Discussion in 'Index Futures' started by sahheng, Mar 10, 2004.
i am new in Tick chart setup, what is the appropriate number tick chart for trading ES and NQ ?
This thread might help to get you started.
There is no magical number, but approximately 100 ticks is close to a 1 minute chart. No, there is no logical reason to use a fibonacci number tick chart .. not sure why so many people use them.
b. One of the many hypes about floor trader "secrets"
c. Hieroglyphics on the walls of the Great Pyramid
d. Another nugget from Edgar Cayce
e. Communications from extraterrestrials
f. Seeking the holy grail
g. All the above
Personally, I don't find tickbar charts contain any more information than ordinary timebar charts. Tickvolume charts might be a different issue - been meaning to experiment with them.
i am using a combination of tick and min charts. As many other traders i use Fib numbers on my charts, but i believe it makes no difference. Play around a little with the tick count and see what works best for you.
I use 34 t, 55t, and 133t as well as 3, 5 and 15min.
hope that helps.
If you're using Fib numbers wouldn't that last number be either 144 or 233?
(1 1 2 3 5 8 13 21 34 55 89 144 233 377 ...)
I use tick bar charts because my data provider runs 24 hours a day and I hate the look of some of my charts using minute bars. For the NQ which I usually trade and watch I use a setting which approximates 2 minutes. Just my opinion but you should use what you find comfortable viewing. If you are trying to find some edge in data display -- I would suggest using the highest refresh rate allowable by your monitor as this setting produces the least amount of 'flicker' resulting in less eye strain and fatigue. Obviously, you need to be as fresh as possible to trade effectively.
Yes, its a typo in my above post, it should read 233 and not 133.
Tick charts can add a bit more info about the breadth of the market by counting down the number of transactions (trades) made, if the market is hectic you can get bars much quicker, and it will give a clearer picture of the market dynamics.
Some people prefer to use volume charts, which is the real volume number of actual contracts traded, and not the number of transactions.
You can have one transaction with 10 contracts, this would make 1 tick on the tick chart, and 10 volumes on the volume chart!
Both are interesting!
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