So for intraday, 1 minute time frame is not good on charts?
It is not good for scalping also though I am not talking about scalping here. Scalping is never a good strategy, highly risky. One wrong trade may sweep away 1 months profits earned from scalping.
Trade less & earn more profit per trade is I believe.
@Spaceship… contrary to popular belief success of the indicator is not measured on the wins. IT is mostly on how many points you gain when you win and how many points you lose when you lose.
For example Peter Brandt, once of the successful chart traders has win ratio of 30% but what is important is when he wins, he wins big and when he loses he loses very small. I can tell you from my own experience is that It is always risk management and money management when trade goes against you and riding full journey when you get it right.
Supertrend is like any other trend following indicator, that is, when the script is trending in one direction in the selected time frame it will make money if you follow it, and when the scrip it not trending it will give repeated whip-saws resulting in losses. These indicators are nothing but price based calculations of some immediately created price points( like previous 14 periods, etc…). In today’s time most of these calculations based indicators are coded in algorithmic trading programs(residing nearest to the stock exchange) which have a way faster execution capacity that humans, hence they(indicators) have become less profitable for the ordinary retail trader(sitting in their home or office). Actually, the creators of these indicators used them profitably long back many years ago when they were exclusive to them. Once they wrote about these indicators in their books/journals/seminars to make bestsellers, these became public knowledge and their profitability eroded.
Couple it with RSI, by doing so you will reduce a number of false signals but at the same time you will lose some true signals as well. (your decisions will confined to RSI values <40 for buy and >60 for sell so reducing some false signals, but at the same time yo will miss out some good reversals/breakouts happening when RSI >= 50 and still price shoot up missing buy opportunity and when RSI <=50 and price falls greatly missing short opportunity.