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

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

  #1 (permalink)
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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

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  #2 (permalink)
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  #3 (permalink)
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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.

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  #4 (permalink)
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The case for tick based charts

Tick Charts – 5 Compelling Reasons To Use Tick Charts

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  #5 (permalink)
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trendisyourfriend View Post
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.

oups sorry forgot about that...

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  #6 (permalink)
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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.

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  #7 (permalink)
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Big Mike View Post
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

That sounds like a setup I'd like to check
Thanks for sharing Mike

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  #8 (permalink)
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Big Mike View Post
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

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?

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  #9 (permalink)
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Futures Operator View Post
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?

Yes, those are my day trading charts. My swing trading charts are 1d and weeklies only.

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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  #10 (permalink)
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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?

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