using weekly charts for long-term trends ?

[Scaleout.Scalper]

Again it all depends on your holding period.

Because let's face it, the weekly and monthly charts are totally useless if the trader is scalping, day-trading or even swing trading the market (and holding the position for only a couple of days).

No disrespect, but no wonder you don't find value in multi-timeframes, what you just stated shows your inexperience.

 

[xelite777]

No disrespect, but no wonder you don't find value in multi-timeframes, what you just stated shows your inexperience.

??

I never said that multi-timeframes are useless, you obviously did not understand my posts.

All I am saying is that the trader does not NEED them to trade successfully, he could earn a nice living just sticking with his/her favorite time frame (mine is the 15 min charts).

Yes you can use higher time frames to "stay with the main trend" and then use the lower time frames to time and/or fine-tune your entry/exit.

Yes you can use higher time frames to locate important/major support and resistance levels.

But more often than not, this multi-level analysis just adds extra layers of confusion. And confusion only leads to one thing: bad and costly trading decisions.

But hey, if it helps your trading go for it my friend.

 

[eurusdzn]

Weekly Renko charts seem good for a filtered, uncluttered
view of trend.

 

[Handle123]

Again it all depends on your holding period.

Because let's face it, the weekly and monthly charts are totally useless if the trader is scalping, day-trading or even swing trading the market (and holding the position for only a couple of days).

I mean come on, if I see a buying opportunity on the 15min charts, I am certainly not going to look at the weekly or monthly charts just to make sure they are also in an uptrend mood, that's total stupidity.

I have to agree, I am concentrating on one minute ES chart to take out ticks, I can care less about much else. For longer term I still use Monthly/enter on Weekly but at looking to stay in a trade as long as I can, only time I use daily is to add on to longer term trades.

 

[Chris Mac]

For an investor, multi-timeframes are an obligation, weekly or even monthly charts help to understand the big picture, are we in a trend or a counter-trend? Of course an investor should never go in a counter trend.

For a trader, multi-timeframes are a big plus.
Two examples :
1 it can help you to avoid trying to catch a two points rise when you got a big resistance 3 months ago at these same levels.
2 it can help you to keep your positions overnight because you can watch that next resistance is far away from the closing price.

 

[xelite777]

For an investor, multi-timeframes are an obligation

Says who??

Of course an investor should never go in a counter trend.

Why are you assuming that all traders are trend-following fanatics?? Some traders make a good living just playing the range.

it can help you to avoid trying to catch a two points rise when you got a big resistance 3 months ago at these same levels.

Most of the time, what you perceive as "resistance" line are penetrated in a heartbeat and become support. And what's this story about 3 months ?? There is absolutely no magic, clear cut formula that will calculate resistance and support levels, period. It's all subjective stuff.

it can help you to keep your positions overnight because you can watch that next resistance is far away from the closing price.

Again, you have absolutely no way of knowing if the "resistance" you are looking at is truly a resistance and will stop the up move.

 

[Chris Mac]

Says who??



Why are you assuming that all traders are trend-following fanatics?? Some traders make a good living just playing the range.




Most of the time, what you perceive as "resistance" line are penetrated in a heartbeat and become support. And what's this story about 3 months ?? There is absolutely no magic, clear cut formula that will calculate resistance and support levels, period. It's all subjective stuff.



Again, you have absolutely no way of knowing if the "resistance" you are looking at is truly a resistance and will stop the up move.

Xelite777, i truly love you.
You take "examples" as for rules.
You think trying to bash me makes you clever.
If you are happy with that, be happy.
Continue to make your money with trading range tactics or buying tops (because it will eventually become a support). It works 100%, i agree with you, you are a top trader.

 

[xelite777]

You think trying to bash me makes you clever.

No, I am not trying to "bash" you personally, I am just challenging some of your trading ideas, nothing more.

Continue to make your money with trading range tactics or buying tops (because it will eventually become a support). It works 100%, i agree with you, you are a top trader.

Where on earth did I say that I am a range trader?? Or that range-trading works 100% of the time??

Come on.