Yes, they are the if you have same price action in there lower time frame.
5 minute setups - do they perform on 60m charts and onward to Daily, Weekly and Monthly charts?
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IF you are learning lessons on profitable 5 minute charts\no need to get confused on longer time frames.
Another big disadvantage on longer time frames, they may bore you/big time.
Another big disadvantage on on bigger time frames not as much drama as a 5 minute chart.
EVEN a 60 minute chart has much fewer bid ask spreads, no where near as much fun drama as a 5 or 4 minute chart........................................................................
Monthly charts[printed paper] may help profit in a good trend, never boring.
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If you click this link and the link embedded in that one... it will get you to post #15 in that thread, and your answer.
https://www.elitetrader.com/et/thre...eekly-and-monthly-charts.366116/#post-5571225
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Setups on 5 minute charts - do they perform the same on 60m charts and onward to Daily, Weekly and Monthly charts?
I don't believe there are no dissenters on this question.
C'mon. Let's hear from the other side.
Is there less noise in a Daily setup?
The chart that prompted this shindig is linked below.
This thread was started so there'd be a link for Day charters who are sweating and trying to see past the right edge of the screen.
They can peruse here and maybe consider that there can be a better way to learn how to trade Price Action (PA).
They can also maybe find out why Day charts are better. Still waiting for some input from those quarters.
Imho, a 5minute chart can teach the lessons of a setup sooooo much faster than looking at a Day chart setup and waiting oftentimes for weeks and freakin' months just to live through some follow-thru.
Even if one only commits to one hour a day for learning PA, on a 5 minute chart you can live through the thrills and spills of a hammer at SupportResistance setup/trigger before you finish your smoothie. What's not to like about that. Badda Bing Badda Boom. Next case. Gettin' bored watching that 5'er, shake it on down to a 3, a 2.
A hammer at support on the 2 works like a 5m, like a 30m imho. The footprint of the setup may be different, the measured moves may or may not be different. Stands to reason, no? Still in a trade and your hour is up and you wanna split? No problemo, use a bracket trading tool, get up and hit the links, walk the dog. It's all good. "Bracket Orders - Could Your Trading Method use them?" https://www.elitetrader.com/et/threads/bracket-orders-could-your-trading-method-use-them.349950/
https://www.elitetrader.com/et/threads/this-chart-could-be-either-or.366127/
I don't believe there are no dissenters on this question.
C'mon. Let's hear from the other side.
Is there less noise in a Daily setup?
The chart that prompted this shindig is linked below.
This thread was started so there'd be a link for Day charters who are sweating and trying to see past the right edge of the screen.
They can peruse here and maybe consider that there can be a better way to learn how to trade Price Action (PA).
They can also maybe find out why Day charts are better. Still waiting for some input from those quarters.
Imho, a 5minute chart can teach the lessons of a setup sooooo much faster than looking at a Day chart setup and waiting oftentimes for weeks and freakin' months just to live through some follow-thru.
Even if one only commits to one hour a day for learning PA, on a 5 minute chart you can live through the thrills and spills of a hammer at SupportResistance setup/trigger before you finish your smoothie. What's not to like about that. Badda Bing Badda Boom. Next case. Gettin' bored watching that 5'er, shake it on down to a 3, a 2.
A hammer at support on the 2 works like a 5m, like a 30m imho. The footprint of the setup may be different, the measured moves may or may not be different. Stands to reason, no? Still in a trade and your hour is up and you wanna split? No problemo, use a bracket trading tool, get up and hit the links, walk the dog. It's all good. "Bracket Orders - Could Your Trading Method use them?" https://www.elitetrader.com/et/threads/bracket-orders-could-your-trading-method-use-them.349950/
https://www.elitetrader.com/et/threads/this-chart-could-be-either-or.366127/