MY STYLE - BLOG
Normally, no, as the visual area of the chart does not allow charts in smaller time frames to show the bigger picture and these are cluttered with noise associated with ranging periods as well. At best traders look at higher and lower time frame charts. side by side. The picture changes, when one experiments with charts that are not dependent on time but just on price movements. Consider the convenience when intraday and positional trades are actually part of an overlapping trend. Exits and entries can then become precise and the two trading styles can overlap seamlessly.
Check this unusual proprietary trading chart that uses our version of the Kagi method that is noise cancelling like Point and Figure and Renko, but visually shows opportunities for both intraday and positional trades, as the chart is capable of showing several days data in the same viewing range. Addition of moving averages provides resistance and support information, that obviates the need for any other indicator for trading. Traditional Kagi charts use closing prices and %age reversals or absolute reversal values. In this chart, the reversals are based on point and figure principles and so is the data. Our charts show all the information that a chart should - namely date and time, ability to enter buy and short signals, even on Kagi style charts and consequently the profit/loss.
In the two charts shown, the slower moving average is a turning point for positional trades, while faster average suggests (but not neccessarily completely) additional trades on an intraday basis.
This chart is made available as one of the trading options for traders who are part of our mentored trading programs.
Abnash Singh, Am a Trader helping small traders to realize their dreams.