I was wondering if anyone had thoughts to share on why the 5 minute charts are the most popular, and evidently, the most useful for technical intraday trading... 5's and 7's are clearly the most popular intervals, with 5 minute, 60 minute, daily and weekly as being the most used.
that's old-school. With technology and speed, most retail scalpers (successful) use 1min, 20sec charts.
What makes 5 minute charts qualitatively different than 4:50 charts or 5:10 charts? The only advantage I can see with 5 minute charts is that they go evenly into the amount of time in the trading day, but same thing with 10 min, 30 min, etc.
Trading 5 minutes is noise trading. 4H works well in forex. Daily for stocks. Weekly for indices. Futures 30 minute to daily. That is if you trade seriously, not just for the adrenaline. Leave the intraday to MMs. Otherwise they'll take care of you.
Love this thread. Remind me how you can tell the difference between 5 min bars and 100 min bars? You can't so stfu... All I know is that you goofballs are going to spend several times more money on commissions than I will. $5,000 in commissions intraday trading vs. $150 over roughly the same time frame position trading.... <- less stress, just as much money, no need to sit at the computer, it's better all the way around from how I see it.
lol. Are you saying all charts, without the timeframe labeled, are indistinguishable from one another? Cuz I would agree with that.
are some of you seriously suggesting that scalping is dead? who do you all trade with? I suggest getting with velocity futures if only to view the leader boards.