Thanks for the input Joe…you’re right on all accounts.
Another major problem trying to trade this way, is that after a while, you start to get “ancy”. If there isn’t any action, you start seeing setups that are sub-par and not according to your trading plan. What typically happens is that this leads to over-trading and ultimately a blown account.
Very frustrating, but, happens all the time w/ newer traders.
How do you beat this- take an approach that is rooted in the fact that no single chart timeframe takes priority over another. Setups can be found across all timeframes, and, the best setups come where there is breadth behind the move from an order flow perspective.
Example- if you’re watching USDJPY, EURJPY, GBPJPY AND NZDJPY intraday via the M5 chart, and see that they are all breaking into new lows @ a key price weekly point. You also see the Nikkei breaking lower, and the S&P beginning to lose lows of the day. However, the AUDJPY had been lagging a bit, and is trading a bit higher than the others. Using an intraday breakout pattern you can identify that there is an edge to short the AUDJPY.
That type of trading (from a very basic viewpoint) will typically lead to more success, than focusing on a single instrument and time frame. Here is an exact example of the above mentioned scenario: AUDJPY MAR 9 2016