When trades are placed on the 5m chart, some of the trade details seem lost. One or two 5m candles will not show the 3m-512t setup, thus the trader would miss the trade all together. Even the bracket break out trades are not as clear. However, in defense of the 5m, we did post today that 5m PA was staying at the 20 ema, and that we had the 200 ma and 89 ma support below us. This read led to a +6 trade when price hit out top bracket long.
As a trader, you will use what is comfortable for you: the charts, the setup, the risk-return allowance, etc. However, there are setups which offer a higher probability of going in your favor, and those setups can be found with a multi-chart approach.
5M CHART (click to enlarge)
See the 3-15-11 A.M. post for more details, and join us at Othernet Mirc at #chartmaster.
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