This explanation is only for educational purpose and isn't any kind of recommendation. Don't take any action based on this explanation itself.
Consider your financial advisor before taking any trades.
Thanks for your time. Happy Trading.
Thanks again @Trader_Tech
Kindly understand this first👇
"This explanation is only for educational purpose and isn't any kind of recommendation. Don't take any action based on this explanation itself.
Consider your financial advisor before taking any trades."
But to answer your query, using 2-3 time frames is much better. You may use monthly, weekly, daily or daily, 4H and 1H time frames as per your trading style.
Higher time frames for analysis and and lower time frame for setting points of entry, exit, tgt, sl.
USD didn't sustain above the given level on any of the above mentioned time frames as per current data, so wait till it gives a good signal to go long.
I appreciate your explanation. Thanks for explaining in depth.
Please mention what time frame would you recommend?
Yes, market is very volatile currently. But that's the time your hard work and experience rewards you the most.
For less risky entry wait for it to settle. There will be a pullback at the given level and if it respects the new support (i.e. current resistance zone) and shows an appropriate candlestick pattern it would be sufficient for going long.
You may also apply indicators that best suits your trading style.
Have patience & don't just blindly predict the future rather let the charts confirm it first for you.