Wysetrade

You must check the monthly candle at the end of every month

Checking how the monthly candle closes on all pairs is a good habit to develop as it can help you shape your bias going into the following month. The example above is of the EURUSD monthly time frame and if the monthly candle closes as a very long wick candle, we would have a bullish bias "only" if the lower time frames confirm this candle. 

EURUSD Weekly Time Frame

The weekly time frame is also showing bullish price action as a bullish momentum candle has formed that broke through the trend line and the level of resistance. If we get the monthly long wick candle close, and bullish momentum on the weekly, we still "need" confirmation on the daily and the intraday time frames before looking for a dynamic reversal entry or an intraday entry. Patience and waiting for the market to "confirm" your analysis and not jumping into trades prematurely is the fastest way to improve your trading ability.