I was wondering if anyone had tried trading without charts, and simply using tape-reading? I mean just watching the price action, noting significant highs & lows, and not using charts at all. If so, what effect did it have on your trading?
I do not use charts. not tape reading, based on the quote change (0.25 minutes refreshing rate) to make decision. normally I traded top gainers/top losers in the trading session, I do not trade a same stock over and over. it is very profitable. the advantage of no charts is that you filtered out lots of unecessary noise tick movement, and you do not see so called resiatance or support, the chart itself have no pattern there, but human nature is try to get some patterns from the patternless chart, this will consume your attention, without charts, if I feel not right, I just hit the button and run or take profit, if I feel it is rising, then I just buy, or vise visa. I use time stop, not stop loss for day trading, so I do not need charts. I judge a trade wrong or right based on the RED time or GREEN time after I get in the position. this further filtered out lots of trapping noises.
A highly interesting approach to trading - and I use a similar one. No charts - all my attention is focused on prices only.
If what must not happen do not happen I know how to make money using price only guaranteed. If im not greedy its like crossing the street.
Fascinating. I take it you sit through retraces for a finite time, but your system generally protects you from being on the wrong side of a reversal because it is momentum (trend) based?
Yes, price changes only - though I only briefly traded with charts at hand, so wasn't a real sea-change. Perhaps comfort with one style or another depends largely on how one best absorbs information. I found that, trading just one or two markets at any time, a mental map something akin to Market Profile develops.
I do not use charts while trading (my strategy is pure tape reading), just look at the price and volume action, and use charts only to find stocks and for pre/after market analysis.
I never enter based on charts, but I do use charts to see trends or if the stock is in a range. Pure tape reading is great, but if the stock is sitting in a 4 cent range for two hours then trying to momentum trade that stock by reading the tape won't work too well. I'm like 50% tape 40% order books 10% charts.