which correlation coefficient do i look at and why, when pondering whether or not I should enter another trade that could be too correlated to the first? there are daily, hourly, monthly etc coefficients to choose from (i'm using online websites for this), and some of those websites don't even have the monthly or yearly coefficient. and some people work it out using excel themselves (get different values maybe??.) . confusing...
i'm looking at hourly trend trades (for now), and 4h as well, but i don't know if that means i should look at the same timeframe coefficient, or what, and why.
beginner here...thank you
added: i plan on having about 5% exposure (typical) so i will need to open up a 2nd trade while the first is yet to get to BE.
i'm looking at hourly trend trades (for now), and 4h as well, but i don't know if that means i should look at the same timeframe coefficient, or what, and why.
beginner here...thank you
added: i plan on having about 5% exposure (typical) so i will need to open up a 2nd trade while the first is yet to get to BE.