http://youtu.be/ER-QKWD6fp8
WHY DO YOU USE INDICATORS THAT...
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- TheRumpledOne
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- newscalper
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PebbleTrader wrote:MightyOne uses these types of indicators to impress women...so I guess they do have "some" value
The 2 SMA is useful because it looks (nearly) the same on multiple data shifts; where as candle charts of the same period but different shifts can look extremely different from chart to chart.
A candle chart is probably the worst way to view price action because you are forced to either use multiple charts in tandem or trust random events (opens/closes) to place trades.
The best way to view data, IMOP, is to define and filter out irrelevant data, from small charts, and then use what remains to construct a chart.
Examples of this would be constructing P&F charts from a custom ZigZag formula or Trend Stacker where every bar represents a trend:
And yes, these charts do impress the ladies!
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- PebbleTrader
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Think about the Close...
It's really quite an arbitrary number. If you have a 5 minute chart than it's whatever the market last tick was at that 5 minute point in time. Or if you create a custom M2 chart...It's rather meaningless, however it does help us out, but there is a better way.
I create a "synthetic close". I analyze all the ticks within a period and than sort those ticks in code so that I can than find the 50th percentile. That value, which becomes the synthetic close, more accurately describes what the gest of the move was.
If you create a line chart of a synthetic close, you get a much smoother looking trendline than if you just used arbitrary closes ever X minutes which creates a much more jagged looking chart.
It's really quite an arbitrary number. If you have a 5 minute chart than it's whatever the market last tick was at that 5 minute point in time. Or if you create a custom M2 chart...It's rather meaningless, however it does help us out, but there is a better way.
I create a "synthetic close". I analyze all the ticks within a period and than sort those ticks in code so that I can than find the 50th percentile. That value, which becomes the synthetic close, more accurately describes what the gest of the move was.
If you create a line chart of a synthetic close, you get a much smoother looking trendline than if you just used arbitrary closes ever X minutes which creates a much more jagged looking chart.
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- dojirock
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do tell PB.
do you mean as an example taking a 12 min time span and all tick values totaled to give a sum/50.... representing a point. then on to the next 12 min span....??
If im close, to what your talking about I have been working on such a thing and like the appearances of what it could potentially produce.
do you have an example in its simplest form?
visual...
doji
do you mean as an example taking a 12 min time span and all tick values totaled to give a sum/50.... representing a point. then on to the next 12 min span....??
If im close, to what your talking about I have been working on such a thing and like the appearances of what it could potentially produce.
do you have an example in its simplest form?
visual...
doji
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"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
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- newscalper
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PebbleTrader wrote:Think about the Close...
It's really quite an arbitrary number. If you have a 5 minute chart than it's whatever the market last tick was at that 5 minute point in time. Or if you create a custom M2 chart...It's rather meaningless, however it does help us out, but there is a better way.
I create a "synthetic close". I analyze all the ticks within a period and than sort those ticks in code so that I can than find the 50th percentile. That value, which becomes the synthetic close, more accurately describes what the gest of the move was.
If you create a line chart of a synthetic close, you get a much smoother looking trendline than if you just used arbitrary closes ever X minutes which creates a much more jagged looking chart.
If you're gong down that route, why use periods at all? Why not renko or 50 tick charts etc?
- PebbleTrader
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- PebbleTrader
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