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Multi Time Frame Strategies
Didn't find much about multiple time frames in discussions. And I have some (basic) questions from a swing perspective.
I have two accounts: Long-term for retirement, and Short-term for one registered small account, what I call my "play" money. The following questions regard the small account:
I use TA for all my transactions. Sometimes I look at weekly charts, 4-hour, 2 hours, and even the 5-min., probably just because it's available! However, I usually trigger my open positions using the daily charts. Maybe I'm looking at too many time frames!
I've watched many of Joe Rabil videos on Stockcharts, and he advocates the Monthly, Weekly, Daily and 60-minute charts with his strategies.
So How to fine tune my approach? Should I be looking at multi time frames? And are they useful for swing traders?
From many months of paper-trading trials and errors, it seems that if I was using the daily to identify potential candidates, then go down to the hourly (or 2-hour) chart for confirmation, and trigger the entry on the 10 (or 15) minute chart, would that be too much, or should I simply stick to the daily chart?
Then, how would I setup the indicators? Would they remain the same regardless of the time frames?
I'm using the basic RSI 14 and PPO 12,26,9 with support-resistance on price action.
What's you favourite system for consistent profits?
Thanks for any insight.