Are you a glutton for punishment? Then you will enjoy day trading currencies using the 5 minute chart.
If I were going to day trade currencies I think I would try one of the automated systems like FAP Turbo, because my eyes can't take staring at a chart all day. The 5 minute chart
will give you several signals every 24 hours and you can even stay up all night trading if you desire.
I very tired the next day when I trade euros until after midnight and am back at ti by 5:00 am, that's
why I gave it up for the hourly charts which usually last several days on a good signal.
The trades are usually low risk in nature maybe around 25 pips but if you leave them unattended for a few
hours you are almost certain to miss your exit point or be stopped out of the market. As with the
daily and hourly it is important to look at the weekly and monthly charts to make sure you are trading
with the primary trend. The most exciting days to trade are when their are big government reports like
the monthly jobs report. Those days you can have huge swings that make daytrading worthwhile.
The video below is a 5 Minute Euro Candle Stick chart where each bar represents 5
minutes of euro trading. I use the same moving averages as on the houly chart, so
the lines are the 20, 50 and 200 day moving averages. Moving averages don't work as well
as on the other charts as the short term charts are much choppier in nature.