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60 Min EMA on 5 min Chart
Hi, May i know what is the purpose of 60min EMA on 5min chat?
It is a magnet. There are other time frames with magnets and Al does not show them in the 5 min chart because he thinks they are not helpful for his trading, otherwise they would be drawn as well.
5 mins bars below 60 min EMA if we see price action possible for bears it is useful for added advantage like that.Is it?
Can someone guide me how to plot those in tradestation? I see the easy language Al posted, but not sure on what EMA indicator or how to plot it correctly, when I tried on a EMA it gave me an error.
is this the right EMA?
Nop, this post is about drawing the 20EMA of the 60min Chart on the 5min chart, because it is an important magnet. It can be done either with a third party indicator (given by Al for tradestation but you have it also for Ninjatrader in brookspriceaction.com) or you can get a close approximation using the standad EMA indicator on the 5min chart selecting length 220 or 240.
i figured it out thanks!