Can you say why you have a preference for this ?
Paul
Sure Trader333, it will be a pleasure, i think you will find it very usefull as i do.
I have personaly over time changed my trading style to an more support and resistance and priceaction method and with a few as possible indicators.
I look at mostly two charts:
4000tick with an 14sma--> this is my anker chart for picture of the longer term, and i use the 14sma for direction on the bigger timeframe.
I also look at volume on a small 5min chart, to gauge buying and selling pressure.
And i use a slow stoch on a 200tick chart to find low cycles in the market.
500tick chart with 30ema--->short-med term chart that i trade of and use the 30ema for direction.
The thing is that if you use anyting lower then an 300tick chart, you will quickly loose perspective on the entire market feel. Looking at the market at a shorter timeframe then 300tick will make you not see the actual picture, and you will be stick putting more empasis to the shortterm picture, and that will results in losses, as you get into levels that are not relevant.
IF you get your direction right on your 500tick chart, i then use a stochastic on a 200tick chart to catch the low cycle in the market, and those entires gives you most of the time the swing lows, and in most case it gives you around 10-30 ticks with little problems.
I have tryed to change my 500tick into an 300 and 250 tick even, and it only added more confussion in me, as i would loose controll of picture of the market. I might see support at 9300, but actualy support might be at 9250 because my eyes are to narrow on that timeframe and i miss the actualy price level. And with the 10tick ym stop i am using, i cant afford to miss the entrie by even 5-6 ticks. If price goes 5-6 ticks against me , i feel i have gotten the wrong level, i might be close to the actualt level, but 5-6 yticks can be the difference betwen a winning trade and a loosing trade.
If you have look at the 200tick chart, and add a slow stoch, just look at the slow d line, not the slow-k. We only want to look at the slow d and see if its below 20, and u will in most cases seee that if you short on a low cycle, then you will get screwed, and if you buy at a high cycle, then in best case, if the trend is on your side, you might get a few ticks, but in most cases price will will reverse against you. If you would have waited for it to cycle below 20, then you would have caught the low swing.And cashed in a decent 10-30ticks. I am saying this from experience, and what i have self gonne true.
The 200tick with a slow stoch, is a great tool to get at the better levels, but for finding the levels, using anything lower 300tick is just suicide. And i am using 500tick, and that is right on, you can even use a 1000tick, but in that timeframe, you will only bee looking at the low swing entries, and jumping into a trade that is on the move and you want an entry, then a 1000tick is not favorable, but a 500tick is.
I find volume and tick charts to give abou the same information, but i have totatly looked away from timecharts. I find them to be give very little information, and basing your trade on price formation on a tick chart is more reliable then on a timebased chart.
Either way, this is my opinion and im sure many will dissagree with me, i will make a full post of this method and see how people like it. WIll be nice to get a discussion around this.
I just an extra note, i have tryed everything from 35tick chart to an 40000tick chart hehe, and evertime i find the 500tick and the 4000tick to be the most reliable for my method and style. Stressing and trading is not my game, and this new method is really as stressfree as it gets. You find a level ,and then you wait for it to come to you. I never chasse the market..never never. Chassing equals = losses
Anways, this post is getting to long and alot longer then i thought, and i am just blabbering.
I will make a post tomorow about it and post a video as well.
I have attached a few of the trades i took last friday, so you can get better understanding of how i use it:
With kind regards
Bashir Naimy
