💋Why Daily Time Frame Analysis Will Make You a Better Trader💋
😺Most beginner traders often think that money is made in the short-term timeframes, so they go the way of intraday trading, believing that it will enable them to quickly grow their small trading accounts.
😽They have this belief that the lower timeframe provides more trading opportunities that can allow them to make more money in the long run.
😻Given, the daily timeframe offers fewer trading opportunities and may seem slow and non-exciting to most traders, but there in lie the benefits — it forces you to have patience, trade less often, and make better trading decisions.
While the intraday timeframes offer more trade setups, most of them fail, making you lose more money.
😼The benefits of using the daily timeframe:
A better view of the market structure
The daily timeframe helps you to have a broader perspective of the market so you can have a better view of the price structure and the stage of the market cycle.
It gives you a bigger picture of the market — you can see the price action over a longer period.
More significant support and resistance levels
The price swing points on the daily timeframe are more significant than those on the lower timeframes, and you know why — more traders are watching the daily timeframe than any other timeframe.
More reliable price action patterns
One price bar on the daily timeframe represents all the transactions that took place on that trading day, including during news releases.
So, it captures the entire day’s volume of orders, which is more significant — the lower timeframes that may even be too small to absorb all the others from a high-volume trader.
😽Always start your analysis from a daily time frame.
It is very insightful, and it will bring your trading to the next level.
🌺Hope u like my article. Please let me know what you think💋
Love, Anabel❤️
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