Tick Scale vs Time Scale

I used 1 minute and 5 minute time scale to practice and develop my day trading skills. I do look at tick by tick plots but only as a guide.

Recently, I started to experiment with tick scale, from 30 ticks to 300 ticks as the horizontal, x-axis for price action. Preliminary looks seemed to indicate a better alignment with tick by tick data?

I am wondering how many day traders using tick by tick and tick scale? If you do please comment if you can, or willing to.

Thanks.

 

Both.

 

I'm not sure I understand the question. Are you simply asking if anyone is using tick charts?

 

You can display price action as a function of time, e.g., 1 min, 5 min scales...

With TOS, I can also display price action as a function of ticks, e.g., 1 tick, 50 ticks, 100 ticks... the number of ticks is not equal in time, e.g., 60 ticks is not necessarily 1 minute....

I found, displaying price in terms of # of ticks gave me smoother display and perhaps better rhythms? There may be an advantage if one's approach is rhythmic?

 

Do you need both to trade or is it just a nicety?

 

Here is a suggestion. Try Looking at the tick rate (# ticks per unit time, or number of bars at a set number of ticks that print per unit time) or the first derivative. Then look at what happens to this rate when the market makes a turn. (You may have to program this yourself. Usefulness may depend on latency and reliability of your data feed.)

 

So, basically, you're asking if anyone is using non-time based charts...

I use a volume chart for my execution/fast chart which is similar to a tick chart. I like it as it's a proxy for volume and also gives a bit more granularity when watching price movement. I can't honestly say I feel it gives an edge over a faster time-based chart, but it does smooth out price action.

There are many over the years who have spoken warmly about range charts and I've tested them a ton of times, but they don't really speak to me for some reason.

 

Hello ironchef,

It really depends on what you are looking for.

What are you looking for?

 

Two tick range bars with volume good for me, I want to see volume coming in when I am getting signal, otherwise I wait. Don't want to be first to the party.

Do chart patterns on 5 minute, do volume in first 45-90 minutes trying to net 2 points, ie $100 , usually get, but might take all day.

 

Thanks for asking @SimpleMeLike: Looking to make money day trading stocks.

Seriously, I found day trading with instincts/gut feel trumped trading with numbers, predictions, indicators.... Looking for price action, to buy when it goes up and sell when it stops going up or starts to go down, vice versa.