Not a good correlation, 5min can give plenty false signals without affecting the price action of the hourly bar. Stick to a 3-5x factor of 60min ie 10min 15min even 20min.
Better still move away from limited TF thinking, judging something from it's close and finish based on the arbitrary nature of time, never made any logic sense to me. It's not like the end of any 5min candle or 60min candle is ever at a signifanct point more than coincidental. The market is doing 1 of 4 things. 1. Going sideways in a range. 2. Going up/down in a range slowly. 3. Going up/down in a range medium speed. ( think 1 hour to get there ) 4. Going up/down fast, no range required. Why make it any harder!
Many traders trade price action, when something goes wrong or not as they had planned, they get hurt, that's why it matters.
I would say better as the earning potential is huge compared to your risk, which is what you want. But getting my ass kicked trading it stupid, so not so sure, all my bad though lol
Super extended means strong, and it's only extended when a well established range is present. Learn to adapt between trends and ranges. No such thing as super extended in a trend.
I think Day trading should only be done if there is a strategy that has been proven to be profitable over many years and it should be automated in terms of entry / exit.
either no trade or bad trade @.@.... if too extended than i am thinkign they will have profit taking and not worth trading
What happened to the straight line experts? Weren't they supposed to prove us wrong with blotters and what not by this time? For what it's worth, I decided to go with swing trading for now, mostly because I simply don't have the time at the moment. I still think it may be worth it, I just can't do it now. Currently at the sidelines, waiting for the right moment, but I'm thinking about parking my money in an oil company I'm stalking if I'm convinced it's a good trade. Not in a hurry, so I'll wait until the time is right.