What is your favourite chart type for your trading entries? - Traders Hideout | futures io social day trading
futures io futures trading


What is your favourite chart type for your trading entries?
Updated: Views / Replies:4,748 / 32
Created: by dario1 Attachments:1

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 1  
 
Thread Tools Search this Thread
 

What is your favourite chart type for your trading entries?

  #11 (permalink)
Elite Member
Northern Germany
 
Futures Experience: Intermediate
Platform: NT
Favorite Futures: FDAX, CL
 
vvhg's Avatar
 
Posts: 1,583 since Mar 2011
Thanks: 1,016 given, 2,807 received


ThatManFromTexas View Post
@dario1

That wasn't meant as a criticism of you ... You will hear all kinds of numbers bantered about i.e. percentage of traders who fail, number of hours of "screen time" to become a successful trader etc. ... but no one seems to know where those numbers come from ... was there a scientific study that produced those numbers... or did someone say something in jest one day and someone else quoted them making it an "internet fact" ... in that case ... the 1% of all traders use range charts thingie ... is now a "fact"

btw ... I pulled that 1% number from the same place I suspect a lot of the other statistics quoted come from....

79.43% of all statistics are made up spontaneously out of thin air.

vvhg

Hic Rhodos, hic salta.
Reply With Quote
The following user says Thank You to vvhg for this post:
 
  #12 (permalink)
Banned: User asked to be banned
Calgary, Canada
 
Futures Experience: Intermediate
Platform: Multiple
Broker/Data: Multiple
Favorite Futures: Multiple
 
Deucalion's Avatar
 
Posts: 430 since Aug 2009
Thanks: 103 given, 1,207 received


ThatManFromTexas View Post
@dario1

That wasn't meant as a criticism of you ... You will hear all kinds of numbers bantered about i.e. percentage of traders who fail, number of hours of "screen time" to become a successful trader etc. ... but no one seems to know where those numbers come from ... was there a scientific study that produced those numbers... or did someone say something in jest one day and someone else quoted them making it an "internet fact" ... in that case ... the 1% of all traders use range charts thingie ... is now a "fact"

btw ... I pulled that 1% number from the same place I suspect a lot of the other statistics quoted come from....


Disclaimer: This post does not represent the view point of the owners, managers, or moderators of this web site and is not intended as a slam against any moderator, board member, any banned former members whose name we dare not say, any other living person, any recently living person or any person or persons whose status we are not sure of and especially not for any platform vendor with a questionable product and a pit bull lawyer. This post is meant purely for entertainment and should not be confused with a real thought.

I am not a programmer, coach, trainer or self appointed guru and do NOT hold myself up to be a good example for anything. I do not have a book, trading room or seminar. Even though I have an opinion on every subject under the sun, I do not give financial advice. Nor should I be held responsible for feeble attempts at humor at your expense.

LOL, TMFT would make a superior stand up comic

However, Michael Hartzmark has done one such paper in the past that lists retail trader success in the 20-30% range with an 80% net failure rate - Link to abstract here. The paper more or less considered the lack of loss as evidence of being black (no matter how small the black). The largest gains in that section of traders was much much smaller, giving considerable credence to the notion that gains are very skewed towards a very small sub section of pros

And, the screen time urban legend is actually true, being compiled by Dr Anders Ericsson in The Cambridge Handbook of Expertise and Expert Performance, et al 2006

However, as TMFT would agree these stats are pointless in the end.

As is the choice of what trade chart to execute. I use 5Min for entry, with 30Min for tragets and stops in daytrading. 15Min/480M for swing trades

Chose what ever helps you spot the easiest patterns and then NEVER change a chart.

Reply With Quote
The following 2 users say Thank You to Deucalion for this post:
 
  #13 (permalink)
Membership Revoked
Ontario, Canada
 
Futures Experience: None
Platform: NT
Broker/Data: IB
Favorite Futures: gold
 
dario1's Avatar
 
Posts: 405 since Jan 2012
Thanks: 62 given, 52 received



Deucalion View Post

Chose what ever helps you spot the easiest patterns and then NEVER change a chart.

Why? NEVER change a chart

Reply With Quote
 
  #14 (permalink)
Banned: User asked to be banned
Calgary, Canada
 
Futures Experience: Intermediate
Platform: Multiple
Broker/Data: Multiple
Favorite Futures: Multiple
 
Deucalion's Avatar
 
Posts: 430 since Aug 2009
Thanks: 103 given, 1,207 received


dario1 View Post
Why? NEVER change a chart

Retail traders want to squeeze every trade out of the market, they are fearful of missing trades, so one naturally tends to look at several frames in order to NOT miss a set-up. This, IMO is a suckers game

A macro reference, contextual chart and an entry chart give one an opportunity to simplify. People like to complicate things. Keeping it simple is an absolute, not changing time frames is essential to simplicity. Look at the good traders here - their charts are stupid simple.

Once one can spot one's favourite patterns on a particular chart at 50% rate, then that chart must become a preferred chart. Unless there is a very very good reason to change. The rest of trading comes from identifying risk.

Reply With Quote
The following 3 users say Thank You to Deucalion for this post:
 
  #15 (permalink)
Membership Revoked
Ontario, Canada
 
Futures Experience: None
Platform: NT
Broker/Data: IB
Favorite Futures: gold
 
dario1's Avatar
 
Posts: 405 since Jan 2012
Thanks: 62 given, 52 received


Deucalion View Post

Keeping it simple is an absolute, not changing time frames is essential to simplicity. Look at the good traders here - their charts are stupid simple.

Once one can spot one's favourite patterns on a particular chart at 50% rate, then that chart must become a preferred chart. Unless there is a very very good reason to change. The rest of trading comes from identifying risk.


Good point, but I think if the market conditions change, one should look for alternatives including changing the chart type and what is in it.

Reply With Quote
 
  #16 (permalink)
Banned: User asked to be banned
Calgary, Canada
 
Futures Experience: Intermediate
Platform: Multiple
Broker/Data: Multiple
Favorite Futures: Multiple
 
Deucalion's Avatar
 
Posts: 430 since Aug 2009
Thanks: 103 given, 1,207 received


dario1 View Post
Good point, but I think if the market conditions change, one should look for alternatives including changing the chart type and what is in it.

INCORRECT - that is even more reason to not change. As you have not identified what the change of risk is. Market behaviour will change endlessly, that is the nature of the beast. You must not change you risk profile - you are then a boat in ocean without an anchor. You will NOT last against pros.

If the market is not giving you your setup you must refer to bigger charts, that must already exist in your arsenal. It cannot be a reaction to change. Be proactive - Create 2 sets of charts in the first place.

OR

Expand the number fo markets you look at with the same time frame. And keep it simple

The reasoning that charts must change as market behavior changes is deeply and profoundly flawed.

But what the heck do I know

Reply With Quote
The following user says Thank You to Deucalion for this post:
 
  #17 (permalink)
Elite Member
Washington DC
 
Futures Experience: Beginner
Platform: NinjaTrader7
Favorite Futures: ES
 
Posts: 71 since Oct 2010
Thanks: 98 given, 76 received


Deucalion View Post
Retail traders want to squeeze every trade out of the market, they are fearful of missing trades, so one naturally tends to look at several frames in order to NOT miss a set-up. This, IMO is a suckers game

Except, those of use who do use multiple time frames, successfully, might tell you that we have favorite setups when we see two of our favorite time frames in confluence and then look to the smaller time frame to take our setup.

I personally use range and modified renko charts successfully.

Reply With Quote
 
  #18 (permalink)
Banned: User asked to be banned
Calgary, Canada
 
Futures Experience: Intermediate
Platform: Multiple
Broker/Data: Multiple
Favorite Futures: Multiple
 
Deucalion's Avatar
 
Posts: 430 since Aug 2009
Thanks: 103 given, 1,207 received


Deucalion View Post
Retail traders want to squeeze every trade out of the market, they are fearful of missing trades, so one naturally tends to look at several frames in order to NOT miss a set-up. This, IMO is a suckers game

A macro reference, contextual chart and an entry chart give one an opportunity to simplify. People like to complicate things. Keeping it simple is an absolute, not changing time frames is essential to simplicity. Look at the good traders here - their charts are stupid simple.

Once one can spot one's favourite patterns on a particular chart at 50% rate, then that chart must become a preferred chart. Unless there is a very very good reason to change. The rest of trading comes from identifying risk.


Jack22 View Post
Except, those of use who do use multiple time frames, successfully, might tell you that we have favorite setups when we see two of our favorite time frames in confluence and then look to the smaller time frame to take our setup.

I personally use range and modified renko charts successfully.

I think you missed my post in completeness. This is what many refer to as confluence on multiple time frames.. See above. It seems you are indeed a successful trader already and therefore in a position to help others.

Reply With Quote
The following 2 users say Thank You to Deucalion for this post:
 
  #19 (permalink)
Membership Revoked
Ontario, Canada
 
Futures Experience: None
Platform: NT
Broker/Data: IB
Favorite Futures: gold
 
dario1's Avatar
 
Posts: 405 since Jan 2012
Thanks: 62 given, 52 received


Deucalion View Post

If the market is not giving you your setup you must refer to bigger charts,

Yes, that what I was regarding to -- do the entries in different time/type chart you may have under your retention.

And, thanks for your insight
D

Reply With Quote
 
  #20 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: TF
 
ThatManFromTexas's Avatar
 
Posts: 2,302 since Feb 2010
Thanks: 1,208 given, 4,293 received



Deucalion View Post
LOL, TMFT would make a superior stand up comic

However, Michael Hartzmark has done one such paper in the past that lists retail trader success in the 20-30% range with an 80% net failure rate - Link to abstract here. The paper more or less considered the lack of loss as evidence of being black (no matter how small the black). The largest gains in that section of traders was much much smaller, giving considerable credence to the notion that gains are very skewed towards a very small sub section of pros

And, the screen time urban legend is actually true, being compiled by Dr Anders Ericsson in The Cambridge Handbook of Expertise and Expert Performance, et al 2006

However, as TMFT would agree these stats are pointless in the end.

As is the choice of what trade chart to execute. I use 5Min for entry, with 30Min for tragets and stops in daytrading. 15Min/480M for swing trades

Chose what ever helps you spot the easiest patterns and then NEVER change a chart.

@Deucalion

Sooooo ... they interviewed every body who ever traded and asked how many hours they stared at a screen .... nobody called me ... anyone call you ...

96% of experts say 69% of expert studies are inaccurate .... but if they include their own studies in the group ... that means 69% of experts say 96% of expert studies are inaccurate ... but if they include their own studies in the group....

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
Reply With Quote
The following 4 users say Thank You to ThatManFromTexas for this post:

Reply



futures io > > > What is your favourite chart type for your trading entries?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
how do i set gommiladeer to 5 tick reversal chart type ebdvi The Elite Circle 1 November 29th, 2011 03:10 PM
5 minute chart entries browntb Traders Hideout 3 November 7th, 2011 10:06 PM
Your favourite NT indicator for use as a trailing stop nanobiotech NinjaTrader Programming 3 April 17th, 2011 08:57 PM
Chart type import ? Breakout Traders Hideout 5 August 11th, 2010 10:01 PM
add custom bar type to chart selection SARdynamite NinjaTrader Programming 15 July 8th, 2010 11:53 AM


All times are GMT -4. The time now is 09:30 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.28 seconds with 20 queries on phoenix via your IP 54.82.56.95