Period settings on different time frames?
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Hi guys,
Just wondering if someone can help me with how timeframes and indicators work across different charts.
Say for example I had an indicator that triggered a sell when RSI crossed 70 from top to bottom. If the RSI period was set to 5 on a 5 minute chart, this (and correct me if I am way off) means it is looking at the last 5 bars, ie 25 minutes. Therefore if I had the same indicator on a 1 minute chart and set this RSI period to 25, being 25 bars ie 25 minutes, would this indicator trigger at the same time?
What I am trying to achieve is a confirmed earlier entry. My indicator alerts at the start of the next bar after the conditions have all been "confirmed", however often this next bar is too late. So I was wondering if I could use the same indicator on a 1 minute chart with modified settings, I could get in a few minutes earlier and have more success?
Possibly I am missing the entire concept of technical analysis but thought I should ask the question anyway.
Thanks!