When I recently mentioned that I largely didn't use a chart when scalping /ES, I got a bunch of queer looks out of people. "I just use TICK," I explain. "You know, TICK?" (NYSE Cumulative TICK). More puzzled looks. There's a lengthy Investopedia definition of the thing, so I won't bore you with those details; I'll just explain how I use it. (Note: I use the 1 min. TICK chart, but have posted the 15 min. here).
I generally look to fade extreme TICK counts of +1000 (long) or -1000 (short). These fades are usually good for four-eight ticks at the least and can sometimes run for several handles. Fading that -1282 opening bell tick (which happened to be the low of the day), could have resulted in your potentially capturing a 20 point move to the upside; fading the +1173 tick (HOD) could have netted you between 8-10 points to the down ... . (Frankly, if I get 6 points out of the session, that's generally it for me, so a 10 point plus day would be pretty nice ... .)
2) Watch price action around the "0" line. Is it being beaten down every time it penetrates to the upside of "0"?; consider shorts on meaningful thrusts above the "0"; vice versa for longs. I generally don't like doing these "0" line rejection trades because where you enter on a brief thrust above/below the "0" line is somewhat subjective. That's when actually glancing at the /ES 5 min. chart might be helpful so that you can get a sense of whether it's making higher highs, higher lows, coming up against support/resistance, session hi/lo, etc. However, I tend to do these a lot in the last hour of the session when there is a good deal of jockeying/whipsaw/choppiness going on of which I can take advantage ... .
Unfortunately, TICK is of limited usefulness since it is an NYSE ticker. In other words, you won't be able to use it for much beyond /NQ and /ES and the like; I use it exclusively to scalp /ES and nothing else ... .
Listen I made 71k scalping the NQ today by using the NYSE tick as my entry. Trust me when I say that I have thousands of hours of screen time and I look at an ES chart..the NYSE tick and then enter on the NQ because everyone knows the ES leads the NQ by a millisecond or two trust me and I have the perfect settings on two renko charts and my tick chart is set to Heikenashi 5 minute bars now what I have developed is a leading indicator system that is incredible . In my demo I made 71k from 8 to 1 and filmed myself. Now I was trading 7 contracts that's it. I'm getting ready to take the plunge my best dau was 450k in one day using this system. One day I counted my trades I was 298 wins three losses. So yes my friend the NYSE tick is the holy grail but you have to have your chart mixed with the Nasdaq 100 and using the spider index 500 Oanda it's a mixed tick chart. I told you I've spent thousands of hours on this strategy. Anyone interested in seeing my videos or speaking to me email me and lets talk I'm looking for a pool of of ten guys who want to become millionaires within 90 days.
chartmojo
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there is tickq for naz (TICK.Q) also a tick.us etc I use all 3...it's not just about the max level..It's also about direction, which side of 0 its hanging out on and how its surging (which you dont get from a screen capture). I like them at decision points because they generally lead the etfs and indices (takes getting used to). If you think about it..an etf or index does not really move until a critical mass of its components move first.. the ticks tend to lead that. If the tick moveS to above or below 0 and sustains, there just a bit...it will pull. It's the only thing ive ever found that leads etfs/indices. Single stock or instruments are a different animal. Composites (spy etc) move after a sequence of things, correlations..fire off first. Their movement is the Result and lagging the process. Ticks are one of the things that can give you a heads up.
NaughtyPines
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@chartmojo, Yep. I don't do a ton of scalping any more, but agree with your assessment 100%.
JJT_trader
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very nice, thanks for sharing
eli9875
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How can I figure my chart for ticks? I don't see an option for it. Thank you!
NaughtyPines
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@eli9875, I'm not sure you can, although it might be a TV Premium option in certain instruments. The chart pictured here is a standalone instrument (US: TICK).
gb50k
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Just realised I need a chart where the Y axis is volume.....not time. Then i thought "so THATS what a tick chart is". But tradingview doesnt support tick charts....so I googled 'tick charts' and one of the first links is your reference above. Thanks for sharing!
NaughtyPines
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@gb50k, You might also want to Google John Carter. He's got some vids on how he uses TICK in connection with scalping /ES.