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Having focused mostly on stuff that's not based on charts for the last months, I'm moving on to the next phase in my strategy development which is my charting methodology.
Specifically, I'm going to do some more experimenting with price driven charts (tick, volume and range). I'm rebuilding my workspace from scratch in NT8.
I could share my own current charts, but I'd rather wait until over the weekend. It's nothing fancy at the moment. I tend to use white or grey charts. I know a lot of people tend to favour black charts.
Is either better or worse for the eyes?
Maybe a thread similar to this exist? And maybe people are not interested in sharing their charts.
I scalp support/resistance and vwap areas. I am mostly a fader, so you'll see hand-drawn lines (in white) at s/r areas, as well as other levels drawn by a few indicators -- D-high, y-close, etc. You'll also see the opening range, which I've found is a super important area for my style of scalping. Good luck with your trading.
Yup. I know people say you can't trade successfully with unirenko bars, but those same folks say you can't make money scalping. I do both.
I trade YM, based off ES levels, along with CL. I ran a thread called the Scalper's Journey for years, but have mostly moved away from FIO. Still, i try to help out when I can.
Very interesting. Do you use strickly unirenko bars, then? I don't know much about those specifically, but I have played around a little with renko. Never got quite comfortable with them to be honest, but I'm not finished with my studies. I have been meaning to check out unirenko.
I draw my S/R lines off the 240 and the 60 minute charts, then trade off the unirenko chart. Just helps me see thing easier, plus I've gotten good a judging the action of the bars themselves.
I made this comment before when applying the opening range indicator to a non "compatible" time based chart (like unirenko), the opening range could be wrong. probably not by much, but if it is super important then maybe worth noticing.
looks like you're trying to plot a 5 minute opening range. in order to get an accurate range, the indicator needs to be put on a 1 minute or 5 minute chart. now you have an accurate 5 min opening range:
you can see the slight differences on your chart. in order for the indicator to plot the correct data on your chart, I can think of 2 options:
- load a second data series (1 min or 5 min). then plot the indicator on this input series (set the bars to transparent)
- buy the premium opening range indicator from @Fat Tails. it has the secondary data series already built in
Thanks, @Silvester, and I heard you before. It is off by a bit at times, but I've found that it makes no real difference to the way I trade. Back in the day, we'd say it's close enough for government work. I expect reactions with ES (at times) related to the OR high and low. The percentages of those being wrong enough to matter are small.
I do appreciate your suggestions, and do own some of Harry's custom indis.