It seems that most daytrade the emini's off of the 5 minute chart...if you daytrade emini's...please explain WHY you prefer the 5 minute over the 1 minute etc...thanks!!
I can see patterns off the 5-minute charts that I can't recognize in a smaller time frame. Further, if I'm trading the NQ, for example, I also keep up a 5-minute chart of the QQQQ as that can shed a little more light on the overall picture.
I like what Bear said. It's a good speed for daytrading. I found the 1 and 3 minute too noisy and also required immediate decision making and constant monitoring. The 5 provides you some time (not a lot) to analyze your market and make a decision. And while it's still noisy at times, not nearly as much as a 1 or 3 in my opinion. I also like candlestick analysis and found it to be less reliable on a 1 or 3 as well.