There is nothing wrong with 1hr bars if you take a 1hr view ...
Who said there was something "wrong" with H1 bars? Can you make a specific connection to any post here were someone said H1 has something wrong with it?
Someone entering using a 5min bar might ride a trade for 6 hours or 72 bars.
Not if 5M fails to support a trade in the same direction as the entry for 7,200% of its own Magnitude. If 5M Magnitude (with no directional and/or extensible support from any higher time-frame) has 10 pips of aggregate Magnitude in the direction of the entry and you wait around for 10+ pips, then common sense should tell any real Trader that they are pushing the limits of continuance probability right through the roof. Of course, the most uncommon thing in the world of Currency Trading is common sense, these days - which explains why so many are failing.
I trade 1hr bars and ride them for 3 days or more often and I do give them hours to work as well ...
Not without support from a higher (larger) frame of reference. It is impossible, short of flat out
guessing which way the wind is blowing, to "ride" a 5M for 86,400% of its interval, while having a solitary clue about what you are doing or WHY you are doing it. There has to be external reference and support from a larger interval of data, before any degree of understanding can be had with respect to a smaller interval of data, for the same pair.
If you fail to see the high probability (potential) Tsunami coming in the
opposite direction of your entry in the larger interval and you remain in that position, completely blind to what's about the happen "next" - then your 5M Stop will get blown into the next galaxy with the force of a super massive star going Super Nova.
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Newbies, take note:
Blind Side Prevention 101
You must ALWAYS account for the higher time intervals - especially when trading the currency markets. Know their position, condition, potential and probability for moving against any position whose trigger came from data calculated within a smaller time-interval. Only a fabulously accurate blind guess, will save your capital from being torched, if you fail to do this enough times.
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You make a lot of generalisations ... 10 pips on GBPJPY or USDNOK is not the same as 10 pips on the S&P futs or USDJPY.
A) The OP posted a thread about the
Currency Markets not the Stock Market.
B) The base unit of value in the Currency Market is not the same as the base unit of value in the Stock Market.
Making a living on 10 pips a day is not just a function of clever leverage but about risk & account size, trading style and market traded.
And, how over-generalized was that statement?
I never posted a treatise on "How To" make a living on 10 pips a day. I specifically related the net pips seen in the trade put on display -vs- the comment that the trade got stopped. I then used 10 pips as a lower threshold and explained why remaining inside a trade triggered by a singular indicator in a smaller time-frame, would not only be plenty enough to live like King, but was much more likely as a profit target taken from such a smaller time-interval.
Read in context what's actually been written. That might help you.
These bars are pause or indecision bars and at best have a win rate of 50%.
If you are taking 10 pips and running and not making at least a little better than you risked then this method is not going to be profitable over time ... I know because I use it, I trade every day with people who use it and I have done a lot of back-testing.
You know because you "use it." You use what exactly? What precisely do you "use every day?"
My reply was not about trading "Inside Bars," based on your nonsequitur reply, you don't seem to understand. My reply was related to the creation of On-The-Fly Inside Bars - another point you clearly missed. And, On-The-Fly Inside Bars are not something that you use everyday, because you had never heard of the concept before you saw me post it here. So, you could not possibly have been trading the same thing as was discussed here.
You missed the entire point altogether in an attempt to reply about something you obviously never understood. Geeeeeepers.
