When considering if I need to enter another trade that might be connected to the first which correlation coefficient do I look at and why? You will find daily, hourly, monthly etc coefficients to pick from (I'm using online sites for this), and some of those sites don't have the monthly or annual coefficient. And some people today work it out using excel themselves (get unique values possibly?? .) . Confusing...
I'm taking a look at hourly trend trades (for now), also 4h as well, but I don't know whether this means I must examine precisely the exact same timeframe coefficient, or what, and why.

Rookie here. . .thank you
added: I plan on getting about 5 percent exposure (typical) so I will want to open up a 2nd trade while the first is to get to BE.