I am a newbie and I am interested mainly at this point in learning to trade the Fx market. I realise I have a lot to learn and a long way to go before opening a live account. Here is one of my first trading questions
Please correct my following understanding or lack there of
If I want to trade the hourly chart (just an example) then I could look at the daily for the bigger picture/trend then find my setup on the hourly chart but enter on a smaller time frame perhaps 5 min chart for a possible better entry point?. Now once I have moved too the 5 min chart and made my entry should the rest of the trade management be done back on the hourly chart that was used for the setup such as, stoploss placement, trailing the stop, possibly taking a further entry once the trade proves itself. I would like to let my profits run, so with a trailing stop and the eventual getting stopped out should this all happen on the original hourly setup chart or the 5 min chart used for entry.
I appreciate your help