Wickless Candles

R

Razor

Hi all,

I trade futures off of price only (no indicators, no ma's, no stochs, no nada not even volume). In my quest to 'master' price reading I was wondering if anyone here makes the wicks on their candles the same colour as the back ground of their charts so that basically their chart only shows the body of the candle (open and close of the candle).

I was thinking of setting up one of my charts like this to see if it helped me interpret the price action any differently without the emotions of the wicks on the candles.

Anyone else have a chart setup like this ? Any comments ?

Here is an example from the NQ 5 min today with wicks and without:

2utrk3m.png


312xop0.png


Cheers :D
 
Hi razor...

You didn't say whether you trade intraday or not. I do trade intraday, off of price action. IMO, trading without the wicks, charts lose much meaning.

As you probably know, futures trading is all about price levels or as some say, price zones. Without the wick, you lose the ability to visually see those areas. In my experience wick area is critical to know/see when trading intraday.

Personally, I don't use candles. Good 'ol fashion OHLC bars for me, colored red and black. I found that candles, intraday, were just mind clutter. Too little time when trading live to put candle analysis to use. again jmho.

This has potential to turn into an interesting thread, thanks.

Osorico :)
 
"The meaning of your communication is the response you get." Do you imagine that there is no difference between a tonbo and a tohbo? They both look like this in your proposal: -
 
I trade futures off of price only (no indicators, no ma's, no stochs, no nada not even volume). In my quest to 'master' price reading I was wondering if anyone here makes the wicks on their candles the same colour as the back ground of their charts so that basically their chart only shows the body of the candle (open and close of the candle).


What do you use? Trendlines for S and R?
 
Quote from Drew07:

I trade futures off of price only (no indicators, no ma's, no stochs, no nada not even volume). In my quest to 'master' price reading I was wondering if anyone here makes the wicks on their candles the same colour as the back ground of their charts so that basically their chart only shows the body of the candle (open and close of the candle).


What do you use? Trendlines for S and R?
More...

Yes I will draw in trendlines on occassion to help me visualize what is taking place.

:D
 
Me again,

Yes I trade intraday.

I have only been looking at this for a couple of hours but I must admit the support and resistance intraday from candle bodies only seems to have some value.....how much value is yet to be seen :D

Have a look for yourself, play around with some support and resistance points based off the bodies only on your intraday chart and then transfer those lines to your chart with wicks and see if you notice anything :D

Cheers :D
 
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