Hi ya Forex007,
Not sure how to answer this but I tended to look at the long term trends when I was trading the 5min TF and above as you do and I asked Strada at one stage the same question about if he did this with 1minTF and he said something similar to what i wrote and i followed his principles like his shadow on the 1minTF on average maxiumum 1hour a day and multiplied my account easily over the weeks by listening and following his advice and principles and i was well happy with the success I had on the 1minTF ..
Adrian
Not sure how to answer this but I tended to look at the long term trends when I was trading the 5min TF and above as you do and I asked Strada at one stage the same question about if he did this with 1minTF and he said something similar to what i wrote and i followed his principles like his shadow on the 1minTF on average maxiumum 1hour a day and multiplied my account easily over the weeks by listening and following his advice and principles and i was well happy with the success I had on the 1minTF ..
Adrian
DislikedThe importance of daily trend depends on how the day developes. Have a look at a typical (if there is such a thing ) day with, say, EU. With M1 there will be a clear disproportion of successful Long and Short trades - i.e. if the day was "down" you would have more Shorts. Also (just guessing now), the breakdown of losing trades should be mirrored (i.e. most of Long trade would fail on a "down" day).
So, one could (if you know how to determine the daily trend) sthat with D1/H4 trend, reducing possible losses AND reducing potential profit too: on most days, you still have both Long and Short profitable trades.
As a separate note, when trading M1 I tend to keep a close eye on M5 and M15 to see a slightly bigger picture of what the price is up to. I also watch daily range info - if the price moved in one direction 100-200 pips, it is likely to retrace (with the exception of the wild 500-600-pip days we saw recently).Ignored