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Bars or Candlesticks?

  • Poll

  • Which do you primarily use for charting?
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  • #1
  • First Post: Oct 26, 2006 3:41pm Oct 26, 2006 3:41pm
Hi all,

I was wondering what do veteran successfull traders use? Candles or Bars? Or both?
I know it probably depends on a person, but reading the earlier threads it seems candles are not trusted by the veteran traders. Most of the screenshots in james16 thread are done with bars. Alexander Elder also uses them in "Trading for Living" Also, double tops and bottoms are not available for candles.

I am currently using candlesticks but would like to know if there is no difference between these two or each has its advantages or disadvantages?

Thanks
  • #2
  • Oct 26, 2006 3:50pm Oct 26, 2006 3:50pm
Quoting thepunisher
Hi all,

I was wondering what do veteran successfull traders use? Candles or Bars? Or both?
I know it probably depends on a person, but reading the earlier threads it seems candles are not trusted by the veteran traders. Most of the screenshots in james16 thread are done with bars. Alexander Elder also uses them in "Trading for Living" Also, double tops and bottoms are not available for candles.

I am currently using candlesticks but would like to know if there is no difference between these two or each has its advantages or disadvantages?

Thanks
There is absolutely no difference. I use candlesticks because they are nicer to look at and the colours make for easier interpretation of where the open is in relation to the close. Factually there is no difference.
  • #3
  • Oct 26, 2006 4:03pm Oct 26, 2006 4:03pm
Absolutely. There is no difference at all in the data. I generally use bars, because it is what I learned on 18 years ago. but I have also used Candles. Candles can show things like hang man and tweezers more pronounced than bars, but The bars show the same thing. For me it is easier to see chart patterns like H&S and triangles and wedges and flags and pennants in the bar format, but it really makes no difference at all... Just personal preference.

Now complex patterns like morning star and evening star and the other 3 and 4 candle patterns are easier to see in candle format.

Hope that helps.
  • #4
  • Oct 26, 2006 4:29pm Oct 26, 2006 4:29pm
This would make an interesting poll. I think candlesticks would win by a very large margin.
  • #5
  • Oct 26, 2006 4:51pm Oct 26, 2006 4:51pm
I have always used candlesticks for no better reason than that is how I was taught. How about a compomise? Colored bars
Profit is where readiness meets Opportunity
  • #6
  • Oct 26, 2006 5:07pm Oct 26, 2006 5:07pm
Lets find out...



Quoting philmcgrew
This would make an interesting poll. I think candlesticks would win by a very large margin.
  • #7
  • Oct 26, 2006 5:35pm Oct 26, 2006 5:35pm
Colored bars..........it has been working for me

rsq
  • #8
  • Oct 26, 2006 5:59pm Oct 26, 2006 5:59pm
Quoting thepunisher
Hi all,

Also, double tops and bottoms are not available for candles.


Thanks
Huh?

As for which? I use candlesticks. Easier for me to see bull of bear more quickly.
Secret Identity: Bill Sullivan
  • #9
  • Oct 26, 2006 6:19pm Oct 26, 2006 6:19pm
I am from the old school of trading and use OHLC bars, tried candlesticks but could not get use to them.
  • #10
  • Oct 26, 2006 7:21pm Oct 26, 2006 7:21pm
Due to my habbit of zooming out on the charts to encompas several days (i'm now looking at ~14 days worth on an hourly chart) the Candle Stick chart assists in my ability to see where the body of the candles (the Open or Close) are. I don't discount the H/L, though i place my S/R lines primarily on the "Magnetic Price" (O/C) as Tom DeMark calls it. And i also find the resources for Candlesticks well written and valuable (such as Beyond Candlesticks by Nison).

Good Trading to all,
Thom
  • #11
  • Oct 27, 2006 4:55pm Oct 27, 2006 4:55pm
Quoting smjones
Absolutely. There is no difference at all in the data. I generally use bars, because it is what I learned on 18 years ago. but I have also used Candles. Candles can show things like hang man and tweezers more pronounced than bars, but The bars show the same thing. For me it is easier to see chart patterns like H&S and triangles and wedges and flags and pennants in the bar format, but it really makes no difference at all... Just personal preference.

Now complex patterns like morning star and evening star and the other 3 and 4 candle patterns are easier to see in candle format.

Hope that helps.

i have to agree. to me patterns are essential in trading. along with other indicators the formation of candels can also be used. like dark cloud cover piercing patterns and dojis. i feel there is a better analytical sense with candles. (and besides i didnt like bar graphs in school)
  • #12
  • Oct 27, 2006 7:24pm Oct 27, 2006 7:24pm
I can read both candlestick and bar chart. But mostly I use candlestick as it is more easy to visualised. I analysed market tendency faster when using candlestick. Once in a while I am looking at bar chart too.
  • #13
  • Oct 27, 2006 8:31pm Oct 27, 2006 8:31pm
Candlesticks!!! Definitely!!
  • #14
  • Oct 27, 2006 8:47pm Oct 27, 2006 8:47pm
Both!

I switch between the two.

I like to "store" my charts in bar format most the time for pretty much the same reasons Scott mentioned above, I can see the overall chart formations better. They look less cluttered.

Switching to candles to see tweezers and so on when I see a chart nearing a "price zone of interest". Again pretty much like Scott. Lol (Hey brudder! )

Hey, I even use line mode occasionaly!!

,B
Bundy's status today: "Waiting..."
  • #15
  • Oct 28, 2006 6:08am Oct 28, 2006 6:08am
I use two charts on my MT. One with candlesticks for chart patterns and formations and one with Heiken Aishi and some other indicators.
  • #16
  • Oct 28, 2006 10:50pm Oct 28, 2006 10:50pm
double tops are located on candle charts along with head and shoulders. no matter what system you use those patterns always form
  • #17
  • Last Post: Oct 30, 2006 9:02pm Oct 30, 2006 9:02pm
i like visual's its clearer to see even with 75% zoom out,... and... its made in japan.
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