#478: Why We Trade Multiple Time Frame Charts

Why We Trade Multiple Time Frame Charts  Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course #478: Why We Trade Multiple Time Frame Charts In this video: 00:26 – How looking at different time frame charts will help your trading 01:01 – If we had focused on 1 time frame chart 02:14 – More trade examples 02:45 – More successful trades on my live weekly webinar 03:39 – A higher probability of overall success 04:06 – I’ll be interviewing Ben Clay at Blueberry Markets I'm going to explain why we look at multiple time frame charts each day. Let's talk about that and more, right now. Hey there, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 478. How looking at different time frame charts will help your trading I want to explain why we look at different time frame charts and how it can really help you with your trading. This week's a really good example, and this week we haven't had a great deal happening on the longer time frame charts. We had no weekly chart trades, which is quite unusual. On Monday and again today, being Friday, we've had no daily chart trades. On Tuesday and Wednesday, we only had one daily chart trade, and on Thursday we had four. And of course, you cannot tell in advance what's happening and why and what the market's going to do. If we had focused on 1 time frame chart So if we had just focused purely on the daily charts this week and the weekly charts, we'd have had just six trades. However, we look at other time frame charts as well. But it doesn't mean to say that you are taking lots and lots of time to do that because if you can trade once a day and have a look at the charts when the daily charts close, you can also look at the 12 hour charts, the eight hour and the six hour. That's at 5:00 PM New York time. If you can also look at 5:00 AM New York time or any time after that, you can also look at two hour, four hour, six hour and 12 hour charts. And so because we take trades only at the close of a candle, I can quite easily trade once or just twice a day. It takes a maximum of 30 minutes to go through all those different time frame charts and give ourselves more trade setups. Now, if you're the sort of person that trades just one hour charts or just 15 minute charts or just daily charts, you are really limiting yourself because you don't know what the market conditions are going to be. And that becomes quite a, not so much dangerous, but limiting factor on your trading. More trade examples So, some more examples. This week at the Wednesday, 5:00 AM time frame changeover, I'm on our forum site at that time. I posted five trades, two of them on the 12 hour charts and three of them on the six hour charts. Out of those five trades, four out of the five have been profitable, one's still in and it's in slight profit. So, so far we're a hundred percent profitable success. One trade's still to go on the 12 hour chart. More successful trades on my live weekly webinar And then last night, my time, on our live weekly European session webinar, which I hold, next week's a US session webinar with Paul over in America, but I held the European session webinar last night, my time, European morning. And on that session I took two trades on the two hour charts. We took a New Zealand Swiss Franc two hour chart trade, which was very profitable, made a three to one reward to risk.