The recent "It's a Process" visual articles have been very popular.
So I thought I'd do a different one with a focus on a longer timeframe.
Please note… I don't trade this timeframe. I trade lower timeframes for personality and lifestyle reasons. But there is no "best" timeframe. I know that many of you do trade higher timeframes such as hourly charts, 4-hourly charts or even daily charts. And that's fine. We all need to find our own niche. The important point though, is this simple fact… the process is the same.
So which market should we look at? And which timeframe?
Well perhaps we can do more of these covering different markets and timeframes. Let me know if you'd like more. But for today's effort I thought we'd start with the EUR/USD 4 hour timeframe.
I recently posted an image onto the YTC Facebook page as follows:
This was the lower timeframe trigger entry (1-hour chart) into the trade. But it was randomly chosen. I just opened my MT4 platform and flicked through a couple of instruments and timeframes to find the first setup that jumped out at me. This came up straight away.
The trade though was largely irrelevant; after all the facebook post was about fear and our need to acknowledge it. So there was no explanation of the setup or the analysis used to identify it.
Well, as of the time of writing this article today, the trade chosen for that facebook post is currently at +395 pips profit.
So, let's examine this trade in a little more detail, to see what I saw at the entry point.
It's a Process – Longer Timeframes