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Foxtail Digital explains the principle of triple screen trading, which involves using three different time frames to analyze the market and make trades. The first screen identifies the overall trend of the market using trend-following indicators, while the second screen identifies potential trading opportunities within that trend using oscillators. The third screen helps to determine precise entry and exit points. The specific time frames used depend on the trader's goals, style, and experience level. The speaker emphasizes the importance of understanding trend-following indicators and oscillators and encourages viewers to use this method in their trading strategies.
In this section, Foxtail Digital shares the Triple Screen Trading Method, which uses three screens to analyze and find short-term pullbacks in a long-term trend. The first screen identifies the overall trend in the market using trend following indicators on a long-term chart, while the second screen uses oscillators on an intermediate or medium-term chart to find potential trading opportunities within that trend. Finally, the third screen, on the shortest timeframe, helps determine entry and exit points. Foxtail Digital stresses the importance of choosing timeframes based on trading goals, style, and experience level, with factors of five used to determine shorter and longer-term trends. Understanding trend following indicators and oscillators is also crucial, using indicators such as moving averages or RSI, for example.
In this section, the concept of triple screen trading is explained. This method involves using three different time frames to evaluate the market and make trades. For swing trading, one may use a four-hour time frame as the main screen, a daily time frame to get a broader picture of the market, and a one-hour time frame for precise entry points. Day traders can use a five-minute chart as their intermediate time frame, a 25-minute chart as the longer time frame, and a one-minute chart for the shorter term. The first screen is used to identify the overall trend of the market with trend-following indicators, such as moving averages, while the second screen is used to find divergences or corrections within that trend with the help of oscillators. The third screen is used to identify precise entry and exit points in the direction of the long-term trend.
In this section, the speaker discusses the third screen of Alexander Elder's triple screen trading method, which involves identifying support and resistance levels and looking for short-term breakouts in the direction of the trend. Once these levels are identified, an entry signal can be placed, and if the market moves in the desired trend, profits can be made. The speaker concludes by thanking viewers for watching the video and encouraging them to use this method in their own trading strategies.
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