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Hello
I have seen a professional trader who uses EMA60 on his chart, especially in LTF (1 minute). Can I know the usage of this?
You can, but I don't exactly know the answer. Here is an idea: since the 60-bar EMA on the 1-minute chart is the average price in the last hour, maybe scalpers use price-action analysis to scalp for a few points when the price reaches that moving average betting that the price is going to remain near the average price for the last hour. The more trades that use this reasoning, I think, the more reliable of a strategy it becomes. I think many traders use this strategy, which makes it more reliable.
You can use the 60min EMA plotted on the 5 min chart to trade reversals off the 60min EMA.
Especially, Opening Reversals off the 60min EMA.
Al Brooks talks about this in Video 48C: Trading the Open
As far as using the 60min EMA plotted on the 1min chart, you shouldn't be trading the 1 min chart anyway since you are not profitable yet
