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RANGE CHARTS
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Created: by joyginy Attachments:0

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RANGE CHARTS

  #1 (permalink)
Member
jodhpur
 
Futures Experience: Intermediate
Platform: ninja and esignal
Broker/Data: esignal
Favorite Futures: oil,gold
 
joyginy's Avatar
 
Posts: 31 since Nov 2009
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RANGE CHARTS

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.

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  #2 (permalink)
Elite Member
Frankfurt
 
Futures Experience: Intermediate
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hi,
i would say that it is just a personal style wich chart to use.
some like ticks, some range, some volume or minute charts.

and rangecharts are "trendy" these days cause they are pretty new compared to the other styles.

max-td
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
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Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
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Moved to Traders Hideout.

I don't trade range charts any more and haven't for several months, more here:
https://futures.io/psychology-money-management/1415-big-mikes-trading-method-advice.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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  #4 (permalink)
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jodhpur
 
Futures Experience: Intermediate
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joyginy's Avatar
 
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mike any reason for not trading on range charts,any short comings which u have noticed.

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  #5 (permalink)
Site Administrator
Manta, Ecuador
 
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joyginy View Post
mike any reason for not trading on range charts,any short comings which u have noticed.

"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.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #6 (permalink)
Member
jodhpur
 
Futures Experience: Intermediate
Platform: ninja and esignal
Broker/Data: esignal
Favorite Futures: oil,gold
 
joyginy's Avatar
 
Posts: 31 since Nov 2009
Thanks: 0 given, 14 received

thanks mike and max the main point is one has to find out his own style of trading with whom one is comfortable with.

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  #7 (permalink)
Market Wizard
Columbus, OH
 
Futures Experience: None
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Silvester17's Avatar
 
Posts: 3,332 since Aug 2009
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Big Mike View Post
"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.

Mike

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.

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  #8 (permalink)
Member
jodhpur
 
Futures Experience: Intermediate
Platform: ninja and esignal
Broker/Data: esignal
Favorite Futures: oil,gold
 
joyginy's Avatar
 
Posts: 31 since Nov 2009
Thanks: 0 given, 14 received

hi sil can u share with us what indicators are u using with range charts.

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  #9 (permalink)
Market Wizard
Columbus, OH
 
Futures Experience: None
Platform: NT 8, TOS
Favorite Futures: ES
 
Silvester17's Avatar
 
Posts: 3,332 since Aug 2009
Thanks: 4,579 given, 10,313 received


joyginy View Post
hi sil can u share with us what indicators are u using with range charts.

please look at post # 6

https://futures.io/traders-hideout/1432-introduction-sim-trading-s-p-ninja-traders.html#post18454

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  #10 (permalink)
Member
jodhpur
 
Futures Experience: Intermediate
Platform: ninja and esignal
Broker/Data: esignal
Favorite Futures: oil,gold
 
joyginy's Avatar
 
Posts: 31 since Nov 2009
Thanks: 0 given, 14 received


thanks sil.

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