TBVH (to be very honest) i am so amazed to read that you use 5 timeframes before making entry into the market, i wonder, you must have so much money or do you care about your winning rate that much
This is not about trading with money but striving to maintain consistent winning. Even if you are trading with a little amount, it shouldn't give you a reason to lose it through careless trading.
please next time share an example too.
I don't understand what you meant by the example, I can't have all the trading strategies and plans of everyone to know the timeframe combination best suited for it. The general info is enough for people to know how to blend their combos.
I find using multiple timeframes very good for long term trading but for day trading or scalping I don't find it very useful.
Usually day traders give more important to time frames and for long term traders its not really helpful in any way
I disagree with you on that. Although any trader could use one timeframe successfully if a good strategy has been developed for both short and long-term trading, yet in my experience, the two are better monitored and managed with multiple timeframes. Those who trade the long term with higher precisions can still combine 1M+1W+1D or 1M+1W+1D+4H or 1W+1D+4H.
So what are your overall trading achievements?
It's because of the success rate I share it with you guys. And if you must know, I have a winning rate of about 85-90% monthly. It could be more if the market is strongly trending. I am a trend trader.
I think 5 timeframes is an overkill but if it is working out for you then well and good.
Handling 5 timeframes together is never overkilled for me and as a matter of fact, it's as flawless to the point that I conclude all the analysis in less than 1 minute. That must surprise you, but you shouldn't be surprised, my only time-consuming strategy which is Trendline has been automated, so it's easy for all my strategies to be read on each timeframe in less than 10 seconds.