Traders use a "top-down" approach to ensure they aren't fighting a larger trend:
For those interested in learning more about technical analysis using multiple timeframes, a free PDF guide is available. The guide, which can be downloaded from various online sources, provides a comprehensive overview of Shannon's approach to multiple timeframes. The guide covers key concepts, such as timeframe correlation, trend alignment, and pattern recognition. Traders use a "top-down" approach to ensure they
Shannon looks for specific candle patterns (like hammers, engulfing patterns, or dojis) at support levels. This confirms that the buyers are stepping in, giving the trader a logical place to place a stop loss (usually just below the signal bar). Shannon looks for specific candle patterns (like hammers,
A sustained downtrend with lower highs and lower lows. Short positions are prioritized here. 2. The Multi-Timeframe Strategy Short positions are prioritized here