Trading with Higher time frames

The daily chart should be your best friend in order to become a successful forex trader. Why, because it is the daily chart that gives us the “highest value” or highest-probability targets when compared to any time frame below it. Weekly charts are also accurate, but they don’t give us enough targets each month and they are less practical to trade than the daily chart.

These targets are price action setups, and you should think of them as higher-value on the higher time frames, because in reality the higher the time frame the higher-probability the setup becomes. That's the reason trading higher time frames will make you successful trader. In other words, in Forex trading you should be looking for the highest-probability trade setups that can have the greatest positive impact on your track record.

Trading the lower time frames is not going to do anything but cause you to lose all your money a lot faster than you think. There is really no sense in ever trading any time frame below the 1hr chart since the value or probability of the targets or setups decreases dramatically as you move lower in time frame. You want to stick to the high-value or high-probability setups of the daily chart as much as possible, and especially while you are still learning to trade.

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