Never Candle Again

[IgazI]

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:

cost_four.png (61.62 KiB) Viewed 6603 times

"Sets" are just boundary lines for the internal prices to close over:
20 minute closes / 100 minute sets:

bounds.png (94.08 KiB) Viewed 6603 times

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:

vert.png (15.55 KiB) Viewed 6603 times

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:

pair.png (49.75 KiB) Viewed 6603 times

[IgazI]

15 minute chart as bars. . .
15 minute chart as closing sets. . .
15 minute chart as closing pairs. . .
15 minute charts, all.

The closing price, ALONE, by itself, without any assistance, shows the direction of the market:

same_same.png (51.04 KiB) Viewed 6559 times

[IgazI]

isLineChart.png (58.98 KiB) Viewed 6535 times

[IgazI]

"just kidding, it's just 3 closes; the entire body of one and the upper or lower bound of an adjacent body, the tighter the area the better.

Color plays a role when connecting to the 3rd close; . . ."

I do hope that you understand why you need a vertical line chart (or the assistance of a computer) to find S&D; you're own your own, figure it out

15 minute BTCUSD:

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[IgazI]

BTCUSD_02.png (63.33 KiB) Viewed 6485 times

[IgazI]

The wicks are meaningless. . .

btcusd.png (66.96 KiB) Viewed 6398 times

These are not 'candles', you're not waiting for the 'pairs to close':

BTC_M15_S4.png (55.73 KiB) Viewed 6386 times

[IgazI]

Too many colors on the chart, that is what was bothering me

I like the look of the 4 set on the vertical line chart:
I'm currently using '3 to the left & 2 to the right' for the rotation history:

BTC_M15_S4.png (56.95 KiB) Viewed 6367 times

I'll tell you a secret, and hopefully I don't need to do another round of redacting

You need to take the percents and turn them into simple numbers:
I've chosen '6' as my trend line and have divided the target leg by 6 to get 0.423333333%,
every other leg is then divided by 0.423333333 to get a whole number;
now I know that any swing greater than a '6' is a 'breakout' up or down, and not merely a common swing.

rotation_btc.png (73.5 KiB) Viewed 6354 times

It didn't close there, so it is still a '6', but the blue line is where a '7' would plot:

close_plot_seven.png (78.24 KiB) Viewed 6330 times

There is no such thing as "close enough", only objective analysis here:

BTC.png (88.81 KiB) Viewed 6302 times

bitties.png (63.85 KiB) Viewed 6247 times

[IgazI]

The days of arguing with your mentor are over, it's science

where_lines_go.png (51.82 KiB) Viewed 6341 times

[IgazI]

Now it is up to you to put it all together. . .

If you pay someone to explain basic things to you then you are an idiot;
keep your money in your pocket, believe in the process of trial and error.

gods_r_born.png (176.43 KiB) Viewed 6326 times

[Wizzlebizzle]

Awesome stuff again Igazi. You have managed to open my eyes to another way of looking at charts. Not to copy what you are doing, but to the idea of looking at it in a completely different way than is traditionally taught. Thank you