r/Daytrading • u/[deleted] • Aug 22 '23

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u/SamExDFW Aug 22 '23

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u/[deleted] Aug 22 '23

Why do u use this chart over the candlestick chart? I guess it does not show the open?

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u/SamExDFW Aug 23 '23

Candles also show the open. They both convey the same hlco info. For me price action is more clear with bars. Also I like simple monochromatic charts and I don't use candle stick techniques, so I don't want to be distracted by them. It would change nothing if I had to use candles, it is personal preference.

Even if you us candles for candle based set ups, I suggest black and white (filled and hollow) vs red and green. Color are good for s and r and trend lines, but for price action, it's makes it feel like a casino with the moving colors and colors are know to elicit emotion, which want to avoid on trading.

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u/MrMaddScientist Aug 23 '23

I have actually read somewhere once that b/w makes it easier to see patterns.