The majority of traders are familiar with and/or use the most popular forex technical indicators, such as moving averages and MACD. Then there are those individuals-because of inclination, temperament or training, whom go for the esoteric, the unusual, the offbeat or unpopular. Those are the types of iconoclasts that trade with an indicator like Elliott Waves.
Most traders, even scalpers, view multiple time frames. The longer time frames-measured in hours, days, weeks and months-give traders a broader perspective on trends, cycles, patterns, particularly key support and resistance levels. For longer term and position traders, the shorter time frames can help define entries and exits in a more precise manner.
If you have heard about the old trading cliché, “Trend is your best friend” then you know that how hard it is to find a true friend in this world! When markets are ranging, trading with the trend can be as fatal and lethal as trusting a python to play with your kids!