The time equivalent might be around 10 mins....depends on how fast or slow the market is. I have used a 2000 tick chart for quite a while and it serves me well. I also use 1597 now after hearing about it from Bugs and found it of equal value. I look for simple p/a and so forth. Pinbars and engulfing bars and spinning tops are my best friends. After a while you learn to discern which ones to trade and which ones to avoid(traps)...Location is KEY
Notice the pinbar at swing low followed by a "confirming" up candle that exceeds the high of the pin by at least 3 ticks...enter on next candle at 2 ticks above the high of the pin. I knew it would hit at least the high of the candle preceeding the pin from experience (776.1). The next pin that shows up tells you that the up move might be over and in this case since it was a down day and it was confirmed by another down candle it should retest the bottom. Notice however no entry was given on that pin. That tells me that it will likely experience some drawdown on a eventual entry. anyway if you want to know more let me know....I don't want to write a book here.
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By the way don't apply these tick numbers universally to other instruments....the others like different numbers in my experince
Last edited by kbit; August 2nd, 2011 at 04:18 PM.
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Thanks for sharing the info @kbit.... I like those arrows on your chart... I never knew you were using tradestation.. well good to know.... do you know thats the first time ive seen your chart. I always thought you were secretive like me.... LOL.....
Keep up the good work.... I encourage everyone to share a bit of their knowledge here.. in the end everyone will be a winner... I will start by giving out a key technique to determine mkt hidden moves.... Im working on that wiil surprise tomorrow after dropping off my wife's cousins to the airportl... they are headin back to Germany...
As you know, a lot of times when you post something(as you did in the chat box originaly) you open yourself to getting attacked and criticised and as a result I 've generally kept quiet about things. Seems like it's safe to share a few things around here.
What I showed there was pretty basic stuff everyone (should)knows, It's the conditions that must be met that are important in determining which trades to take.
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