What daily time frame forex strategies do you recommend? How can I utilize price action trading systems on the 4hr chart? You look at the weekly 2skies forex charts frame, or perhaps the daily time frame, and the price action context looks bullish.
However, when you look at the 4hr and 1hr chart, the context looks bearish. Now you’re not sure if you should go long at your trade location, or be worried about that seriously bearish trend on the 1hr chart. Ever been confused trying to understand the price action trading trends on the daily, 4hr and 1hr charts? If so, you’re not alone as many traders like yourself have challenges in learning this skill. If you want to trade like a professional trader, you’ll have to understand price action context across multiple time frames. How Do I Know Which Time Frame To Read the Trend?
What do you see in these 3 shots? 55m wide lens which only shows the short on the other side of the lake. It also shows a 3rd peak which is more easily seen to the upper right. 3 lenses, same piece of land. And that is how you need to think of price action on the weekly, daily, 4hr, 1hr or any time frame for that matter. Hence each time frame has it’s own trend.
The key is to pay attention to the time frames most relevant to how you’ll trade. Unless you have some solid experience in trading or reading price action, I’d recommend the higher time frames. You cannot bottle price action context and time into perfect rules. I’d recommend the 1hr down to the 5 minute charts.
A lot of professional traders day trade. I have in my trading course several videos showing me trading price action live with my own money on the 1hr, 5 minute, 3 minute, and 1 minute charts. The same goes for trading price action. So the first key skill to understanding multiple time frame context is: The trend is based upon time frame.
What Daily Time Frame Forex Strategies Do You Recommend? This daily time frame strategy is best used when you are trading with trend. If you want to learn more about this strategy and how to trade it, check out my price action course where I teach you exactly how I use this strategy with my own money. Now you’ll want to practice this daily time frame forex strategy and learn how to spot these profitable trade setups. So start with a trading simulator, then demo, then live.
How Do I Trade Price Action On The 4hr charts? When in doubt, try to trade with this the most. Don’t expect the market to go straight to your target. It may require a few pullbacks before it gets there. Eventually with enough skills in reading the price action context, you’ll learn when those pullbacks are part of the trend, or leading to a major reversal. When you start to approach trading price action context with the strategies and guides I’ve outlined above, you’ll build a framework of skills for trading price action on a more advanced level.