What are your opinions on trading 5 min charts ?
Know what your plan is, and stick to it.
The 1 and 5 minute charts require babysitting commitments.
They can be traded successfully, as long as your mm and entry/exit plan go hand in hand.
I’m a minute chart trader and find it to be my home. I’m sure the way I trade can be adapted quite easily to the 5M charts as it’s all based on PA, I just find even 5 minutes too long to see the next candle :eek::o
I like the faster pace of the minute charts.
How do you trade? Strictly indicator based or a price action (PA) based approach.
I think they’re great for finding really low risk entries into moves on the larger timeframes. But if you ignore the bigger picture and just look at the 5min chart, I think you might get burned in the long run
I trade price action along with indicators
I only trade on 5 min (1 min is too crazy for me and don’t feet my strategy). But for sure keep an eye on higher TF to avoid troubles
My strategy is only scalping few pips with bounces on key fibo levels. The only indi I use is the stochastic oscillator and go on for pips.
The most interresting for me with smaller TF is to get a real time view of what’s going on. Like the hunter as soon as I see an opprtunity I jump on it, take what the market gives and wait for the next.
My main rules is never never never let a winning trade becomes a loosing one.
Yes i understand, i tend to ignore higher time frames to be honest. My stratergy makes consistent pips though on a real account.
Then why are you even concerned with other people’s opinions?
If it works, don’t be bothered with what others think;)
You should always take into account what others think if you don’t that means you are ignorant. Im not a perfect trader, so if people can add to my arsenal then i am grateful.
i personally think higher timeframes are important to look at.
5 min charts are good, but just make sure you look at the larger picture as well. Seems some traders forget that each step down in time frame is just a close more detailed look at the larger time frame charts. They really are not a different picture just a closer look.
Best
Matt