With a range chart doesn't it only print a bar once the specified range is covered so it cuts out a lot of the noise. I remember using volume bar charts but never a range chart, I think it would make me feel naked.
CL Redux
- Thread starter schizo
- Start date
With range bars chart there is no value to time and in my opinion its the one to use. We dont make money by the time but by the price. we dont care if its 5 min or 60 min. We want to see price moves so we make money.
No noise just pure price movement. Add some S/R for the setups and find a good trigger to enter the trade based on what price is doing NOW. The NOW is what count as it will change not based on time but supply and demend for current and future price
I like to use the 10 range for a big picture and a 4 range for more accurate entry.
No noise just pure price movement. Add some S/R for the setups and find a good trigger to enter the trade based on what price is doing NOW. The NOW is what count as it will change not based on time but supply and demend for current and future price
I like to use the 10 range for a big picture and a 4 range for more accurate entry.
Well, I beg to differ. As a daytrader, which I still am by definition, one needs to know how long a given trade "should" take to reach its target (which can be done by utilizing various methods like measured move, among many others) and without the time component this would be impossible. But whatever works, all the powers to ya.
If your probebility study shows that price on a 4 range chart will move 12 ticks per wave each time a condition/setup shows up, why there is a need for time? do you care if it takes 2, 5 or 12 minutes to get to the target?
We talking about short term day trading. My studies shows that such a move can be identified on a 4 range chart 10-30 times a day for around 10 ticks moves each.
We talking about short term day trading. My studies shows that such a move can be identified on a 4 range chart 10-30 times a day for around 10 ticks moves each.
Thanks Sal it does look clean but there is always the hard part of knowing when to take a profit.
All I can tell you is that we have effectively crossed below the daily trendline that extends back to last August. While it's still possible to reverse course, the current thrust remains bearish.
Earlier, I mentioned that nobody anticipated the crude oil to fall from 140 to 40 in just 6 months. But fall it did. I believe it's worth knowing that, in this game, there is no logic. Things can swing out of control and stay out of control well beyond the limit of human reason. Hence, you should always have a contingent plan in place as a safety measure.
Where are you long from? Technically it looks way oversold, but then again the long term trend line broke out today and so anything can happen. I think you should follow whatever your plan was in the first place, even if it's painful.
I had a very losing short position once in a stock and I used a disaster stop at a price that it would absolutely never get to, and it got there, and I was stopped out, and it sucked because it erased a huge chunk of my year-to-date profits, but it saved me from a bigger loss.