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I am asking the significance of the ema when reading price action. I know Al mention's ema's not being that important. Are we just using them for reference of support and resistance, to see what price does at those levels? Also, what is the correlation between all three timeframe ema's if we are just looking at the 5min chart to scalp and swing trade?
Although the ema isn't always primary importance, as Al would say, it provides enough additional trades to include. The ema can be used as a bias reference, as well as showing what is happening at HTF (which is why Al includes the 15 / 60 minute on the 5 minute view).
A lot of machines appear to work from the 5 minute frame. This naturally aggregates to the 15m (x3) and 60m (x12) timeframes, so awareness can be of assistance.
Good trades to you!
