As you can probably tell from the header, this is a blog by one frustrated little man. I'm about to highlight the difference between a 3m chart and an 89 tick chart. One has cost me 150 points, the other would have had me at least 90 points in the bag by now.
This was a snatch setup from this morning on the GBPUSD.
3 minute chart
The yellow lines on this chart are the trigger levels. In this instance I was looking for a short entry below the short trigger of 1.52111. Price took a dive to 1.5179 leaving me frustrated at not being able to get a entry. I have highlighted the full BC and the BO pullback entry. Both were the same price. The red line is my entry, the blue line is my stop @ 1.5200. Green lines are obviously my target levels. Price stopped me out on the retrace to 1.5202.
89 tick chart
The red line is the short trigger at the same level of 1.52111. The difference in entry level is quite a lot. Entry here would have been around 1.52 compared to the 3m entry of 1.5175. All 3 intraday targets would have been easily me from the 89t chart entry.
So that is my one big annoyance this morning. I'm now looking at having to wait for a new 3m short trigger by way of a full BC or what is looking like an alternate BC with an entry at 1.5145. I now only have 15% of the daily ATR left to take me to the 65% level.
Reason for not using 89t chart.
I'm currently testing some new combos of broker and trading platform. The 89t chart was from a different trading software, and the data is not from a live account yet. Also the 4hour bars are completed an hour later than my current ones. So at the moment my 4h bars are 3am-7am/7am-11am/11am-3pm etc. The bars from the other broker are 4am-8am/8am-12pm/12pm-4pm etc.
But all in all it's not made me a happy person this morning working with the tools that I have. It's pretty much convinced me that I need to change/upgrade my trading tools to take advantage of these potentially better entry positions.
Phew! rant over