################################### You are welcome yoohoo. There was kind of misspelling before - the intention was to ask what the number of ticks is you use - say 1 or 10 or 25 ticks. Obviously my software has tick charts - better than those from IB. There is a saying that some traders are able to trade against IB by using their own much faster data source for it. You made my weekend - I'll start reading tonight. lol Thanks again for taking your time.
Pleasure to help Charly and glad we got that sorted. As I said, don'y know your data provider nor software but in any case it's best if you experiment and find what tick value works best for you. Re trading against IB, I know what you mean but it's the market you trade against, not IB. IB data is good and I'd rather use it than eSignal in a fast market as all the ticks choke eSig to death - but I understand eSig is pretty bad all the time now. Re reversal signals - it's so huge and again you'll have to do a lot of reading to discover what suits your tempermant and abilities. Three bar takeouts are one example: developed decades before the computer age but still works. It's a late signal and is painful in chop but still has value and at times is an early signal because of bar configuration. Because of it's ability to be early on a few occasions learn it. Key Reversals on bar charts and bar take-outs are a great set up and frequently used in Fx. It's another oldie. In the '80's candlesticks became the in thing and you have to know these for tick charts especially. There are several "one-bar" signals as well as formation signals. Just as important is to know when/where to use the signal so your not firing off trades at the slightest reversal. This thread is helpful for that. Just look at you chart when CF trades and discover the set up. Enjoy!
Here is an example of reversal (yesterday's best trade) as I promised. Hope it helps. Though Yoohoo is right, there are very many reversal formations. Some book on candlestick would not hurt. I have read Steve Nison and some other books on candles and found them pretty useful. Myself use bar charts, but there is no difference, I simply find thin bars easier to draw channels on and patterns are exactly the same as for candle charts.
Absolutely beautiful action during the Asian session today... I definetely need to sleep less... P. S. Hello everyone, new week is beginning, let's get some nice pieces of that pie.
Also we're in a something somewhat similar to a box now (consolidation after the USD rally against the Euro), but on a big (1h) timeframe...
I thot I'd show you this because it's a set-up that not a lot of people are familiar with - The Pinocchio Bar or Pin Bar. The Pinocchio Bar gets traders in for a move up expecting higher but leaves them high and dry. Once you are familiar with is it is a very easy signal to spot. It's got to open and close close to or below the prior bar. Would be a better ex if it was a little bit longer but in any case it scored a few points. A bigger Pin Bar often gives a bigger trade.