with regards to instruments, i have traded futures on currencies and stock indicies,
with the exception of simple purchase of calls and puts on stocks i have not daytraded them
so therefore i do not know what they are like other than long term junior mining speculation.
What i do know is spot currencies, from that perspective i know there are uses for the one minute chart at times of clear "directional " movement, at other times the five minute will clear things up if confused.
A trade i took on the AUD/USD today on the one minute gaining eleven points with what i consider a perfect entry and exit however failing to re enter due to not being around.
Take a look at a chart, those with a clue will spot it easily.
The obvious (for me) provides good entries with a definite point of failure and possible reverse trade
It is clear to me that longer timeframes offer some fantastic opportunities to carry on with the idea of adding to winners, with much wider stops of course.
I do use fibs, not because of the "magic" numbers but because it is a great tool to display the previous days high and low and also for another reason which i shall not reveal.
I must say that i have been trading a long time and have known what is the "obvious" to me for a quite a while.
however due to other commitments i have traded only sporadically in the last three years.
Cheers to all genuine people and hope you find what you are looking for in trading, tread wearily as life is a hell of a lot more than making money trading.
over and out.