Best Time Frame For Swing Trading Strategies

hey guys so in this video we will show you the best time frame for swing trading and for finding key support and resistance levels also make sure to hit the subscribe button and to turn on the notifications bell so that you know exactly when new content is released so from looking at the comments a question that is asked over and over again from the last video is what is the best time frame for swing trading and for identifying support and resistance levels also right now comment below on what topics you want us to cover so that we know what you want and we'll work our best to create those videos for you so here on the Aussie Swiss daily time frame as you can recall from the last episode we've broke down how to identify support and resistance levels and as a side note our videos are designed in a linear fashion meaning this video right now failed on top of all past videos so make sure that you are all caught up so that you understand exactly what we are talking about so again here on the daily timeframe you will most likely spot support and resistance everywhere you have a level up here you have a level here another level here another level and another level so the problem with drawing in this many lines on the chart is that you have now confused yourself and if cluttered up your chart with lines everywhere some of these levels are useful for day trading but right now our focus is on swing trading again if you can recall from the last video we want to keep our charts simple and clean so this is why we use the weekly timeframe to find our key levels instead of drawing in all these minor daily levels so let's jump to the weekly and break this down now here in the weekly time frame notice how the support and resistance levels you drew in from the daily are not visible on the weekly so let's go ahead and remove all these daily levels so here's the key to identifying or dynamic support and resistance levels look for levels of support and resistance that are obvious and visible on the weekly timeframe notice how we have an obvious swing high up here so we draw it in next to the right another level of resistance so we draw it in and along the bottom we have an obvious level of support and here are all your dynamic levels the reason the weekly timeframe is important is because you are seeing the big picture as each candle holds a lot more information and represents all the buying and selling that occurred throughout an entire week so this is a very key point you need to understand swing trading before you can understand day trading as you need to know what is occurring on the big picture and bigger trends in order to understand how to trade the shorter timeframes and smaller trends so that you don't get caught now let's do this from the top down again on another pair so here's the pound yen and again starting from the weekly time frame we want to identify our key weekly levels along the top we first spot this obvious level of resistance so we draw it in next we spot this level here with multiple rejections so we draw it in along the bottom we have an obvious level here and finally another swing load down here so these are all your key support and resistance levels meaning the obvious levels that you can spot on the weekly time frame and now we jump to the daily timeframe to further confirm these levels here in the daily you can now see more clearly where the key levels are that we drew in on the weekly and now all the other levels you can spot on the daily are minor levels so again spot your key levels on the weekly confirm the same levels on the daily and then look for price action on the daily for possible trade entries at these levels we will dive deeper into price action entries in an upcoming video but right now focus on identifying your key levels on the weekly and using the daily for confirmation and price action entries so let's do this again on another pair here's the pound Ozzy and again starting from the weekly time frame along the top we have this obvious level here so we draw it in moving on down we have this next level here with multiple rejections so we draw it in you again we spot this level here with multiple rejections so we draw it in you and finally along the bottom and a swing low with multiple rejections you plus we also have our trendline here that connects all the swing lows of this uptrend you now that we have all our key levels identified on the weekly let's jump to the daily timeframe to confirm these levels so here in the daily you can again see how the key levels you drew in on the weekly fall into place on the daily and leaving out all the minor levels so that you don't confuse yourself price is currently pulling back to this key weekly support level here which is also where the trend line lines up perfectly so if we get good price action through this candle close followed by intraday confirmation there will be a possible trade entry long again we will discuss price action entries in another episode now before we continue if you're enjoying this video and want us to continue to make more videos week after week please hit the thumbs up button and also leave some comments below with your thoughts as well as what kind of videos you want to see now we're going to show you a bonus technique through using the monthly timeframe so let's jump to that so you can also use the monthly timeframe to spot key levels as well using the monthly timeframe to identify key levels isn't a must because often since the monthly is such a large timeframe to use you won't be able to always spot levels but we're gonna show you this technique anyways so that you can use it if you choose so here in the pound Swiss monthly timeframe we often find that monthly levels can hold more weight to them if used correctly also when you jump between timeframes you'll forget where the level of support or resistance came from so to solve this we'll make the monthly support and resistance levels a certain color in this case green and then the weekly level will be a different color again starting from the top we spot this obvious level up here so we draw it in next we spot this over here so we draw it in you moving on down another level with multiple rejections so we draw it in and then the swing low with multiple rejections so another level you so here we have all the monthly levels drawn in and we jump to the weekly to further confirm these levels now here in the weekly time frame you can see how the monthly levels fit in we also have this weekly level here so we draw it in you notice how price recently blew right through this weekly level and tapped the monthly level and snapped right back causing this wick to form now I'm going to show you how this played out on the daily so here in the daily this was your weekly level we just identified and this here is your monthly level price came down to this weekly level but no price action occurred and all we had was this bearish to momentum candle the blue right through price then continued down to this monthly support level which is when we finally had a reaction to the level through the wick sticking out now you can take this even a step further through using the four hour time frame to further confirm this candle so let's jump to that so here in the four hour time frame you had this decent rejection Kendyl of the monthly support followed by an inside bar which is a reversal pattern now there were many ways you could have entered on this which we'll go through in a following video most traders use support and resistance incorrectly so if you enjoyed this video and want us to continue to make more videos make sure to hit the thumbs up button and also in the comment section let us know your thoughts and what kind of topics you want us to cover next and we'll work our best to create those videos for you so thanks for watching and I'll see you in the next episode [Music] [Music]

Channel: Wysetrade

Views: 590,055

Rating: 4.9641838 out of 5

Keywords: best time frame for swing trading, best time frame for swing trading forex, swing trading, swing trading strategies, forex, wysetrade

Id: fAJjlf6kij0

Length: 10min 34sec (634 seconds)

Published: Sun Mar 24 2019