<i>"So do you use an anchor and entry chart, or just one chart for your trading?"</i>
I watch two charts for any symbol I'm trading. As purely an intraday trader, the filter chart can be 5min to 15min or a similar volume / tick chart setting. Main thing there is I want to see the bigger picture for gaps and various S/R areas at a glance. The filter chart shouldn't require more than five to ten seconds of viewing to make decisions from. Longer than that, and we're trying to see things that don't exist.
The smaller chart can be 610(ish) tick on down to 89 tick, 1min, 30 seconds, etc. Really doesn't matter... trader's choice. That chart identifes the smaller patterns = waves unfolding visible in the bigger chart.
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Trading is never black & white. It is one big kaleidescope of gray tones. The longer I'm at this profession, the more open-minded and accepting I become. My personal charts only have tools that measure support and resistance created by prior price action. No moving averages, no oscillators, no tick - trin - adv/dec - volume or anything else. Just lines on a chart created as a direct result of historical price action.
Some may call them "indicators" and others may not. To define exactly what an indicator is would be yet more gray-shade semantics.
A close friend of mine attended a 3-day workshop with Constance Brown several years ago. At the time she was managing accounts somewhere in the $100mm range if memory serves me right. She traded the S&P and Bond futures. Her chart tools used to run a nine-figure account were Fib studies, Gann and macd. A personalized arrangement of those tools is what she use(d) to see the market and make trade decisions.
I'm not sure how many ET readers work bigger size than that, but it's a fact that a number of "professional" traders rely on various indicators to see the market. Does that mean they are lessor or inferior to traders who work with naked charts only? Hell no.
The important thing is for each trader to use whatever means necessary to see price action clearly as possible. We are all at vastly different stages of experience and skill level. I know for sure that traders just learning to read pure price action alone on a chart will definitely, without a doubt see what they want to interpret there.
Nothing wrong with trading price action alone. Nothing wrong with trading one chart alone. Neither of those approaches are superior to any other. Just personalized, that's all
I watch two charts for any symbol I'm trading. As purely an intraday trader, the filter chart can be 5min to 15min or a similar volume / tick chart setting. Main thing there is I want to see the bigger picture for gaps and various S/R areas at a glance. The filter chart shouldn't require more than five to ten seconds of viewing to make decisions from. Longer than that, and we're trying to see things that don't exist.
The smaller chart can be 610(ish) tick on down to 89 tick, 1min, 30 seconds, etc. Really doesn't matter... trader's choice. That chart identifes the smaller patterns = waves unfolding visible in the bigger chart.
*
Trading is never black & white. It is one big kaleidescope of gray tones. The longer I'm at this profession, the more open-minded and accepting I become. My personal charts only have tools that measure support and resistance created by prior price action. No moving averages, no oscillators, no tick - trin - adv/dec - volume or anything else. Just lines on a chart created as a direct result of historical price action.
Some may call them "indicators" and others may not. To define exactly what an indicator is would be yet more gray-shade semantics.
A close friend of mine attended a 3-day workshop with Constance Brown several years ago. At the time she was managing accounts somewhere in the $100mm range if memory serves me right. She traded the S&P and Bond futures. Her chart tools used to run a nine-figure account were Fib studies, Gann and macd. A personalized arrangement of those tools is what she use(d) to see the market and make trade decisions.
I'm not sure how many ET readers work bigger size than that, but it's a fact that a number of "professional" traders rely on various indicators to see the market. Does that mean they are lessor or inferior to traders who work with naked charts only? Hell no.
The important thing is for each trader to use whatever means necessary to see price action clearly as possible. We are all at vastly different stages of experience and skill level. I know for sure that traders just learning to read pure price action alone on a chart will definitely, without a doubt see what they want to interpret there.
Nothing wrong with trading price action alone. Nothing wrong with trading one chart alone. Neither of those approaches are superior to any other. Just personalized, that's all