Has anyone here used range bar charts? When I was trading with IB and using Quotetracker, I used these charts and liked them a lot. Range bar charts really take the noise out and help you to see the big picture. I'm trading with AMP now and trading directly from the charts. Unfortunately, they don't offer the Range bars yet. I spoke with their software engineer and he said they had them already worked up and simply needed to add them to a future release, so they should be coming soon. If you have never used range bars, I suggest you look at them and see what you think. An old timer put me onto them and he was right, they definitely reduce the noise.
If you catch one of these 1m daily price runs, you'll be over in 1hr and do whatever makes you happy.
The easiest way to reduce the size of your stops is to go to a smaller time frame. 4 hours is pretty large, so your stops will most likely need to be very large. One suggestion might be to trade from the 4 hour chart, but make your entries and place stops on a 110 tick chart or maybe even smaller than that. When you see a set up you like on the 4 hour, go to the 110 tick and find your entry, along with a nice Sup/Res area that is closer to your entry. It should be much easier to find a sup/res point on a 110 or smaller chart.
Stops are used for only one purpose, protect capital and reduce risk. You can achieve the same action, that is, protect capital, by reducing starting size and increasing stop then as the trade develops you can apply position management. Anek
Anek, Welcome to the "Night Club". Very nice price action so far. I never thought of increasing stop by reducing size; very good thinking. Have a nice weekend. Holt
1-How did you determine the width of that "Resistance Area"?. 2-What triggered your exit longs and start looking for shorts? Thanks in advance.