I am trying to develop my trading around support and resistance and drawing trend lines or channels. I am using QuoteTracker and I want to day trade either NQ, Z , YM. There are four major types of charts in QT , OHLC, Tick OHLC, Volume OHLC and Range OHLC. The same four are for candlestick charts as well. Out of these eight , will any particular type work better for above style of trading? Your comments much appreciated. Thanks
i've always only used Bar charts, OHLC with a Moving Average 1, Close to more easily see the close line (most charting programs also have a Line chart) since i use Elliott Wave the waves can be better seen with a line, but some charting programs don't display the MA well over the bars, not sure if that's to do with the color type being used - RGB or CMYK i use fibonacci levels rather than S&R but in both cases i would want to see if there's been a close on a level or if the bar high hit the level etc, same would apply to trend lines / channels trading forex, most platforms only go as low as 1min and don't have tick or range bars etc, Oanda has 5 , 10 , 30sec charts, and trading the futures contract 6E Euro Fx - equivalent of the fx eurusd with NinjaTrader there's a full range of chart types available, i use a very low 12 tick chart, bump it to 21 ticks in an active market various traders make a personal choice about which type of chart to use based - i believe on information they can obtain from the chart type rather than any other 'indicators' / methods they also include in their system - there are trading systems based on chart types including point and figure, renko, 3 line break charting and indicators built specifically for that chart type you don't state what timeframe you're trading, 12 tick charts sound like a 'scalping' 'timeframe' but trades can often last for many minutes, it's just the preference i have; to some extent the trading time frame / period being used lends itself to some chart types but not others i suggest you try a NinjaTrader demo from AMP Futures or Mirus, etc so you can better compare a greater range of chart types
I am trying to day trade, 4-6 trades every day. At the moment just following support/resistanve and channels. Thanks for your input.
Try them all, some are really pretty and have exotic names but do they tell you anything a 5 min chart can't. 'To come full circle and know the place for the first time', to misquote TS Eliot. You have to learn how to read, the format is not so important.