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I took a serious look at the 5 minute charts and..........I went back to my range bars.
Remember, I keep a 5 minute chart up with my pivots on it.
However, I believe that containing the price within the time element (minute chart) is not helpful for me. I only want to see what the price is doing in relation to nothing. Not time, not transactions (ticks). There's nothing like a gigantic minute bar to mess up your chart. Even a moving average looks better on a range bar chart.
After my recent experiment with 5 minute charts it was quite a relief to go back to my range bars. To each his own. I can read price action much better with range bars. Maybe it's just because I've been looking at them for so long. They just make sense to me.
To each his own is an incredibly valid statement. I share info with Gary through out the day, he trades a 6Range and I trade a 5 min. Frequently we come up with the same entry points. He is just able to interpret 6 range action while I prefer 5 min bars. I do think that if you are using an approach that utilizes indicators as a focal point then a range chart works much better as it smooths the output of those indicators. For me I only trade off price action so the 5 min candle stick patterns tell me everything I need to know (with the addition of the 20 ema).
I guess it's important that your range size is small enough so that the consolidation makes several bars. If you use a 20 range, that box play wouldn't be possible. It'd just show up as 1 bar.
I've noticed that some indicators work better on range charts. I keep trying them every once in a while.
Today was a slow day for me. CL just trended up all day so I only took one trade (long around 9:20). But while I was playing around with some other ideas I missed a trade on CL & Euro. hehe..
I think he was referring to the other one, the one based on EMA colors.
I'm at work now so I can't post it until later tonight. I probably won't trade today due to crude inventories & the FOMC announcement & ADP Non-Farm Employment Change. There's a bunch of news today..
hehe..
