# Scalping using a tick chart vs. standard candlestick chart



## alwaysLearning (7 May 2009)

Amongst pro scalpers, would you say that they favour the tick chart over standard 1minute/5minute standard candle stick charts?

I'm starting to prefer a tick chart over everything else. Just curious to hear what you more experienced traders use and prefer?

What about longer term time frames? Still like tick charts for that over candles/bar?


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## bowman (7 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*

I use 5 and 10 tick charts for scalping. No indicators, just support/resistance and fibonacci levels sometimes.

Have always used candles on daily/weekly charts.


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## MRC & Co (7 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*

There is no one real way AL.  I don't use tick charts.  Just a 1 and 5 minute chart.

DOM gives a tick by tick account of the price action and all the rest that goes with it (pulling orders, icebergs, stacking price levels etc).  DOM, however, does not show patterns like you could see on a tick chart.


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## alwaysLearning (7 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



MRC & Co said:


> There is no one real way AL.  I don't use tick charts.  Just a 1 and 5 minute chart.
> 
> DOM gives a tick by tick account of the price action and all the rest that goes with it (pulling orders, icebergs, stacking price levels etc).  DOM, however, does not show patterns like you could see on a tick chart.




But you would have noticed on say the 1min chart instances where the close of the candle does not exactly match the actual quote?

That happened to me a lot and I got very frustrated trying to scalp off it. 

But the tick chart...now that is something different for me and working much better for me.

The DOM is a different ball game altogether. I have no idea about the DOM since I trade spot forex and don't have access to that kind of detail. But trading with the aid of DOM is something I would do if I had it in forex.


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## Wysiwyg (7 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



alwaysLearning said:


> The DOM is a different ball game altogether. I have no idea about the DOM since I trade spot forex and don't have access to that kind of detail. But trading with the aid of DOM is something I would do if I had it in forex.




Ninja Trader has a free simulated trading platform. Not the same as laying the real stuff on the line but good to gain more experience on what is possible. YM is the mini DOW Futures.


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## MRC & Co (7 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*

I haven't noticed a time where the final candle close doesn't match the quote of the final tick in that minute.

But if you find tick charts better, then use it!  I know of FOREX traders who trade purely off tick charts, think all the cyrox rainbow guys do.........


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## Trembling Hand (7 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



Wysiwyg said:


> Ninja Trader has a free simulated trading platform. Not the same as laying the real stuff on the line but good to gain more experience on what is possible. YM is the mini DOW Futures.




Wysiwyg where are your 5 levels of depth?

And why you got 5 tick profit and 10tick stop  that aint scalping.


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## alwaysLearning (7 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



MRC & Co said:


> I haven't noticed a time where the final candle close doesn't match the quote of the final tick in that minute.
> 
> But if you find tick charts better, then use it!  I know of FOREX traders who trade purely off tick charts, think all the cyrox rainbow guys do.........




This is an attached image of what I mean


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## alwaysLearning (7 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



Wysiwyg said:


> Ninja Trader has a free simulated trading platform. Not the same as laying the real stuff on the line but good to gain more experience on what is possible. YM is the mini DOW Futures.




Yeah good idea. I completely forgot about NT. When I first looked at trading, Ninja Trader was the first chart software I downloaded. But since moving to currency I forgot about it.

I'll have to take another look at it.


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## alwaysLearning (9 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



alwaysLearning said:


> This is an attached image of what I mean




Does this type of candle discrepency happen to you guys when trading the SPI?


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## MRC & Co (9 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



alwaysLearning said:


> Does this type of candle discrepency happen to you guys when trading the SPI?




I don't fully understand your picture (don' trade forex).  

But it's simple, if price moves up a tick, this is shown on a candle.  So the last tick price trades at in a minute, that will be the price shown as the closing price on the candle on a one minute chart.

If yours is not showing this, then I personally would get new data/charting software or trade off the tick chart if you prefer it.


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## skyQuake (9 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



MRC & Co said:


> I don't fully understand your picture (don' trade forex).
> 
> But it's simple, if price moves up a tick, this is shown on a candle.  So the last tick price trades at in a minute, that will be the price shown as the closing price on the candle on a one minute chart.
> 
> If yours is not showing this, then I personally would get new data/charting software or trade off the tick chart if you prefer it.




Definitely agree. Would also like to point out that DOM is *slightly* faster than charts. For example when the asks disappear and the bid moves up, but there is no actual trade; The candle will remain static. Until a trade has actually been executed.


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## Wysiwyg (10 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*

In reference to scalping.







Trembling Hand said:


> Wysiwyg where are your 5 levels of depth?
> 
> I don`t know.
> 
> ...


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## Trembling Hand (10 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



Wysiwyg said:


> In reference to scalping.




In fact that ain't trading. its never alright to have a stop 2 times your target.


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## shulink (20 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*

I personally prefer candlestick over tick chart.


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## beamstas (20 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



Trembling Hand said:


> In fact that ain't trading. its never alright to have a stop 2 times your target.




Could he flip it?
10 Point profit and 5 point stop
Might get him on the right side of the curve


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## beamstas (20 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



alwaysLearning said:


> This is an attached image of what I mean




You are using a 15min chart
The price isn't going to update every tick
It's going to update every 15mins
So what is in the price box isn't going to show what is on the chart


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## Mr J (20 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*

Just test the different types and find what feels best. I use range bars and really don't like time bars. Others prefer tick, volume, P&F etc.


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## rossw (20 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



shulink said:


> I personally prefer candlestick over tick chart.




they can be the same thing

a candle for every 3mins
or a candle for every 50 ticks or whatever


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## Timmy (21 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



beamstas said:


> You are using a 15min chart
> The price isn't going to update every tick
> It's going to update every 15mins
> So what is in the price box isn't going to show what is on the chart




Maybe it depends on the software you are using - if I have a 15-minute (or whatever) bar/candle chart running on live prices on the charting software I use the final bar/candle (on the right edge of the chart) _does _update very tick.  So while the bar is forming the 'close' price is changing (running up and down the bar/candle, or extending the bar/candle) as new ticks come through, until the 15 minutes (or whatever) is complete then the last price tick in that 15 minutes (again, or whatever period) is the final 'close' price and then a new bar/candle starts to form.


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## MRC & Co (21 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*

Exactly Timmy, live feed is completely different to downloading daily data once per day.  You should even see tick by tick updates on a daily candle if you  have a live feed.


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## alwaysLearning (21 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



Timmy said:


> Maybe it depends on the software you are using - if I have a 15-minute (or whatever) bar/candle chart running on live prices on the charting software I use the final bar/candle (on the right edge of the chart) _does _update very tick.  So while the bar is forming the 'close' price is changing (running up and down the bar/candle, or extending the bar/candle) as new ticks come through, until the 15 minutes (or whatever) is complete then the last price tick in that 15 minutes (again, or whatever period) is the final 'close' price and then a new bar/candle starts to form.




Yeah exactly. And that is how Oanda works--the broker that I quoted the pics in. And that's why i looked at the discrepency between the bid price in the actual quote vs the actual bid price shown in the chart and there is like 50pips/points difference.

lol, imagine trying to scalp the spi and being 50pts wrong if you were looking only at the chart for your price and making trades directly from the chart 

Anyway, I have gotten around all of that. I use FXCM for the tick chart and make my entries and exits off the tick but I look at the candle charts in oanda for trends and basic analysis.

I notice that MT4 seems to update the live stream of the current candle accurately--unlike Oanda.


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## beerwm (21 May 2009)

*Re: Scalping using a tick chart vs a standard candle stick chart*



Trembling Hand said:


> In fact that ain't trading. its never alright to have a stop 2 times your target.




Had any luck with the TP = 5, SL=10 system - Wysiwyg

I mean, if its making $$$, then its definitely something to be considered.


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