Trading 5 hour charts

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forefit

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So I have a charting package which works well and everything is setup good. However there is one snag with it. I was intending on trading a 4 hour time frame, however they don't offer 4 hour time frame but a 5 hour time frame. Now for me personally this isn't a huge issue with my trading style, but from what I gather the 5 hour time frame is no where near as popular as a 4 hour time frame.

My question then is, is because not so many people are using a 5 hour time does this make the chart a lot effective and the markets a lot harder to predict that say if I was using a 4 hour time frame? or does it make no difference what so ever?
 
Nobody can answer that for certain as they don't know how your trading. I would guess that it wouldn't make much difference, TA doesn't work because other people are seeing what you're seeing. Best thing to do is try it out no?
 
forefit said:
So I have a charting package which works well and everything is setup good. However there is one snag with it. I was intending on trading a 4 hour time frame, however they don't offer 4 hour time frame but a 5 hour time frame. Now for me personally this isn't a huge issue with my trading style, but from what I gather the 5 hour time frame is no where near as popular as a 4 hour time frame.

My question then is, is because not so many people are using a 5 hour time does this make the chart a lot effective and the markets a lot harder to predict that say if I was using a 4 hour time frame? or does it make no difference what so ever?
Click to expand...

A 5 hour TF will give you a different view of the overall situation but not, necessariy, a bad one. There is no good or bad about any of this. You will come to different conclusions than those of somone studying another TF and none of it matters very much. For instance, if you were to study hourly charts that started and finished on the half-hour, instead of the traditional hour, you would simply be basing your entries and exits differently. I am sure that many traders do things like that in order to get a perceived edge but, IMO, It is unlikely o be more, or less, successful,

One difficulty with 5 hour TF's is that the bars are not divisable into a 24 hour period, unlike the more popular ones. That means that each day the bar is going to be one hour later, all the time. I wonder why your charting package chose that.
 
If your charting package has a 5 hour time frame and not the popular 4 hour one I would question the platform or brokerage. Doesn't sound right at all.
If you are going to use any type of TA I'd highly recommend sticking to the popular timeframes that most other traders are looking at.

Peter
 
plus I use H4 candles and the TA is awesome. You don't get whipsawed , fewer false signals.
 
forefit said:
The package im using is Forex Charts | Free Forex Charts | Real Time Forex Charts generally its good clean and simple for my needs apart from the 5h charts. Also the daily charts don't finish at 5pm New York, which isn't a good sign.

Should I leave and switch to another charting website?
Click to expand...

I checked out that charting site. I wasn't too fond of it for several reasons, but that's just my opinion.
Try this site. The charts are much better.
Forex @ DailyFX - NetDania Charts | Forex Charts from DailyFX

Peter
 
Yeah the other site seems a lot lot easier, the only reason why trying to save the setting, however I had to spend a little while fiddling the cookie settings before I got it just right.
 
I am agree with Splitlink's reply and the most important thing that I captured is "One difficulty with 5 hour TF's is that the bars are not divisable into a 24 hour period, unlike the more popular ones."
 
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