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It seems that mike and sharky loves to trade on range charts,any reason for trading on range charts and what are the pros and cons of range charts.Sharky and mike if u can shed some light on it,others comments are also required.
"Dress for the job you want, not the job you have."
Range charts may look good, but looks don't matter in trading.
A range chart cannot show you why the market moved. An EMA 20 on a range chart is nothing like an EMA 20 on a 5m chart.
Range charts are popular because they minimize risk, in theory, and too many people are afraid of risk and keep moving to smaller and smaller charts. In reality, you take more stops for "unknown" reasons (that you blame on indicators, if you have a bunch of them) than you would if you just traded a 5m chart with only an EMA 20 and nothing else.
Also, it's my belief that the big boy traders don't trade Range charts. Do you really think they are interested in "every 6 ticks, the new bar forms" type of chart? No. Why would they be.
Something that helped me realize Range charts is not where I wanted to be is that my fellow Range-bar traders were always trying to set ridiculously low stops, and their targets were also very small compared to what I wanted to do. It's because of the Range chart mentality.
There is no right and wrong way to trade. There is only the now. If you are making money with range charts then who cares what everyone else is doing.
For me, I make much, much more money with 5m and it also makes much, much more sense to me. "Never say never", but in all likelihood, I will never trade anything smaller than a 5m chart again. After having learned to properly read a 5m chart, it would just be a sin to myself to give it up.
it also depends on what kind of indicators you use. I use a range chart because my indicators "work" a lot better on a range than a 5 min chart. but for analyzing the market I use a 5 min and a 30 min chart.
that's why I don't show my breakout trades. I can't share my indicators. some are custom made, but not for sale anymore. some are self made (with a lot of help, so I don't feel comfortable to share them). but there's one, my latest …
