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!!
5 minute chart and emini's
- Thread starter increasenow
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thanks...very helpful...please keep the replies coming...
look forward to them...thanks!!!!!!!!!
Judge for yourself
<img src=http://elitetrader.com/vb/attachment.php?s=&postid=1536226
<img src=http://elitetrader.com/vb/attachment.php?s=&postid=1536226
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.
thanks everyone...this really helps!
C
Candara
1 min chart seems to be nothing but noise for me.