frugi
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Loads of people trade off 5 min charts and I imagine that the pros, knowing this, will try and trick them at obvious points on the 5 min that won't necessarily appear on, say, a 4 or 6 min chart. Though of course the 4 and 5 meet every 20 mins! I may be wrong about this of course.
That said, the main reason I use 4 mins is because I am comfortable with the speed and number of potential setups generated per day. 3 is a bit fast and 5 a bit boring as you say.
Also the average bar length is slightly shorter than a 5 min bar and I have found this slight difference suits my system. Using 5 min, the bars are often a tad too long to take an entry (cause the stop is too far away for comfort) while using <4 min I am stopped out too often because there isn't enough wiggle room and I generate too much heat in costs.
Stops, targets, frequency of trades, comfort, money management, percentage winning trades etc. seem to gel nicely on the 4 min, but I have not researched this thoroughly enough as yet. Just got to suss market depth and T&S now! Grrrraft.
That said, the main reason I use 4 mins is because I am comfortable with the speed and number of potential setups generated per day. 3 is a bit fast and 5 a bit boring as you say.
Also the average bar length is slightly shorter than a 5 min bar and I have found this slight difference suits my system. Using 5 min, the bars are often a tad too long to take an entry (cause the stop is too far away for comfort) while using <4 min I am stopped out too often because there isn't enough wiggle room and I generate too much heat in costs.
Stops, targets, frequency of trades, comfort, money management, percentage winning trades etc. seem to gel nicely on the 4 min, but I have not researched this thoroughly enough as yet. Just got to suss market depth and T&S now! Grrrraft.