Just going to give a thumbs up on the question. I personally don't trade this way, I know of a couple (I think successful) people who do. Also curious what responses you will get. I can attest in my short time in the markets that, I fell into the trope of less is more, then added everything under the sun and have now reverted to a nearly naked (but still existent chart) and realizing less really is more. Currently working on algo trading using statistics more so than other typical TA tools.

Some thoughts on the wide variety of tactics. I imagine all of us are day trading here, so I'll go with that perspective. The notion that charts are a lagging indicator depends on what kind of chart you're using. The MACD is definitely lagging. Candlesticks can be lagging, but add Number Bars (or Footprint) alongside and you can start using the Candlesticks for patterns, especially if you combine this with Technical Analysis. I have three charts up, side by side. Left side is a broad multiday Candlestick view, three days max. Middle is today's Candlestick action. Right side is a Footprint chart. Importantly, the middle chart has Bollinger Bands that can define what might happen.

Timing is super important. I found this out, losing $1k's. Sierra Chart has Chart Period Buttons of 1 Minute and 5 Minute. For the Market I play, both suck. 1 Minute was too fast, up and down. 5 Minute was too slow to pick out Reversals. I found out the 2 minutes is the best time period for what I'm doing. Slower than 1 minute, but faster than 5, especially for short plays. I set up a custom button, just for that, right between the 1 min and 5 min. I don't play multiple timelines anymore, too confusing and mixed signals. Also, I don't play the Continuing Trend, only Reversals. Better on solid Support, like 600, 610, 620. The "5 Range" (605, 615, 625) are tricky to play as they are halfway between the psychological supports of the 610, 620 etc. Though if you track the trend and it is heavy, heavy on Volume, heading straight down for the big psy supports, it will likely blow, right through it.

Here is an example. Note the Bollinger Bands action and you have to carefully set up the complex patterns to match the chart action. Note the 'scooping' of the bottom Yellow B-Band and the stabbing of the Purple B-Band into the Green Candle. Then if the Green Top Band stabs the Upward Candle, you might just have an ongoing Up Trend. Match with Volume and numbers on the Footprint Chart and you might score a few points here and there. Just starting to make money again using a 2 Minute Chart Period.

First Pic is a Power Point that I use to review daily and even hourly. 2nd Pic is my Chart Set Up

nashvillehorizon 

I don’t trade with charts. Too many screens for my eyes to scan already so can not occupy my eyes on the chart. I only have 3 screens and I don’t trade many tickers though, mainly just index so I can draw the chart in my head based on the action price.

Just curious. How long did it take before you could sort of "draw the chart in your head"?


thanks

Hi. I just need to set-up the strategy and let it run in AUTO Mode…
Rgds,
TR

1steve1 

Just curious. How long did it take before you could sort of "draw the chart in your head"? thanks

I would say every 2-3 minutes. I trade non directional so maybe that is why no chart works for me. I do see the cons of non chart is missing the volume but every hour or so, I revise the chart. Maybe I need to trade with the chart to improve but I feel like too many screens will distract me, instead of helping.

Bitzbytz 

Yes, Charts when used for execution hinder performance as charts are backward looking. Charts do not give information on the internals with a bar on a chart of how the buyers and sellers are interacting. Charts tend to provide bias more often than not due to their historical nature. Charts however provide a path of least resistance but cannot help with FOMO and BTFD.

All Market data is historical- you can only see trades that just took place ....
Unless you are jumping on an order that has yet to be executed as in HFT ............
Whether it happened yesterday or a millisecond ago- it's past data ...

I never use charts. The reason is that for the things I trade, I monitor their price all day. I know which price it has had trouble breaking on the high and low side and decide which way it will go based on sentiment and fundamentals.

Today's final action on Dec CBOT Corn vs. Heating Oil circa 1985. Note the Resistance at 80 and the Support at 70 when Heating Oil finishes. Same with CBOT Corn. Even the little bump up at the end is there on both charts. Amazing how similar they are, 37 years apart.

0825 Heating Oil 1985


0825 Chart Pattern

ot of people trade price action, one person who does good courses is Chris Lori, there are many others, this is in Forex, i cannot comment about other instruments. But assume similar rules apply

Nasdaq1517 

I’m curious? It seems charts hinder day readers not help I like a couple of indicators but curious if anyone just trades the dom or price ladder ? And is profitable Sent using the NexusFi mobile app

I think they are probably the same odds. I learned from many who use charts, claimed they are profitable, but never able to perform well during live trades or show broker statement. Then i learned from a guy who claimed to be teaching stuff used by the prop traders, basically footprints, but also not able to perform well in live trades or show his statement. And lastly, learned from NoBSTrading to use DOM, only took basic and intermediate course, but based on the review here on his live trades, he also wasn't able to perform well in live trades.

So i guess only you can find out what will be profitable for you. Accept the sacrifice of time, test it all yourself instead of just listening to what they all have to say.