Difference Between Time Based Chart and Tick Chart In DAYTRADING

The only people who know where the market is heading are institutions. They are the ones who make the market move and our job as a retail traders is to follow their footsteps and get the piece of their movement. As a priceaction traders we need to find the most profitable ways to enter trades. The highest probability setups are 2nd entries at the key entry points.
Date April 7 2021
Key entry points are:
1) Trendlines - after a break we expect a correction or retest of a new extreme
2) Support and resistance lines - most breakouts of trading ranges fail
3) EMA - 21 bar settings
The reason why we look for 2nd entries and not 1st or 3rd entries is tied directly to human psychology.
If you are interested in learning to day trade stocks, forex and futures SUBSCRIBE to the channel and I hope you enjoy the videos!
The best way to became consistantly profitable is to learn to read the chart in its purest form. There is no holy grail or set of indicators that can make you rich without work. Learning to understand how prices move and why they move is a learnable skill that anyone can achieve.
OUR PRICE ACTIONS RULES WORK IN EVERY MARKET AND EVERY TIMEFRIME.
Priceaction is universal and technical analysis patterns repeat over and over again on consistent basis.
Trading with a fear is the most common fear most trade have. It is crippling and can get your mind frozen. The key to consistancy is to be emotionless and fear nothing in trading.
Key rules of our strategy:
1) Second entried in the direction of a trend
2) Trendlines
3) Failed breakouts
4) Failed second entry counter trend
5) Support and resistance
Target Profit - 10 Ticks
Stop Loss - below signal bar (around 10 ticks)
Overall market context is more important than individual patterns.
Technial analysis works and it repeats over and over.
#Daytrading​​​​ #TechnicalAnalysis​​​​#PriceActionTrading

[@DorronEVO1]

Probably the cleanest inverse head and shoulders on your 2000 tick chart

[@BradBuesing]

Always love your content. I have shared you with many others wanting to understand price action. Thanks for sharing your gift.

[@ThomasWade]

🙏

[@FBrasco]

Thats why you need to use multi timeframe analyses. Probably that setup on the tick chart would be visible on the 1-2 min chart..

[@AakashTavandikar]

It is disheartening to know there aren’t tick charts for many assets and you gotta work with time based charts only. Nevertheless thankyou so much for sharing such valuable information.

[@ThomasWade]

You can use 1 to 5 minutes timeframes to trade as well. They are good timeframes.

[@desinysmith1900]

Thanks for the video! Would you say that even though the 2000 tick chart shows more details, the 5 min chart shows higher probability moves by leaving all of the smaller details out?

[@ThomasWade]

Not sure about that. If you want chart that is leaving smaller detailes out, go for higher tick chart. Actually curently I am watching 2500 tick chart as well and it is amazing how clean and simple setups look.

[@EdwardSkeletrix]

yo Thomas, will you do a video on how to setup the chart exactly like yours? I am using 21 Ema on 2000 tick chart and my chart still looks slightly different from yours even when you switch from the 5 minute chart. Im wondering if I am doing something wrong. That's if you are using Ninja Trader

[@EdwardSkeletrix]

Its like I took all of the correct trades according to rules, but since my chart was slightly off some of them failed. I will actually pay you if you could take a look into this for me. Do you have a contact email or something?

[@ThomasWade]

@@EdwardSkeletrix No need to pay me. In NT chart settings data series my trading hours settings are CME US Index Futures ETH. Tick charts can look little bit different, even when I refresh my chart bars can change slightly. But it looks like you may have bad data provider. I use CQG. Are you live or on SIM? my email is [e-mail]

[@mjs1231]

Yep, best option if you have the money, get a apartment close to the exchange and when getting broadband ask for the lowest latency connection, not highest bandwidth. Do not use wifi ever. Cat 8 on all ports. Get your tech setup. You can also try to live close to your isp. Low speed low latency fiber is about as good as it gets. But that high bandwidth can work against you.

[@EdwardSkeletrix]

@@ThomasWade I was live trading on a simulation account at the time. How would I check to see if my trading hours are set to CME US Index Futures ETH? Thanks alot for the info

[@ThomasWade]

@@EdwardSkeletrix Right click on the chart - Data series - under Time Frame tab there is Trading hours to select - you may see Use instruments settings there so change that to CME US Index Futures ETH and see if it changes the bar. But do you have cqg provider?

[@jenne2248]

Can I use bob volman forex price action strategies on 1 minutes or 5 minutes chart instead of tick charts?

[@ThomasWade]

I have no idea what is bob volman's price action. But you can use this strategy on those charts aswell. Tick charts just show more details.

[@Oxleymedia]

How do you switch to a tick chart? I haven’t heard anyone explain that. I’d love to back test.

[@zezomansour2793]

which platform u use for tickchart ? thanks

[@ThomasWade]

I use ninjatrader. AMP Futures broker has free platforms with tick charts as well.

[@daybot1606]

I use two minutes chart. I am gaining lot from u which i can buy

[@mjs1231]

Well gd at least you didnt monetize.

[@kidpoker007]

Dang I use tradovate, wonder if they have tick chart available

[@ThomasWade]

I am not really sure about tradovate but you can ask them. You can trade between 1 to 5 minute timeframes.

[@kidpoker007]

@@ThomasWade that’s what I do…. Need to get better at counting legs

[@rombusworkmoney22]

@@kidpoker007 Heikin Ashi candles may make counting legs easier.

[@oneyaker]

2000 tick chart can imitate 15 sec. chart if the volume is very high. Sometimes 1 min.

[@ThomasWade]

15 sec chart really? I find that hard to believe. When the market is normal it is close to 5 or 3 min chart. When volatility gets larger I can see it being similar to 1 min chart, but volatility has to be on point.

[@oneyaker]

@@ThomasWade Yep. I have seen situations which are untradeable when 3-4 bars print on a 2000 tick chart while 1min chart make only 1 bar. During high volatility, 1 min chart can have ATR of 6-8 points. Crazy.

[@bobbyjones7916]

what is that arrow indicator and how can i get it??

[@ThomasWade]

Those arrows are just drawing tools inside of the platform.

[@matbyte9470]

Great video as usual; If I can ask, on average How much percentage of your account do you earn every month? Thanks in advance

[@ThomasWade]

It may be little misleading because I try to keep less money as possible in my account. But I try to make 30-35% and withdraw it as soon as I can. I have two brokerage accounts, I don't know why but I am a bit paranoid leaving my money there for a long period of time.

[@matbyte9470]

@@ThomasWade wise choices... thanks for the answer!

[@stevencq57]

Which platform is this?

[@ThomasWade]

Ninjatrader

[@inu97_85]

You can use 2000 tick chart on forex pairs ?

[@ThomasWade]

I am not sure as I haven't traded forex in a long time. 2000 ES tick chart is similar to 1 minute chart. So you can test which chart is similar to 1-5 minute chart.

[@TkSebastian]

If 2000 tick chart is comparable to 5 min chart then for 1 min chart what tick chart need to be used

[@ThomasWade]

It depends. If the market is fast the 2k chart can be comparable with 1 min. If market is slower it is comparable to 5 min chart. I don't know exactly what is the perfect chart for 1 min under normal volatility. You can try to lower the number of tick charts and compare it with 1 min.

[@TkSebastian]

@@ThomasWade which platforms has tickcharts? I use trading view ..it doesn't have one

[@ThomasWade]

@@TkSebastian Yes, trading view unfortunately doesn't have tick charts, don't know why. Plenty of other have tick charts available.. ninjatrader, multicharts, siearracharts, etc...

[@MannyIsaac11]

I’ve looked at a bunch of charts, the best entries come with 1600-2000 tick charts, any lower and your scalping for pennies, it’s better to look thru your watchlist and wait for a higher tick chart setup as those moves bring more profit cause it’s basically showing you volatility is there and real money(institutional) is moving the chart

[@TkSebastian]

@@MannyIsaac11 in terms of time chart what would be the best option ??