1hour chart is a good balance between the slow but reliability of the daily and the fast pace of the 5min trade.
Charting Theory says, opn a fib reverse you short on the 61.8%. Which just happed on Finex.
Based on human emotion, everyoner thought we're gonna go down, so everyone was short. Since everyone was short there wasnt anyone else to short. As soon as price stopped moving around the 310 area, people started to close their shorts,we had a small bounce and then we went down to 302.
Remember if noobs are thinking that we're going down, and everyone is short, the market means its oversold greatly so what do you think happens in an oversold market. We go back up to retest a higher time frame.
Also PRO TIP: Always chart from the large interval to the small interval, not the other way around.
Basically its like a food chain
Plankton (this is everyone that is noob) gets eaten by fish ( this is everyone else which at least can smell trends) which in turn gets eaten by big fish (which is people who have some small bankroll) which get eaten by sharks (which are people with large bankrolls that can make small changes in the market which get eaten by whales (which we all know who they are) which in turn gets eaten by killer whales (which is Tim Draper for ex)
Risk vs Reward
you risk it going $8 up or $16 or more down, thats a 2:1 R/W that i'm personally comfortable with.