Surf with the Tide to Catch Better Waves
singaporetraderreports (December 12th, 2008) Writes:
Once new traders reach a certain level of proficiency in market analysis and trade execution the majority of their trading mistakes generally fall into two categories: trading psychology and trend-relativity errors. The first is an issue of self-control. The latter refers to an equally common problem: often a trade will look beautiful on one chart (in one time frame), but ill-advised at best on another chart (another time frame).
A market that looks like it is beginning an uptrend in the daily time frame, for example, may be only pulling back into resistance on the weekly chart, where the momentum and trend are down. The problem is magnified even further with intraday charts, where trends in multiple time frames often conflict with each other.
To combat this problem, trader and trading coach Alexander Elder invented the Triple Screen System, which he outlined in his now-classic book Trading for a Living. (Buy it. …
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