Who should use this?
Larger time frames are used by swing traders and long-term investors who are interested in the overall trend and direction of the market.
Advantages?
Broader Perspective: They help traders and investors to see the overall trend and direction of the market over a longer period, which can be useful for identifying larger price patterns and longer trend
Reduced Noise: This can help traders to filter out market volatility and noise that may be present in shorter timeframes, and focus on more significant price movements and trends that are relevant to their trading or investment strategy.
Higher Reliability: Longer timeframe candlesticks represent a larger sample of price data and are less prone to false signals or market noise. This can result in more reliable and accurate technical analysis, which can be beneficial for making informed trading decisions.
Less Frequent Trading: A more relaxed trading approach or having limited time for actively monitoring the markets.
Note: it's important to carefully consider your trading or investment strategy, goals, and risk tolerance when choosing a timeframe to use in your analysis.
It should suit your personality and characteristics.
You should keep a track of global indices and fundamentals before estimating the next move.
Larger time frames are used by swing traders and long-term investors who are interested in the overall trend and direction of the market.
Advantages?
Broader Perspective: They help traders and investors to see the overall trend and direction of the market over a longer period, which can be useful for identifying larger price patterns and longer trend
Reduced Noise: This can help traders to filter out market volatility and noise that may be present in shorter timeframes, and focus on more significant price movements and trends that are relevant to their trading or investment strategy.
Higher Reliability: Longer timeframe candlesticks represent a larger sample of price data and are less prone to false signals or market noise. This can result in more reliable and accurate technical analysis, which can be beneficial for making informed trading decisions.
Less Frequent Trading: A more relaxed trading approach or having limited time for actively monitoring the markets.
Note: it's important to carefully consider your trading or investment strategy, goals, and risk tolerance when choosing a timeframe to use in your analysis.
It should suit your personality and characteristics.
You should keep a track of global indices and fundamentals before estimating the next move.