Playing about with time scales on E/J. I always thought 5 minute was a good time scale to day trade by for Forex but have noted how 15 minute and even 4 hour levels react to price. My five minute still shows reactions to four hour levels ( which often seem to coincide with lower levels. Of course bigger time scales lead to bigger drawdowns. Depends on your belief in your approach and resolve maybe ?{image} {image}
HOD LOD is set everyday.. and that HOD/LOD is the same from a second chart to a daily chart.. it can't be anything else ..
But your right 5min and 4hr can show the same ...meaning then that high or low of that candle is the same from second thru to 4hr... The 6hr/8hr/12hr may close at a diff level...
The thing about a 5m and 4hr showing a reaction to a level... That then clues you in to the bigger picture that higher timeframe markets are trading " that particular move" think of a 4hr breakout... Market breaks a level on the hourly 4hr tf and the higher tf traders enters.. orderflow then drives the market in that BO direction...
So the clue that 5min and 4hr tells us... Whose in the market ! Price generally reacts at the hourly rotations..
Time for a morning coffee...with some heavy cream
Cheers !
Master your Mind,,,Master the Market
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