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Al likes to use 21 EMA for his 5min charts. What is recommended for 15m, 30m, 60m and daily charts?
I generally trade off 5min charts, while also looking at 30m, 60m and daily charts to see where the market has traded, if I were to add an EMA to the higher time frames, would it only be ideal to trade off entries on that time frame?
Hi Jonathan,
Al uses the 20 EMA on his 5-minute chart, and the same for 15-minute and 60-minute charts in trading room. He would likely use same for 30-minute chart if used.
For the daily, weekly, and monthly charts, go to the main menu "Learn to Trade/My setup" link, or watch video #4 for how Al sets up the longer time frames.
Ok to watch different time frame charts, which can help with assessing overall market context. But when placing trades, stick to what you see on the chart you place the trades on. Al often cautions traders to only trade the one chart.