The markets are fractal.
Fractal : each part of which has the same statistical characteristics as the whole.
This means that there are patterns within patterns on all degrees which can look identical from the macro to the micro. Just like the veins on your hands, to the rivers on earth.
Although in terms of trading with take profits and stop losses, you need to know exactly which degree/fractal you are trading on because it can get confusing if you don't know where you are.
The best way to learn how to approach this situation is to start from the macro and work your way down to the micro. My favorite way is,
Daily
4hr
1hr
15min ( I personally stop here )
5min
1min
This is the easiest way to start and then once you find your time frame for setups, you will get flexible with these principles and use them in alignment with your time horizon for trading.
Fractal : each part of which has the same statistical characteristics as the whole.
This means that there are patterns within patterns on all degrees which can look identical from the macro to the micro. Just like the veins on your hands, to the rivers on earth.
Although in terms of trading with take profits and stop losses, you need to know exactly which degree/fractal you are trading on because it can get confusing if you don't know where you are.
The best way to learn how to approach this situation is to start from the macro and work your way down to the micro. My favorite way is,
Daily
4hr
1hr
15min ( I personally stop here )
5min
1min
This is the easiest way to start and then once you find your time frame for setups, you will get flexible with these principles and use them in alignment with your time horizon for trading.