Braathen wrote:Thanks MO! My cone game is getting stronger!
I thought i would share my 29pip box chart that i have marked up (last weeks open is the origin).
P&F really helps me stay longer in trades and trail my position with greater confidence and agression.
It just really fits my brain i guess.
Now.. i really enjoy spending alot of time infront of my charts and ive been doing a H/L+close 16pip box plotting on a 15m.. hehe.
I know MO will say it's too sensitive and you might as well just be looking at the 15m but i dont know what it is about P&F,
it just soothes my brain and you gotta admit... it can be a thing of beauty even at 15m plotting.
Going down to a smaller TF to see the obvious
Leafing through the charts in Ted Warren's book, HOW TO MAKE THE STOCK MARKET MAKE MONEY FOR YOU, I noticed that all of the charts are simply high/low bars inside of a grid.
While I was listening to a man on YT, about the differences between the different styles of charting, he made an interesting comment; he said that the difference between a candle chart and a bar chart is that of emphasis, a candle focuses your attn. to the change within a bar where as the bar has you focus on the change between bars.
He is probably right, I don't really give a dmn about small chart closes as I am more focused on the price overlap and pattern breakouts.
Did that 15 minute candle close under a line? I don't really care...I might care if I already want to go short, based on a larger chart, and I defined my trigger as the next close under something, but in and of itself it doesn't mean a whole lot.
The closes matter more on a larger chart where it represents a full swing & gives you a better summary of the small chart price action.
I have decided to make the switch to HL bar charts for small periods and HLC bar charts for multi-hour periods.
I still look at P&F charts but I find myself interpreting them the same way I do every chart (overlap vs breakout) instead of just trading breakouts.