I'm in the ES. It's 20 minutes after the open and a clear downtrend has developed. I place a trade off the indicators on a 1000 tick chart. It's successful and a new signal is given soon afterwards. This time the market goes sideways in a narrow range before breaking against me and stopping me out.
The market stays in a sideways pattern for some time. I get 2 further trades (from the 1000 tick chart) both stopped out.
I review these trades before the next session and find 1 winner and 3 losers from the 1000 tick chart. Looking at the losers in detail I glance at the 100 tick chart. Using my 100 tick chart rules (reduced profit target) I would have had 3 winners instead of 3 losers.
Do any of you use different charts (tick, time, range ...) to trade phases of the day?
i understand your question but my question would be what second chart do you use simultaneously/concurrently with the 1000 tick? if your answer is none then i suggest you add a second chart with a different time period and preferably different bar type then learn to use them together. trading with just one chart is trading with one hand tied behind your back.
besides with one chart people tend to "pile on" all the indicators in the world. at least with two charts you can split up the indicators across two charts that make a whole lot more sense.
so my opinion/answer would be "no" i dont use different size charts for "phases" of the day. i use different size charts permanently and those sizes themselves dont change.
"Let us be thankful for the fools. But for them the rest of us could not succeed." - Mark Twain
The following user says Thank You to caprica for this post:
Thanks caprica - I think I'd got locked into trading off the 1000 tick chart and overlooked the 100 tick. Agree with the "pile on" of indicators. I've been back to basics a few times since I started in this. Key point was that in periods of consolidation the 100 tick chart would have given me better entries and exits. The 1000 tick chart shows better results when the market is trending. Appreciate your comments.
The following user says Thank You to Meggs for this post: