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Why Tick Charts instead of Time Based Charts? or other chart types
Hello Guys
In the same spirit of some recent threads in here, I would like to probe the general sentiment on the below:
- Time based charts
- Tick charts
- Volume charts
- Range charts
- Renko charts
What do you usually use for your day trades, and why? How did you made the switch to your final choice?
I am trying to decide for myself if I'd better switch from my time based candlestick charts.
Thank you
Fadi
Successful people will do what unsuccessful people won't or can't do!
Can you help answer these questions from other members on NexusFi?
I am using a point & figure chart which is not in your list to better gauge where price rotates and i apply a custom volume profile to these areas of balance to define my entry points after seeing some expansion or breakout. It works pretty well as a secondary point of view. I think some chart representation may better convey some meaning in a particular context in a compact form and a point & figure chart is certainly one of them. However, the native P&F implementation in Ninjatrader is not correct. I use a free version which i have posted somewhere on futures.io (formerly BMT) which i got from Richard Todd. It works well with a Market Profile chart which is not in your list either.
Years ago, I preferred Range charts. I still prefer them for automation.
But for discretionary trading, I use volume charts for my entry chart because it makes the most sense to me since I trade a 24/7 market and want such a chart to be a 24/7 template. In addition, I use a daily profile chart, and a weekly or monthly view of the market.
The smallest chart I use is a 100k volume chart which is roughly equal to about 45m on the ES.
Mike, are these the charts you use for day trading? I believe that is what the OP asked. If not, I am also curious, what which charts would you use for day trading?
For those of you who voted "tick chart," why would you use a tick chart instead of a volume chart? Number of transactions matters more to you than volume traded?
forgot about that...
