Today, I'll share a very important point that lacks in most of the traders.
When it comes to chart setup, there is no one right way, but I will share my approach.
Everything I do comes from an emphasis on clarity and consistency.
1.
Clean charts put the focus where it belongs: on the price bars and the developing market structure.
Tools that highlight and emphasize the underlying market’s structure are good; anything that detracts from that focus is bad.
When you see a chart, you want the price bars (or candles) to be the first and most important thing your eye is drawn to; any calculated measure is only a supplement or an enhancement.
2.
Consistency is also very important, for two separate reasons.
First, consistency reduces the time required to orient between charts. It is not unusual for me to scan many charts in a single sitting, and I can effectively do this by spending very little time on each chart.
This is possible only because every one of my charts has the same layout and I can instantly orient and drill down to the relevant information.
Consistency is also especially important for the developing trader because part of the learning process is training your eye to process data a certain way. If you are forever switching formats, this learning curve becomes much longer and steeper, and the development of intuition will be stymied.
Keep the same format between all markets and time frames, and keep the setup of all of your charts as consistent as possible.
I hope you could benefit from this. Agree if you liked it. Any views on this are welcomed :D
Your Points Are very Valid & Important ....... One suggestion can you please explain it more and show exactly how to do it by showing some Examples Please
dravya
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@HappyVijay, Example would be go to anybody's profile and then you can check yourself how consistent are they. Do they use indicators as they like , a few in some charts; a few in the others. Sometimes this, sometimes that. If yes, then they themselves are (probably) not analyzing charts with a specific mindset and instead, doing things randomly.