..Multiple Time Frames
So we start our analysis by looking at a longer time frame, one higher than the time frame in which we trade. For example if we are investing then we may look at monthly picture to decide where the market is heading and then come to the daily level to decide market positioning. A day trader may start by analysing daily patterns and then act on hourly time frame etc.
This larger time frame tells us whether to be long or short. If this trend is up then use the working time frame corrections against the trend to buy and vice verse. Taking positions opposite the larger trend can be an un-nerving experience to a normal person. Not that these counter trend positions can never be taken but one needs to be very nimble, calm and with very small profit expectations to do so. The main trend catches up soon and takes ones' counter trend position along like a tornado. So be careful while playing those counter trend moves, they may not be for the faint-at-heart.
Some excellent reference material on this topic can be found here:
The last article presents a beautiful perspective on handling multiple time frames and is highly recommended.