dojirock wrote:I need to ponder what your getting at. I am all about combining candles, recognizing momentum, seeing the failures and holds, but i'm sensing your talking about something different. Started with 3 candle closes, but now your utilizing 2 candle closes?
I want to understand where you coming from to add to my arsenal but don't want to un see what I already know. I haven't felt this familiar uncomfortableness in years. I am putting what I know in the compartment on my left and open to discover something to put in the now empty compartment on my right.
I do appreciate your contributions to the forum.
-doji
Marking closing ranges is not the same as combining candles: if we are using 15 minute closes, as in the picture below, then we are trading a 15 minute chart no matter how many closing prices are within a set.
Yes, the highest to lowest close of a day is going to make the set resemble a daily chart, and you could be forgiven for saying that we are trading a daily chart, but what we are trading is price closing towards or over the bounds of the previous set.
Why not just trade a 15 minute chart? . . .you are. . .drawing lines is not going to change the period of the chart.
"Sets" do not "combine candles", they flesh out the bounds over which a chart is making progress:
"Sets" are just boundary lines for the internal prices to close over:
20 minute closes / 100 minute sets:
A "pair" is the only way to plot closes vertically and know which came first;
properly plotted, 24 hours of 60 minute closes would take up just 12 bars.
It has nothing to do with sets, it is just the line chart itself. . .
the "open" is the close, and the "close" is the close:
A vertical line chart is the ideal format for finding S&D using closing prices:
These charts are only used for tracking the progress of a live trade, and it only plots the current days data.
15 minute Telsa vertical line chart: