In order to use proper technical analysis on a currency pair, then it is mandatory to look at it from all the angles and perspectives, and one of the most important aspect is the time frame taken into consideration. They are divided into short and long term time frames, basically this coming from the needs the different types of traders out there have. Some traders are scalpers, meaning that they are looking for small moves on price and quickly take their entry and exit. These type of traders use small time frames when looking at a currency pair, like one hour charts (1h) and going as low as the five minute (5m) chart and even to the one minute (1m) chart. Then there are traders that really like to swing a lot, meaning they scale into a position looking to get a better average price and hold that position for a long time, on a medium/long term horizon. Time frames used in here go from four hour charts (4 h) till monthly chart (1M).
From my perspective, regardless of the type of trader you are, when looking at a currency pair you need to take into consideration both short term time frames as well as long term ones. If you are a scalper, than take the entries based on short term time frames and use the long term ones for identifying proper support and resistance areas. So my suggestion goes that you should have opened a 5m, 1h, 4h, daily, weekly and monthly charts for one pair, with the first three being the ones that can actually be traded, and the last ones being the ones to choose your support and resistance areas.
After showing you how to save a template on the previous recording, in here I will open all those time frames for the eurusd, this being the currency pair that we’re actually going to apply our learnings, and giving you some brief description on each one.
Next recording deals with type of orders we have available, and from that moment on, things start to get serious. Stay tuned.