[SIUYA]

Originally Posted by Kiwi »

I explicitly do not take time into consideration. If I did I might well be shaken out of a trade that moves, coils for a bit while further accumulation occurs and then moves again. If the price action doesn't say that the conditions have changed I wait for the originally planned conditions to occur before exiting. Patience is a virtue.

I agree with Kiwi.
For me time is not really a consideration, except maybe to say I have found better trades with which to deploy my resources and hence I will cut the trades that are just sitting still.
The only real thing I worry about with time is in relation to - when I trade something and I anticipate it will do something, I usually wish it to do it asap. If not I might get worried.
Now this only applies to the short term trades. The longer term trades, or those trades based on a different persepctive, may require a little more leeway.
One thing I have recently stopped looking at is 5min, 10 min charts. I just follow range bars for short term, and daily for swing trading. So far it does not make a difference to me.

[robertm]

Time is key in how we view price unless you are trading only the order flow/book.

Time is what forms our view of S/R levels. Read any book on FX written by somebody who trades multiple timeframes and you will notice they are doing this in order to
- Fiddle with volatility
- Manipulate trend/S&R
- Manipulate price into making their indicator trigger them into a trade or give them an "acceptable" trend to fiddle with their Fib/EW etc to conjure up stop/targets.

If you trade order flow only (i don't), then you are simply identifying s/r areas by the grouping of orders, without a direct relationship to time (other than your perception on your trade window, or the effect of time in creating a market OHCL).

There are all sorts of studies on time of day measured by volatility, size of market moves, liquidity/volume, etc. How you interpret these (which varies depending on what you are trying to do vs what the author was trying to do) will impact your trading.

For example :
One person states "Trade near the news, it moves the market, it's great" - they are a scalper, or "closet scalper".

Another states "Trade the wave, let it push your trade to profit/loss" - they are position trading (in my view of the term).

Another states "Macro trend doesn't matter as we trade intraday" - Scalper, yes, Position trader, no.

As you reduce time you also effect the bias direction price will show in relation to overall trends.

I could go on, Noise, Volatility, Psychological/Execution issues, etc. But you get the drift (I hope).

If you really want to do your nut in consider that a 144 (or whatever you use) tick chart has 144 possible combinations of OHCL, so the smaller your view of time, the less relevant what you consider the OHCL and S/R areas to be to those in the broader market.

[ptcman]

First of all let me thank you all for your insight.

Originally Posted by robertm »

If you really want to do your nut in consider that a 144 (or whatever you use) tick chart has 144 possible combinations of OHCL, so the smaller your view of time, the less relevant what you consider the OHCL and S/R areas to be to those in the broader market.

I confess that I never had consider that.

You guys really know how to open our minds.

Thank you