Traders often lose money because they view the market through a single lens. A chart looks bullish on a 5-minute interval, so they buy, only to get crushed by a massive downtrend on the daily chart.
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The foundation of Brian Shannon’s approach rests on a simple premise: . A stock that looks highly bearish on a 5-minute chart might actually be in a powerful, multi-month uptrend on a weekly chart. Conversely, a strong daily breakout might run directly into heavy resistance on a monthly chart. Alignment of Trends Traders often lose money because they view the
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Key concepts
Brian Shannon, a renowned technical analyst, has written a comprehensive guide to technical analysis using multiple timeframes. The guide, which is available for free download, covers the following topics:
Drop down to a 60-minute or 15-minute chart. Identify prior support levels, resistance zones, and the locations of key moving averages. Step 3: Wait for a Low-Risk Setup This link or copies made by others cannot be deleted
Usually the daily chart. This identifies the current market stage and overall trend direction.
The intermediate chart (e.g., 1-hour or 30-minute) where key support, resistance, and chart patterns emerge. Try again later