time frame example This is a topic that many people are looking for. newyorkcityvoices.org is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, newyorkcityvoices.org would like to introduce to you How To Perform A Multi Time Frame Analysis – Live Example – YouTube. Following along are instructions in the video below:
“Welcome back everybody to a new video here on the trade side edel video series series today we talk about multi timeframe analysis. How it is done why it is important and then we will do one together. So you can see what it is all about so first of all a multi time from analysis is top down. Which means that you start on your weekly time frame.
And then you move your way lower on the daily four hour until you then arrive at your executional time frame whatever that might be and so you create and so on the weekly time frame. We start out just get a general overview about the market where it is and whether there are some important support resistance levels. Ahead. And what we need to be aware of then on the daily time frame.
We we get more specific we look for directional information some we try to find chart patterns formations and other important things and then on the fall time frame. I try to come up with trade scenarios trade ideas and plan. My trading week ahead. So the mighty time frame analysis should be done every sunday.
You can also do it saturday before you start your trading week. I prefer to do on the weekend when the markets are closed and you have all the time in the world and i find the multi timeframe analysis and creating term trading. Plans around your ideas is the best way to create a more stress free and relaxed trading environment for yourself. And it also reduces the workload during the week.
So now let s take a look at how we can do one together for that i pick the euro british pound. We first go to the weekly timeframe here is not so important to look at the indicator. So we can just close it and on the daily on the weekly timeframe you just want to see where you are right now in the bigger picture. So you can see price has been moving lower.
But here we found the bottom and we ve been trading higher ever since then a few weeks ago. We hit the swing point and then traded lower into the moving average. But the moving arrow child and since then we ve been moving higher a little bit here last week..
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We even kept up a little bit you can see here. But then last week s price action was very small very small candle it left the wick to the upside. So there s not much bullish conviction. Right now.
Which can be important to understand later on and then on the weekly time frame. I just draw my support lines and resistance line some very basic and we just want to see what is close to current price. So we are right here. Now so i always look for one price to the downside probably here would be a good idea.
Which is the weekly twenty one moving average. And you can also see that here price has found support before so this is a good area. We can move it up a little bit. But i think he is the best way because he is the weekly twenty one moving average which is important and then we also try to find one support level.
A resistance level to the upside. Obviously we can pick this wing high here and when we look back and we can see that it has acted as support and resistance previously so that is a very good level to have on your charts. Now let s go down to the daily timeframe where we get more specific so. Now you can see recently price has moved up as we saw also on the weekly chart.
But then just recently you see that price made the swing point and move lower. This is what we saw last week. As well the bullish price action was not too convincing. So we are now here at this stage.
And as you can see on the first look price made some higher highs. And then now we re making lower highs. Which is often included trend dynamics are shifting and also we can use this knowledge to draw our head and shoulders pattern..
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Which provides information about the trench structure and the buyer seller balances. Whenever you see that the market s dynamics are shifting with the head and shoulders. Then it helps you here on the right shoulder. That the buyers are not interested in pushing prices high anymore and more sellers are coming into the market now we can also look at the price action of last week.
We see here we are just arriving at the daily twenty one at the daily twenty moving average and price has now consolidated around it there s also a supply area. When we look at here. You can see previously price consolidated here for a little bit before it s sold off. And it seems like we are picking up new sellers.
Here again you can also use our horizontal tool. And then you will see that this area has been support and resistance previously and it s important to have it on our charts. And then now on the dahlia also look for other support and resistance areas that we didn t find on the weekly. So this one would be very interesting to have in our charts.
You can see here previously priced trended into this and then once attached the this level here price rallied higher. Very strongly. So you can probably expect to see here. Some buyers stepping in again.
Once we make it here. And then another one to the downside. Which i think should be on your charts is right. Here.
70 75. Has been support and somewhat of resistance. Here as well and if we look here..
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There s been some buying as well here in this area of the consolidation. They then started this move so those are important levels to have on your charts. And now we have much better understanding of what is going on so now the daily chart we can see we have been in this uptrend again and then recently we just broke it and but you also can see it s a very different of when we broke it previously here where price just consolidates sideways. And then trend it back up and this time when we broke price where we trended lower and now it looks like we are retesting.
This area. Which can often mean further bullish avoid further bearishness now. But now let s go to our execution or time frame. Where we plan our trades for the next week and now here also we can use our indicator.
I use the 14 period rsi to find momentum divergences and something i would consider trading next week. Would be if we find some more bullishness here. So i would like to see price trend higher maybe make it a higher high above those highs. And because this will also trigger momentum divergence here when price makes a high.
But your rsi does not then we could probably enter a short trade here. Which would be in the overall picture of this downtrend of this new downtrend leg trim re entry and trend. Following entry actually then to the downside. We have another potential scenario.
We can draw a new resistance area here i mean grab the right tool. So here we have a resistance area as you can see price has found support and resistance along if we look back so that s an important level to have on your charts and another import and another potential trade idea would be price when price breaks this level to the downside. Then we come back up and retested it so just let me briefly mark my trading ideas. The first one we explored was the move higher here to create in your height.
Which will probably also come with the rsi divergence and then provide us with a short entry opportunity and the second one would be a break of this resistance area support area and then retest as resistance and then move slower. This would also make sense if we take it into consideration of the overall picture and the last one which i would not favored that much would be a higher a move into those highs. Here..
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You can see that previously price started its sell off from this area. So. There s probably a lot of unferth demand left and you can expect that once price trades back into those highs. Then we will probably see more sellers coming in and bringing price lower.
And that s basically how i would to approach my weekly daily and for our top down multi timeframe analysis. You start up on the weekly chart get a brief overview. Then you ll get more specific on the daily walk on the daily chart and then once you are on the four hour chart you can map out your trade ideas and then play your it plan your trades for the week. Ahead and now.
What i do is i write down those levels. I create price alerts around those areas. Which is very easy with the trading view. You can just right click in here and then create it and then you have a new price alert for this area and you can alter and i will also do that here i will create a price alert above those highs.
And then see once price is triggered. If we are seeing a set up and also i will create a third price over below those laws to see what happens when we break the level and then once you start your trading week. You just sit back and wait for your prices to trigger the alerts and then you come back to your charts and see. If something is signaling your trade entry.
This is a very different approach for compared to how most traders approach their trading. But i think it s worth exploring and i m sure you ll also see the benefits of it i hope this helps and if you have any questions. Just leave a comment below and make sure to subscribe to my youtube channel for more daily updates have a good trading week. Everyone and talk to you soon ” .
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