MightyOne wrote: 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.
Its funny you say this, now ive always loved those dragonbelly candles you? once made, i wanted better view of the closes so i stuck it on bar chart
and instantly felt my focus shift alot more towards "the change between bars".
"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 will continue to draw my 4H H/L+C P&F, its become a bit of a ritual for me and i enjoy it
I really like the idea of not watching closes on small charts and just watch them flow through H/L.
Also.. i stole your line!
Also.. zooming in on a HT and coning in the moment moves can be very fun