welcome to this video on multiple time frame trading methodology specifically
how to draw support and resistance treating multiple time frames so there's
a couple of different ways that people like to do this with multiple time
frames one would be to look for setups on the daily chart so for example here
on the Left we have a daily chart by the way by the way this obviously it's a
stock here but this applies to Forex futures commodities whatever your
training and so people would say ok I'm gonna look for a setup on the long-term
chart and but then I'm gonna drill down to the short-term chart for a very
precise entry and you may be using that for day trading or swing trading so fine
we find that that Lo does indeed hole comes back up so we draw a support level
at that line and let's see what price that is I'll bring over my data box for
you we get real specific here so that low is 41 36 all right so then we go
over to our 5-minute chart in this case and you might use different time frames
that's fine whatever not trying to be a proponent of any particular time frame
here and so there we go 41 36 on our 5-minute chart we draw the
support level on there and then we say ok so going into the future now we will
be looking if the market comes back into the future days weeks months whatever we
will have a support level there from our long-term chart showing up on our
short-term chart now let's see what happens and how well that works out for
us a little hint it's not gonna work out so great
so actually let me just skip right to that section so here we are and this is
that same level 41 36 as you recall but we've moved forward in fact it's quite a
bit into the future but let's say that you were trading this particular day and
you had the support level there from the daily chart and went forward into the
future so that if could ever get back to that level you
would say oh okay I'm going to look to buy there take profits there whatever
you're going to do so or perhaps even sell if it gets below that level right
so what happens is on that day the market comes below and doesn't even seem
to acknowledge its existence yet just for the first hour it just goes straight
down boom now of course as you can see then it comes back up goes above it
comes back down below it above it below it kind of above holds it a little bit
okay so the bottom line is this when you have these lines that are drawn off of a
really long term chart like a daily chart and then you transfer that line
over to a relatively short term chart like a 5-minute chart they don't provide
precise support and resistance levels now does that mean that you shouldn't
put them on your chart oh absolutely you should have them on your chart but I
treat them a little differently here's a practical part of it actually let's go
back to the long-term chart here for a minute we don't need this anymore let's
look at the daily and see what actually how that looked on a daily chart okay so
this is how it looked on a daily chart so whatever a couple weeks later it came
back down and that's how it looked on a daily chart so we marked our initial
support here that would be event in real time and as we were putting that level
on now on a daily chart this looks great right that is
definitely a nice bottoming candlestick pattern looks good and we could say yes
it made a lower low but it had a rejection of value of those lower prices
especially with this candlestick bar and it headed back on up so that's great
but remember that would be hindsight if we wanted to trade that later we you
know potentially could but I'm just talking about when this day occurs this
one particular day here so anyway here's what I do I do recommend that yes you
have these on your short-term chart but to me I don't like to have it just
as a line because I say oh okay that looks like any I do these thin lines
like this I'll put it on a 5-minute chart but when it comes up when it's
based on a long-term chart like a daily chart I say okay I know it's not gonna
be that precise so I'm going to make it look different so that's real basic
concept nothing really fancy schmancy here like I say this it's kind of a
practical thing for you here today and I'm just gonna make this real wide 10 is
the biggest it'll make me go or allow me to go in khakis kind of light that might
be a little too light you could play around with this obviously this is just
personal preference okay we'll make it gold and we'll apply it there so and if
you can make it a little bit transparent I think that's even better because then
in this will vary from charting platform to charting platform as to what type of
options you have here but the point is when I'm drawing a support level from a
daily chart or from a long-term chart to a short-term chart let's just say that
because I'm not really referencing any specific time intervals but if they're
really far apart like that then I will just mark it with a thick line like this
in a later line to let me know that okay that's what that is I've got that stored
in my brain cells so that if I'm looking at it on a 5-minute chart and I see this
line I'll be like oh okay that is from a really really long term
chart therefore I do not expect the market to just come down and hold that
line now I expect it to have more wiggle room it's a zone if you will so I don't
even like calling support/resistance lines lines I called them a
support/resistance zones because yes the market does hold it it does hold it and
this bar here just as a much more clear representation and so this whole zone
here we have to respect and acknowledge that even if it slices through it with
dramatic energy as it did I mean that's pretty dramatic energy for just to go
whoosh like that you might get the impression oh wow this thing is just
gonna go south or you might do a kind of look for a throwback and then for it to
go down but the point is here don't look for precision at these support
resistance lines off of a long-term chart when you see it on a short-term
chart but you still should have them there yes still should have them there
because those levels are very important so just figure out your own way of
drawing it that makes sense to you and to distinguish it from short term
support resistance levels now if you liked this video please understand that
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