Price Action Scalping- trading diary

[rahulsoni100]

1.What is a tick chart ?
2.Often I come across a term "Pips" , what it ?

 

[haruns]

1.What is a tick chart ?

a tick is data which is generated when a buy order is matched with sell order when the trade takes place on exchange. tick consists of a LTP (last traded price) and quantity traded and time stamp to the granularity of seconds.

a tick chart is a chart which shows tick either in raw format i.e 1 tick or grouped like 75 tick 100 tick etc. so candle formed in tick chart is not time bound they close when specified number of tick complete. so in my experience all that retail trader can get 1 tick per second so in heavily traded scrip like ICICIBANK and in indices spot you will get more candles compared to lightly traded stocks.

2.Often I come across a term "Pips" , what it ?

1 pip is the lowest amount (unit) of change that happens in the price of a security. pip is always talked in the context of international forex market... on NSE we have pip size 0.05 and on currency derivative pip size is 0.0025

 

[rahulsoni100]

a tick is data which is generated when a buy order is matched with sell order when the trade takes place on exchange. tick consists of a LTP (last traded price) and quantity traded and time stamp to the granularity of seconds.

a tick chart is a chart which shows tick either in raw format i.e 1 tick or grouped like 75 tick 100 tick etc. so candle formed in tick chart is not time bound they close when specified number of tick complete. so in my experience all that retail trader can get 1 tick per second so in heavily traded scrip like ICICIBANK and in indices spot you will get more candles compared to lightly traded stocks.



1 pip is the lowest amount (unit) of change that happens in the price of a security. pip is always talked in the context of international forex market... on NSE we have pip size 0.05 and on currency derivative pip size is 0.0025

Thanks a Ton ! Nice and simple explanation ...tradingview or investing.com , what are the settings to view tickchart ?

 

[primitivetrader]

Thanks a Ton ! Nice and simple explanation ...tradingview or investing.com , what are the settings to view tickchart ?

please do not disturb the flow of the thread. you can open a new thread of yours. your questions have no relevance to the topic and material of the thread.

 

[primitivetrader]

8:53
29-10-18
setup

following are the things which an ideal trade setup(s) should have :

1. occur frequently
2. straightforward
3. not a lot of complicated elements
4. easy to identify
5. simple to execute
6. straightforward profit targets
7. produce good profits.

 

[primitivetrader]

10:23
29-10-18
analysis

 

[primitivetrader]

11:59
29-10-18
tricks

one of the most important things as day traders we try to find strong support and resistance. in fact almost all the day traders are trading from some support/resistance.
The one, I have read in some book is a very reliable support and resistance as per pa which remain active for the day irrespective how many time price has crossed/touched etc it.
whatever day time frame one is trading after first minute bar/candle just draw horizontal line at its high and low. these lines will act as strong S/R as the day progress and remain effective for the day.

 

[primitivetrader]

11:44
30-10-18
basic

this most basic things those using chart for trading on any time frame is to have swing structure on chart or price structure. individual price bars comes second in terms of analysis. first and foremost is price structure. it not only tells you the overall direction of the price but couple of other things also, like support and resistance, those who trade patterns you have key points for the patterns, when does and where trend changes are we in a correction or in impulse move.
below is the chart of bnf 2 min with price structure.

 

[primitivetrader]

30-10-18
18:45
post market could have,should have and would have analysis

 

[primitivetrader]

17:38
9-11-18
sleep, see , act and repeat

when to start looking at chart for trade set up or for analysis. the easiest way, when professionals enter the market. they will try to hide their activity as much as possible but volume will reveal them out and open. look out for wide spread bars with very/ultra high volume. close is another thing on the bar one can gauge what is about to happen. these bars are like sore thumb on the chart. this will most of the time start sideways/trading range, which is nothing but some short of accumulation/distribution. combining this with structure one can have high probability trade set ups. but the key is PATIENCE.