Why Tick Charts instead of Time Based Charts? or other chart types - Traders Hideout | futures io social day trading
futures io futures trading


Why Tick Charts instead of Time Based Charts? or other chart types
Updated: Views / Replies:15,251 / 53
Created: by Fadi Attachments:4

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

View Poll Results: What chart type do you usually use for your day trades?
Time based charts 59 30.73%
Tick charts 78 40.63%
Volume charts 21 10.94%
Range charts 18 9.38%
Renko charts 16 8.33%
Voters: 192. You may not vote on this poll

Reply
 4  
 
Thread Tools Search this Thread
 

Why Tick Charts instead of Time Based Charts? or other chart types

  #51 (permalink)
Trading for Fun
Ohio USA
 
Futures Experience: Intermediate
Platform: Ninja, T4
Favorite Futures: futures
 
Posts: 65 since Jun 2013
Thanks: 23 given, 64 received

I'll add my 2c - I tried any chart setting you could imagine, plenty not listed as an option. I now use 1 minute charts for daytrading and have stuck w/ that for quite awhile now. There's a few reasons why I no longer use volume, tick, range, momentum, renko, etc. etc.:

1. Minute charts always have the same start/end time of a bar. For the way I trade, I react to price and then enter based on the patterns I trade. I am not placing limit orders way in advance and playing S/R levels. I have to react as soon as a bar is closed. When a bar closes, I have a decision to make - enter a trade, exit a trade or do nothing. With minute charts, I know exactly when the bar is going to close and when it will be my time to act. With any other chart setting, you will have an idea when a bar will close but depending on the speed of the market, you may not have time to react. I really like(d) Open ECry's momentum bars, but there was 1 big problem - when the market is moving (and when I want to be participating) bars could be printing in split seconds that it was impossible for a human to see the bar, make a decision and enter a trade. By the time I did that, 10 more bars could have printed. So for me and the way I trade which is reactive, I need bars that print new bars at constant times.

Minute charts also limit the amount of decisions I have to make in a day. My main trading vehicle now is Soybeans, which trade 930am EST to 215pm EST. That shortened pit day combined with minute charts does not allow me to get crazy or hurt real bad (usually). It's really a nice mix of enough signals each day w/o getting exhausted trading to 415pm or later, such as the indexes.

2. I didn't realize this till I started to trade FX, but some platforms do not offer anything but minute based charts. On MT4, the popular FX platform, all you can get are minute based charts. Why is this important? Well as someone else pointed out in the thread, you want as many people as possible seeing the exact same trade idea that you are! And then you want everyone piling into that trade, hopefully after you get your fill. I used to think that finding the perfect momentum bar setting would be the key to great riches; and then I realized I literally might be the only person on Earth trading futures w/ that particular momentum setting and my particular trading strategy. And while that may seem ideal, it really isn't. You want as many people trading the same long/short as you are! You may not have the same logic as the other people, but if you're going short and there are more shorts than buyers, you win. It doesn't matter if you use a keltner channel, I use a fib retrace, the guy overseas uses the cloud -- if we all short and overpower the longs, we win.

And every platform has minute based charts. Minute charts are also the only chart setting that you know is on every platform. Any other setting may not be on other platforms, which then limits how many people around the world can see what you're seeing. When you're trading retail, you just want to ride the easiest wave IMO. That wave means using charts that the majority of people in the world use, which are minute charts.

With that said, I totally understand why you would want volume, tick, momentum, etc. charts. And depending on your system, you can have an edge using non-minute charts. For me, minute based charts just clean up the entire process up from start to finish.

In the end, you have to find what works for you and your system. I needed to try out any chart setting under the sun b/c I was convinced finding that 1 setting would just become an ATM machine. I knew that if I could just crack the code to Soybeans w/ my chart setting, they would have to wire me $ every day. I was wrong and now I stick to minute charts that I know everyone in the world also has access to.

Reply With Quote
The following 7 users say Thank You to trader000 for this post:
 
  #52 (permalink)
Market Wizard
New Orleans, La (Mardi Gras City)
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Ninjatrader / Optimus Futures / AmpFutures
Favorite Futures: ES / 6E / 6B / CL
 
DavidHP's Avatar
 
Posts: 1,002 since Aug 2009
Thanks: 803 given, 1,367 received

Compare Chart types

I know this is an old thread but today I loaded an old workspace that I created to check chart types.
I thought that this would show some different chart types that would help new traders to see the differences.

This is just an example of chart types that I have.
Many of them are custom types I have created and will not be available to anyone else.
But you can do a similar test on the chart types you have to help you see the difference.

The blue rectangle on each chart is drawn to show a channel on some and not on others.
The violet Trend Channel was drawn from the open and shows how each type shows channels.
The light green line is a Ray on the tops of the opening candles.
The indicator on each chart is a ZigZag.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


P.S. I took a trade on this workspace today and took 10 ticks at the breakout of the Ray in the channel near the open.
I exited at the top of the trend channel.


One more thing.
After you find the chart type best for you use the same workspace to look at different settings (vol, bar size, time etc).

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
Reply With Quote
The following user says Thank You to DavidHP for this post:
 
  #53 (permalink)
Elite Member
Seattle, WA
 
Futures Experience: Intermediate
Platform: NinjaTrader 8
Broker/Data: AMP/CQG
Favorite Futures: Indices
 
stoicbuddha's Avatar
 
Posts: 79 since Feb 2012
Thanks: 282 given, 62 received


I wonder what the results would be if the poll is given now?

Our life is our own today. Tomorrow you will be dust, a shade, a tale that is told. Live mindful of death, the hour flies.
Reply With Quote
 
  #54 (permalink)
Trading Apprentice
malaysia
 
Futures Experience: Intermediate
Platform: MT 4
Favorite Futures: EUR/USD
 
Posts: 1 since Jan 2012
Thanks: 0 given, 0 received

Heng seng trading

Hello Traders,
any one can help me to find a broker for HSI trading , which is able to see live data and able to place trade from the opening sessions Morn 8.45 ( i think this is the time heng seng start trading )

thanks in advance
abmmalay

Reply With Quote

Reply



futures io > > > Why Tick Charts instead of Time Based Charts? or other chart types

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Can I trust historical charts to the tick? Zwaen Reviews of Brokers and Data Feeds 6 December 20th, 2011 05:02 AM
How to color the CD study based on a MA in Sierra Charts Big Mike Sierra Chart 10 October 13th, 2011 04:04 AM
Tick Charts For Swing Trading? srgtroy Traders Hideout 5 July 8th, 2011 02:10 PM
Charts: tick vs time ?? abaker Traders Hideout 24 March 4th, 2011 05:05 AM
Tick charts question martifc Traders Hideout 3 January 21st, 2011 12:43 PM


All times are GMT -4. The time now is 11:06 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 2017-12-16 in 0.13 seconds with 21 queries on phoenix via your IP 54.226.34.209