I’ll see you this time next week. Bye for now.

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

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Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass