Here is a recent quote that I found myself particularly relating to:
"As a technical trader/Chartist one of my "strength" is using MULTIPLE time frames to help locate the absolute HIGHEST quality trade setups. What i try and do is find the strongest setups that align in good and 'reliable" technical setups on MULTIPLE time frames for example a stock that is setting up well on the WEEKLY, DAILY and 60 minute charts make for the best setups and if executed properly, these can be nice trades. I try and make it a PROCESS where on EVERY DAY i am looking for the best setups that align on WEEKLY, DAILY, 60 minute and even 30, 15 minute time frame charts.
It all starts with the BIG PICTURE and ZOOMING down into LOWER time frames to help me "detect" patterns that are otherwise not easily recognizable in HIGHER TIME FRAMES."
Because I am a longer term trader, I have been, over the years, trying to combine monthly, weekly and daily charts to find the highest potential stocks possible. This is something that cannot be reduced into an algorithm, backtested or easily taught, but a skill that can be cultivated through many hours of diligent practice.
As an example, my most recent purchase, AMGN, which is beginning to look very promising, has a very strong daily chart, weekly chart, and monthly chart.
Below is a monthly chart of this stock:
This long term chart of AMGN shows the stock breaking out from a very lengthly consolidation period to a new all time high. That's a bullish development that would not be detectable on the daily chart or weekly chart.
A second example is the stock DK. This chart had a very bullish daily chart at the time that I purchased it, but it also had a very constructive weekly chart as well:
The weekly chart of DK shows the price breaking out, negating a potential double top, to a new record high price - something that would have been completely missed if one looked solely at daily charts.
