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Do you ever switch time periods?
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Do you ever switch time periods?

  #1 (permalink)
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Do you ever switch time periods?

My question especially pertains to days like Friday. I usually trade time but on a day like Friday when there is only minimal movement and I feel it introduces a lot more noise. Do you ever entirely switch time periods or bar types for certain events or types of days? Is this not something you would not recommend because it could throw off your rhythm or style? Do you just keep up an additional chart of other bar types?

Just curious what other people do.

BetterRenko. Clean double top, break of the ToTR held major support and ran to the close.

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Time. Only bounce of R1 Line. Failure of a double bottom at S1. Support at major support and very noisy until close.

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  #3 (permalink)
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Great question...


This should produce some interesting posts. I reluctantly trade off of a three minute chart. Also displayed are one time frame up (60 min) used for longer term trend and price levels generally not visible on the shorter time frames and one time frame or tick frame (depending on volume) down the 144 tick chart.

I'd prefer to use the 60 min as the trading time frame but I can not get myself to wait. Patience is something I have not mastered on the 60 minute time frame.

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Using the TF as an example have 3 different charts for that and they are different enough to show something in most conditions.

Generally speaking though, I don't bounce around and change what I use, if something doesn't show up I don't do anything.

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Following Elder's theory I like using at least 2 time frames. So to define the trend I use the 30 minutes and to trade I use the 5 minute. Just before the hourly candle close I also like to see what people trading hourly charts will see.
If price moves outside my boundaries I will also watch larger time frames to decide where price could probably stop.

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The chart shows 120 second candles of the 6E for one day.
The ATR indicator is at the bottom with a 20
period simple moving average applied.

If even this isn't correct maybe someone can comment.

SMA(ATR(6E 12-12(120 Seconds),1),20)

One can see how much the average of ATR varies over a period of some hours.

So, is there an indicator or whatever, that will automatically alter the periodicity
of the candles to keep the 20 period average to around, or exactly,
let's say 6 ticks. So when there is
more volatility the candles would go down to 90 sec or 75 sec or XX sec. When there is less volatility, as
can be seen at the end of this trading day the candles would go up to 200 seconds or whatever.

This wouldn't be a range chart of course, but I think it would make everyday somewhat the same
as far as volatility goes.

The reasoning is to use just one advanced trade management strategy.

The stop is the same, the target, the breakeven. NOT to keep changing them every so often.

- Stephen

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stephenszpak View Post
The chart shows 120 second candles of the 6E for one day.
The ATR indicator is at the bottom with a 20
period simple moving average applied.

If even this isn't correct maybe someone can comment.

SMA(ATR(6E 12-12(120 Seconds),1),20)

One can see how much the average of ATR varies over a period of some hours.

So, is there an indicator or whatever, that will automatically alter the periodicity
of the candles to keep the 20 period average to around, or exactly,
let's say 6 ticks. So when there is
more volatility the candles would go down to 90 sec or 75 sec or XX sec. When there is less volatility, as
can be seen at the end of this trading day the candles would go up to 200 seconds or whatever.

This wouldn't be a range chart of course, but I think it would make everyday somewhat the same
as far as volatility goes.

The reasoning is to use just one advanced trade management strategy.

The stop is the same, the target, the breakeven. NOT to keep changing them every so often.

- Stephen

I trade renko range charts, and use them in a similar fashion. I have a preferred bar range period that I generally use with normal volatility for a specified instrument, but sometimes I will go down to a preset smaller bar range period if I see less volatility. I determine which bar period I will trade at the beginning of the day by looking at pre-market volatility. I determine how much volatility will most likely have for the day by the number of bars produced in the pre market between 7am and 9am EST. Using my standard bar period, if there are fewer bars produced then the threshold during that time period, I will go down to my preset lower bar period, and trade that for the day.

I should also note that these are strict rules I adhere by, I don't randomly switch time frames, and I don't switch during the trading day. The bar periods I use are preset values, not random. Furthermore, I have preset execution and trade management strategies for each of these different preset bar periods. This has all been worked out, back and forward tested before hand. Don't know if this approach will work for every instrument, but it does a relatively consistent job for the the few instruments I trade.


Last edited by monpere; November 5th, 2012 at 01:41 PM.
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  #8 (permalink)
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monpere View Post
I trade renko range charts, and use them in a similar fashion. I have a preferred bar range period that I generally use with normal volatility for a specified instrument, but sometimes I will go down to a preset smaller bar range period if I see less volatility. I determine which bar period I will trade at the beginning of the day by looking at pre-market volatility. I determine how much volatility will most likely have for the day by the number of bars produced in the pre market between 7am and 9am EST. Using my standard bar period, if there are fewer bars produced then the threshold during that time period, I will go down to my preset lower bar period, and trade that for the day.

I should also note that these are strict rules I adhere by, I don't randomly switch time frames, and I don't switch during the trading day. The bar periods I use are preset values, not random. Furthermore, I have preset execution and trade management strategies for each of these different preset bar periods. This has all been worked out, back and forward tested before hand. Don't know if this approach will work for every instrument, but it does a relatively consistent job for the the few instruments I trade.

Yes, there are 2 ways I was thinking of.

Either use candles that don't vary in time, like 120 seconds or whatever, BUT vary the advanced trade
management parameters. Not what I'd like to see at this point.

OR

Use candles that vary in time and keep the advanced trade management parameters the same.
This is better to me because, in theory, the range of the candles I see will not change, allowing some
internalization over time. Also, the amount that can be lost on each trade (the stoploss obviously)
would not change.


The problem is I don't think this can be done automatically. That is, have the candle time periods adjust
to a change in volatility.
I would really have to look at a number of
days of the 6E to see how often in a trading day this should be done. If it's just once or twice I suppose
one would have to set up an audio and/or visual alert, and then do it manually, which wouldn't be too bad.

Maybe have multiple templates. If volatility increases, go with the chart with the lower time period for
the candles.

In the chart I posted, as it turns out, the volatility decreased later in the day. I don't know if this is
common or uncommon, but looking at the volatility early on and NOT changing it probably wouldn't have
been appropriate. After about 11:15 AM it decreased, and stayed that way. (see new attachment
with a simple moving average of 60 if necessary).
I really should do some
research if time permits, maybe on 20 days??? That's a full month. Perhaps that's enough to go with. Perhaps
applying a 60 moving at first. It might smooth out the chart enough. Maybe a 240 moving on 30 second candles
BUT making the candles transparent, would be smoother. But have 120 second candles visible.
Just thinking out loud now.

I did spend quite a bit of time with range charts. They've fallen out of favor in my head. It is hard if not
impossible to see a momentum change with them. Of course maybe that's just me.

- Stephen

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