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5 min charts are suitable for the 'purists', people who trade on price action alone. It requires great skill and self-discipline to trade on price action. Much is left to the trader's discretion. Its a difficult art to acquire and still more difficult to practice.
Indicators appear quite jagged on a 5m chart, so trading on indicator signals wont be fruitful compared to other types of charts.
The ultimate goal of any trader is not to win medals for analysis, but to earn money... lots of money.. and that is more easy on other smoother forms of charting.
Range charts are better than min charts, but MedianRenko charts are the best in smoothing the price action (just my opinion). 50% work is done just by switching to a MedianRenko chart. The price action looks much orderly with clear peaks and troughs. Trendlines and SR lines are much easier to plot.
Indicators which appear quite jagged on min charts, suddenly appear much smoother and timely on MedianRenko charts. Indicator signal based trading can be highly successful on these charts. Its a stress-free approach and can be highly rewarding. I give below my setup. Hope you will agree....
I must say I had never used any form of Renko chart until I saw them on this forum about a week ago. Most of what I do had been confined to tick/range charts ( 15/1hr/4hr for currency swing trading). They are definetly interesting.
