E-wave seems to be more applicable to swing trading than day trading.
That's what I have always thought. Actually my experience tells me that detailed TA indicators in general can give better signals intraday than longer time periods. Of course that's just me and the set of indicators that have been adopted and used by the trader's mind at this desk. Probably similar to others, but likely significantly different between individuals.
I can give you one example: RSI on 5 and 15-minute charts. I have observed many traders who seem wedded to the idea of thinking that the stock price should go lower soon when RSI(10, say) tops 80. Not here. Stock can continue higher for a good distance after the RSI first exceeds 80, to the apparent consternation of many. What I use is the probability that a stock will get to be toppy and then start to decline AFTER RSI has wobbled a little bit around a highish level,(NOT necessarily 80)(and don't expect big insistent highers and lowers; don't ignore small, maybe tiny moves) and then prints lower highs as the stock continues higher, nearly always at a less steep slope on decreasing volume. That's not the whole story, two or three other indicators are useful in completing a good picture, notably Chaiken Osc. You get the idea.
The classic notion of how to evaluate various indicators can be, and probably are, different for different traders. What I'm pretty sure of is that what I have to do is evaluate my own mind's process objectively in the third person, more or less continuously. Not easy. Hard to believe that my own mind is betraying the truth. Until a print of a trading loss insists otherwise. Hurts. But healthy toward getting thoughts straight.
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